The Financial institution of Ghana’s 2025 monetary statements verify that its working loss for a similar yr was GH¢34.9 billion (together with loss in different complete earnings), in comparison with GH¢9.49 billion in 2024.
These figures solid critical doubt on the central financial institution’s narrative that losses are a “price of sustaining financial stability.” Stability is essential, however and not using a clear rationalization, massive financial losses can’t be comprehensively justified. The central query is easy. May the identical macroeconomic advantages be achieved at decrease prices?
This concern is exacerbated by current tendencies. The financial institution has to this point trimmed losses as inflation has fallen and progress has improved. Upon assuming workplace, the Governor additionally pledged to reverse the Financial institution’s loss and adverse fairness state of affairs. The 2025 report means that this purpose stays removed from being achieved.
Equally troubling is the difficulty of coverage communication. Final yr, the governor flatly dominated out the potential for the central financial institution incurring losses in 2025. This obvious shift from denial to justification raises respectable issues about consistency, transparency, and credibility.
On condition that the Worldwide Financial Fund (IMF) at the moment helps Ghana’s financial planning, questions of oversight and accountability naturally come up. IMF-supported applications usually contain shut monitoring of fiscal and financial insurance policies. When such massive losses happen inside this framework, Ghanaians have the appropriate to make clear whether or not the IMF merely noticed these developments, supported basic coverage decisions, or raised undisclosed issues.
On the coronary heart of the matter are 4 essential questions:
1. Do IMF-supported stabilization applications often lead to vital losses for the central financial institution?
2. In that case, underneath what circumstances would such a loss be thought of acceptable?
3. What have been the particular elements that led to Ghana’s losses in 2025, particularly in a yr with out main crises akin to COVID-19 or banking sector clean-up?
4. What accountability mechanisms exist if a central financial institution’s coverage choices lead to vital financial losses?
Ghanaians want clear, constant and trustworthy solutions. With out accountability, the very stability that’s being guarded dangers changing into unsustainable.
Revealed by the financial assume tank Institute for Financial Analysis and Public Coverage (IERPP))
