The $80m IMF FX intervention cap that broke the cedi, and the gold policy that fixed it

For two years, Ghanaians watched the cedi bleed so badly, as the then government suffered unending, brutal criticism. Every morning, the forex bureaus posted a new, worse rate, and the blame game was also on. We blamed speculators. We blamed the Bank of Ghana. We blamed the Finance Minister. And we blamed government for “mismanaging” the economy.