A member of the National Democratic Congress (NDC) communications team has defended the Bank of Ghana’s recent financial losses. Julius Kattah stated the losses reflect deliberate policy actions taken to stabilise the economy. He argued these are not signs of fiscal mismanagement.
The central bank’s role in managing inflation, currency volatility, and debt restructuring inevitably comes with financial costs. Kattah said the opposition New Patriotic Party (NPP) misinterprets these outcomes. He spoke on Asaase Radio on Saturday, May 9.
The Bank of Ghana recently reported significant losses in its financial accounts. These figures have drawn criticism from opposition figures. They accuse the central bank of overspending. Kattah rejected this view. He insisted the losses show prudent economic management under difficult conditions. This includes inherited debt obligations.
“If the previous government has left some debt before we came into power and we have to restructure those debts and be able to pay them… there would definitely be a cost incurred,” he said. The reported figure is about GHS 15.6 billion. Kattah stressed this should not be viewed in isolation. He argued it is linked to broader stabilisation efforts. Governor Dr. Johnson Asiama led these efforts. He added, “The Bank of Ghana led by Dr Johnson Asiamah has taken prudent measures not to even spend more than that.”
Kattah accused the NPP of “political sensationalism.” He understands such criticism comes from a party in opposition. He also argued that inflation control needs more than monetary policy alone. Stronger productive sector growth is vital. This supports macroeconomic stability. “As an economist I am aware that inflation is not the only way to control an economy,” he stated. Ghana’s economic trajectory remains on course, he believes. This is despite concerns over central bank losses. He expects a growing mass production sector. This will solve some economic problems.