The Majority in Parliament has attributed the Bank of Ghana’s (BoG) GH¢15.6 billion loss for the 2025 financial year to the broader economic difficulties inherited by the John Dramani Mahama administration at the start of its tenure in January 2025.
According to the Majority, the losses recorded by the central bank must be viewed within the context of the prevailing macroeconomic conditions at the time, including high inflationary pressures, currency instability, and the need for aggressive monetary policy interventions to restore confidence in the economy.
They argue that such conditions required bold and, at times, costly decisions by the central bank to stabilise the financial system and lay the groundwork for recovery.
At a press conference on Tuesday, May 5, the Chairman of the Economy and Development Committee of Parliament, Eric Afful, defended the Bank of Ghana’s actions, noting that the losses should not be interpreted as mismanagement but rather as the result of deliberate policy choices aimed at safeguarding the economy during a particularly turbulent period.
He explained that central banks around the world often face similar outcomes when implementing tight monetary policies to combat inflation and restore economic balance.
Eric Afful further stated that Ghana’s situation was not unique, drawing parallels with other major global financial institutions that have also recorded losses while undertaking comparable policy adjustments.
He maintained that these outcomes are often part of a broader strategy to achieve long-term economic stability, even if they come with immediate financial costs.
“You know the economy we inherited from the NPP at the beginning of 2025, and these are the results for the price stability we are enjoying. The European Central Bank, the US Federal Reserve, and the Federal Reserve Bank of Australia have recorded losses during periods of aggressive policy tightening, like what we had in Ghana.
“We, therefore, commend the Bank of Ghana for its decisive policy action during the period of extraordinary economic crisis.”