Private legal practitioner Martin Kpebu has placed part of the blame for Ghana’s currency challenges on the Bretton Woods institutions, the IMF and World Bank.
Speaking on TV3’s The Key Points on September 13, 2025, he argued that the Bank of Ghana (BoG) must continue intervening in the local currency market, even after the current International Monetary Fund (IMF) program concludes.
Kpebu’s comments came in response to fellow panelist Professor Godfred Bokpin and amid ongoing discussions about managing the cedi-dollar exchange rate.
He insisted that currency intervention is a long-standing and necessary practice for nations, citing the historical US-China currency wars as a prime example.
He explained that China consistently fixed its currency over two decades to make its exports cheaper and become a global economic force, a strategy that ultimately led the US to accumulate significant debt to China.
“As for intervention, as I’ve said, I’ve grown to appreciate it over two decades or so,” he remarked, drawing on his experience from business school.
Ghana ranks 5th in Africa for IMF debt
The lawyer also sharply criticised the IMF and World Bank, contending that these international bodies are “part of the problem” due to a lack of accountability in their programs.
“The IMF can complain from time to time, but truth be told, beyond this whole IMF checking fiscal discipline, they are also part of the problem. The IMF and World Bank have always been part of the problem due to laxity in holding leadership accountable,” he said.
Kpebu explained that despite the appearance of addressing root causes, the political dynamics within these institutions often lead them to “scratch the surface” without enforcing real accountability.
Here’s IMF’s latest projection of Ghana’s total debt stock by end of 2025
As a result, he argued, their structural adjustment programs fail to achieve the desired results, while the institutions continue to profit from developing nations.
Kpebu’s comments reflect a growing sentiment that, while IMF and World Bank programs are intended to foster fiscal discipline, they often do not fully address the systemic issues that lead to economic instability.
VPO/MA
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