The International Monetary Fund (IMF) has defended the recent monetary policy decisions taken by the Bank of Ghana, insisting the central bank acted prudently despite recording operational losses in its 2025 financial statements.
Speaking on PM Express Business Edition on Thursday, IMF Mission Chief for Ghana, Ruben Atoyan, dismissed claims that the Bank of Ghana had been excessively aggressive in its efforts to stabilise the economy.
“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 remarks come amid increasing public debate over the central bank’s financial losses and the economic impact of its inflation-control measures.
Dr Atoyan explained that central banks often incur significant costs when implementing policies aimed at controlling inflation and maintaining financial stability during periods of economic difficulty.
“Second, there is the cost of doing monetary policy, and this is something that people need to understand,” he noted.
According to him, the Bank of Ghana’s recently released 2025 financial statements openly reflected the financial burden associated with managing high inflation and elevated interest rates.
“You know that the Bank of Ghana 2025 financial statement was just published, and it transparently presents the cost of doing business with high inflation and high interest rates,” he explained.
Dr Atoyan further indicated that one of the major strategies adopted by the central bank involved absorbing excess liquidity from the market, a process he acknowledged was expensive but necessary.
“Absorbing liquidity from the market is costly, and that’s what we see as reflected in the statement,” he stated.
Despite the losses recorded, the IMF official maintained that the measures were essential to 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 International Monetary Fund has consistently praised Ghana’s recent macroeconomic recovery under the ongoing Extended Credit Facility programme, citing improvements in inflation, exchange rate stability, and fiscal performance.
Dr Atoyan’s comments add to growing international support for the Bank of Ghana’s policy direction, even as concerns persist over the financial implications of its monetary tightening measures.
His defence of the central bank also comes at a time when discussions over the economic and political costs of stabilisation policies continue to dominate public discourse in Ghana.
