The Majority in Parliament has expressed confidence that the Bank of Ghana’s (BoG) expected 2025 loss of about GH¢15.7 billion represents a peak, arguing that structural changes in monetary conditions and policy reforms will significantly reduce future financial pressures on the central bank.
Addressing a press briefing on Thursday, April 3o, member on Parliaments Finance Committee, Atta Issah said the factors that drove the 2025 result are already changing, pointing to easing inflation, lower interest rates, and reforms in gold procurement and fiscal coordination.
According to him, inflation falling to 3.2 percent in March 2026 has significantly reduced the need for aggressive liquidity management operations.
“With inflation now at 3.2 percent, there is no longer a large monetary overhang to absorb,” he said. “The cost of open market operations will fall structurally as the inflation fight is effectively won.”
Mr Issah further noted that the reduction in the policy rate from 27 percent at the end of 2024 to 14 percent in March 2026 will substantially lower the cost of issuing and rolling over BoG instruments.
“Every cedi of liquidity operations now costs roughly half what it cost a year ago,” the statement explained. “New bills are issued at lower coupons, and existing ones mature into lower-rate replacements.”
The Majority also pointed to recent legislative changes, including the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), passed by Parliament on 26 February 2026.
Under the new framework, government says gold offtakers will pre-finance parts of the gold purchase programme, while the Ministry of Finance assumes a clearer budgetary role, reducing off-balance-sheet pressures previously absorbed by the central bank.
The lawmaker argued that this change will prevent a recurrence of the GH¢9 billion cost linked to gold transactions recorded in the 2025 accounts.
“Those accounting effects will not flow through the Bank of Ghana’s books in the same way going forward,” the Majority said.
They also cited expectations of cedi stability at a stronger level, arguing that the large revaluation losses seen in 2025—estimated at GH¢19.32 billion—are unlikely to be repeated.
“With a more stable exchange rate environment, the kind of revaluation impact that affected the 2025 accounts should not recur.”
The Majority concluded that the financial framework underpinning key policy interventions has been strengthened.
“The financial structure of the programmes that drove the 2025 cost has been improved,” the statement said. “The country can expect a different picture in the years ahead.”
The Bank of Ghana is expected to publish its full audited financial statements for 2025 in the coming days.
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Source: www.myjoyonline.com
