The Majority in Parliament has linked the Bank of Ghana’s (BoG) GH¢15.6 billion loss for the 2025 financial year to the wider economic challenges inherited by the John Dramani Mahama administration at the commencement of its term in January 2025.
The Majority asserts that the losses experienced by the central bank should be understood in light of the existing macroeconomic conditions at that time, which included significant inflationary pressures, currency volatility, and the necessity for assertive monetary policy measures to restore confidence in the economy.
They contend that such circumstances necessitated bold and, at times, expensive decisions by the central bank to stabilize the financial system and establish a foundation for recovery.
During a press conference on Tuesday, May 5, the Chairman of the Economy and Development Committee of Parliament, Eric Afful, defended the actions of the Bank of Ghana, emphasizing that the losses should not be seen as mismanagement but rather as the outcome of intentional policy decisions aimed at protecting the economy during a notably turbulent period.
He clarified that central banks globally frequently encounter similar results when enacting stringent monetary policies to tackle inflation and restore economic equilibrium.
Eric Afful additionally remarked that Ghana’s circumstances were not exceptional, drawing comparisons with other significant global financial institutions that have also reported losses while making similar policy adjustments.
He insisted that these results are often part of a larger strategy to attain long-term economic stability, even if they entail immediate financial repercussions.
“You are aware of the economic situation we inherited from the NPP at the start of 2025, and these are the outcomes for the price stability we are currently experiencing. The European Central Bank, the US Federal Reserve, and the Federal Reserve Bank of Australia have all reported losses during times of aggressive policy tightening, similar to what we have experienced in Ghana.
We commend the Bank of Ghana for its decisive policy measures taken during the time of an extraordinary economic crisis.
