The Bank of Ghana (BoG) has rejected claims that its foreign exchange operations created or worsened multiple currency practices, insisting the problem long predates recent reforms.

Addressing the Public Accounts Committee on Monday, January 12, Governor Dr Johnson Pandit Asiama said concerns raised by the International Monetary Fund (IMF) were not new and did not originate in 2025.

“The IMF has cited MCP issues in Ghana since the start of the ECF programme in 2023 and in prior ECF programs,” he said.

“This is not a new development and did not arise in 2025,” the Governor added.

Dr Asiama said the persistence of the IMF’s findings reflected long-standing structural weaknesses in Ghana’s foreign exchange market.

“The persistence of this finding demonstrates that there was never sustained parity between official and market exchange rates, contrary to some public claims,” he said.

He told the Committee that the Bank of Ghana had worked closely with the IMF to confront the problem rather than conceal it.

“Working closely with the IMF, the Bank of Ghana in 2025 introduced a new FX auction framework to address these long-standing structural issues,” Dr Asiama said.

He explained that the reforms were designed to promote predictability, transparency and market-based price discovery.

“The reforms focus on predictability, transparency, and market-based price discovery,” he said.

According to the Governor, the changes should not be misrepresented as evidence of intentional exchange rate manipulation.

“They are part of the solution to the IMF’s concerns, not evidence of intentional multiple exchange-rate management,” he said.

Dr Asiama also addressed public commentary surrounding the Bank’s audit processes, rejecting claims that losses had been removed from official records.

“The Bank has not instructed its auditors to remove losses from its books,” he said.

“Audited figures remain intact,” the Governor added.

He said external auditors were engaged only to validate the treatment of monetary gold and recommend governance improvements.

“Those recommendations were implemented prospectively to strengthen governance and risk management,” he said.

Dr Asiama said the Bank’s approach was guided by continuity, transparency and national interest.

“What we are seeing is the continuation of a national policy, refined as conditions evolve and strengthened in partnership with the IMF,” he said.