The International Monetary Fund (IMF) has supported the Bank of Ghana’s (BoG) significant financial setbacks. Financial statements show the BoG recorded a GHS 15.6 billion loss in 2025.
IMF Mission Chief Ruben Atoyan stated these costs were crucial for stabilising Ghana’s economy. The country faced severe macroeconomic distress for several years. Mr. Atoyan rejected claims that the central bank’s tight monetary policy was too aggressive.
This stance comes after the BoG’s 2025 audited financial statements were released. The statements revealed a substantial increase from the GHS 9.49 billion loss in 2024. The central bank’s negative equity position worsened significantly. It reached GHS 93.82 billion, up from GHS 58.62 billion.
These losses are mainly due to the Bank’s aggressive liquidity management and sterilisation operations. These actions aimed to control inflation and restore economic stability. Mr. Atoyan explained such costs were unavoidable given Ghana's economic situation.
He noted there is a cost associated with conducting monetary policy. The BoG’s 2025 financial statement transparently shows this burden. It reflects the cost of operating in an environment of high inflation and high interest rates. Absorbing excess liquidity from the financial system inherently carries a financial cost. This cost is clearly reflected in the central bank’s financial statements.
Mr. Atoyan maintained that while these operations weakened the BoG’s balance sheet in the short term, they were necessary. They were essential to restore stability and confidence in the economy. He also argued that the positive effects of these policy measures are now visible in the broader economy. Many people on the ground recognise these improvements.
The Bank of Ghana has implemented tight monetary policies in recent years. These included high interest rates and liquidity absorption operations. These measures aimed to curb inflation and stabilise the Ghana cedi. They also sought to restore macroeconomic confidence following Ghana’s economic crisis and debt restructuring programme. This approach underscores a commitment to long-term economic health over short-term financial performance for the central bank.
Going forward, economists and market participants will closely watch the BoG's financial health. The central bank’s ability to rebuild its balance sheet will be a key indicator. Attention will also focus on the ongoing impact of its monetary policies on inflation and exchange rates. Decision-makers must balance central bank autonomy with financial sustainability. This balancing act is crucial for Ghana’s continued economic recovery and stability.