Ghana’s ruling party has defended the Bank of Ghana’s financial losses, arguing they are a necessary trade-off for stabilising inflation and the national currency.
Ibrahim Ali said the central bank’s interventions — particularly through open market operations — have delivered significant economic gains.
“The mandate of the Bank of Ghana is to stabilise prices and the currency, not to make profits,” he said on the Asaase Breakfast Show on Wednesday (6 May).
Ali argued that the losses, estimated at 15.6 billion cedis, should be assessed against their outcomes, including a sharp decline in inflation.
“Inflation has dropped from around 54 percent in 2022 to about 3.2 percent… that is the result of these interventions,” he said.
He added that the stabilisation of the cedi and improved foreign reserves were further evidence that the strategy was working.
“We are seeing the benefits… reduced cost of living and improved economic stability,” he said.
Ali dismissed criticism from the opposition, noting that higher losses were recorded under previous administrations.
“This is not the first time the Bank of Ghana has incurred losses,” he said.
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