The International Monetary Fund has defended the substantial 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 crisis period.
Speaking on PM Express Business Edition, IMF Mission Chief 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, I think, manifested in the outcomes, and I think people on the ground actually recognise that.”
His remarks come after the central bank reported a loss of GH¢15.6 billion in 2025, significantly higher than the GH¢9.49 billion loss recorded in 2024.
The Bank of Ghana’s audited accounts also showed worsening negative equity, rising to GH¢93.82 billion from GH¢58.62 billion.
The losses have largely been attributed to the high cost of liquidity sterilisation operations and tight monetary policy measures introduced to control inflation and stabilise the Ghana cedi during the economic downturn.
Dr Atoyan explained that such financial pressures are often unavoidable during periods of high inflation and elevated interest rates, stressing that central banks typically incur significant costs when implementing policies aimed at restoring macroeconomic stability.
According to the IMF official, the results of the Bank of Ghana’s interventions can be seen in the gradual improvement in economic conditions and growing confidence in the economy.
