The Majority in Parliament has expressed confidence that the Bank of Ghana’s projected 2025 loss of approximately GH¢15.7 billion will mark a high point, citing improving macroeconomic conditions and policy reforms expected to ease future financial strain.
Speaking at a press briefing on Thursday, April 30, a member of Parliament’s Finance Committee, Atta Issah, indicated that the underlying drivers of the anticipated loss are already shifting. He pointed to declining inflation, reduced interest rates, and reforms in gold procurement and fiscal coordination as key factors.
According to him, inflation’s drop to 3.2 percent in March 2026 has significantly reduced the need for aggressive liquidity management. He noted that the earlier necessity to absorb excess liquidity through costly open market operations has diminished as price stability improves.
Issah further highlighted the reduction in the policy rate from 27 percent at the end of 2024 to 14 percent by March 2026, stressing that this will substantially lower the cost of issuing and refinancing central bank instruments. As a result, liquidity operations are now considerably less expensive, with new instruments issued at lower interest rates and maturing obligations replaced on more favourable terms.
The Majority also referenced legislative reforms, particularly the Ghana Accelerated National Reserve Accumulation Policy, passed on February 26, 2026. Under this framework, gold offtakers are expected to pre-finance portions of the gold purchase programme, while the Ministry of Finance assumes a more explicit budgetary role. This shift is intended to reduce off-balance-sheet burdens previously carried by the central bank.
Issah argued that these changes would prevent a recurrence of the GH¢9 billion cost associated with gold transactions recorded in the 2025 accounts, noting that such accounting impacts will no longer affect the central bank in the same manner.
Additionally, the Majority expressed confidence in greater exchange rate stability, suggesting that the substantial revaluation losses of approximately GH¢19.32 billion recorded in 2025 are unlikely to be repeated under a more stable cedi environment.
They concluded that the financial architecture supporting major policy interventions has been strengthened, projecting a markedly improved outlook for the central bank’s finances in the coming years.
The Bank of Ghana is expected to release its audited financial statements for 2025 in the coming days.
