The International Monetary Fund has defended the significant financial losses recorded by the Bank of Ghana, arguing that the central bank’s aggressive policy measures were necessary to stabilise Ghana’s economy during the recent economic crisis.
Speaking on PM Express Business Edition on Thursday, IMF Mission Chief for Ghana, Ruben Atoyan, dismissed claims that the Bank of Ghana had acted excessively in tightening monetary policy.
“So, first, I would disagree with this view that the Bank of Ghana was too aggressive,” he stated.
“I think it was very prudent, and the achievement is manifested in the outcomes, and I think people on the ground actually recognise that.”
His comments come after the Bank of Ghana reported a GH¢15.6 billion loss in 2025, a sharp increase from the GH¢9.49 billion loss recorded in 2024.
The central bank’s audited financial statements also revealed that its negative equity position worsened to GH¢93.82 billion from GH¢58.62 billion.
The losses have largely been attributed to the high cost of liquidity sterilisation and other tight monetary policy measures introduced to control inflation and stabilise the cedi.
Addressing concerns about the central bank’s financial position, Dr Atoyan explained that monetary policy operations often become expensive during periods of high inflation and elevated interest rates.
“Second, there is the cost of doing monetary policy, and this is something that people need to understand,” he said.
“You know that the Bank of Ghana 2025 financial statement was just published, and it transparently presents the cost of doing policy.”
According to the IMF official, the difficult economic environment made the Bank of Ghana’s interventions costly but unavoidable.
“With high inflation and high interest rates, absorbing liquidity from the market is costly, and that’s what we see as reflected in the statement,” he explained.
Dr Atoyan acknowledged that the measures had generated losses for the central bank but maintained that the actions were essential for restoring macroeconomic stability.
“Yes, so it did generate some costs for the Bank of Ghana, but it was a necessary cost for the stabilisation going forward,” he stressed.
The IMF has consistently supported Ghana’s tight monetary policy stance under the country’s ongoing economic recovery programme, arguing that strong inflation control and exchange rate stability remain critical to rebuilding investor confidence and sustaining economic growth.
