Speaking on TV3's weekend show The KeyPoints with Alfred Ocansey, he argued that drawing down reserves to artificially defend the currency is risky, recalling that previous managers of the economy had about $8.3 billion but “it was not enough to do any serious intermediation” when dollar obligations became due.

According to him, the current administration has instead strengthened the reserve position, noting that “within that year we added up to 400 million dollars to our reserves,” alongside additional inflows supported by the IMF programme.

“If you have your reserves secure, you don’t have to burn through it,” he said on February 28, explaining that the Bank of Ghana now intervenes cautiously through commercial banks to manage fluctuations rather than exhaust buffers.

He added that the Finance Minister as sought parliamentary backing to formalise a stronger reserve framework, with the goal of raising import cover well beyond the traditional three-month benchmark.

“For a long time in our history, if you had three months of import cover you were covered,” he stated. But stressed that building toward a year’s cover would provide greater insulation against commodity shocks.

Mr. Kwakye Ofosu maintained that exchange rate instability remains “the biggest problem of this economy,” insisting that protecting the currency from rapid depreciation is central to safeguarding prices and easing pressure on citizens.