The Member of Parliament for Sefwi Wiawso and a member of Parliament’s Business Committee, Kofi Benteh Afful, has strongly defended the operations of the Bank of Ghana, describing critics of the central bank’s recent loss as individuals “seeking the doom of the economy.”
According to him, the Bank of Ghana cannot be assessed using the same standards as commercial or universal banks, insisting that its primary mandate is to ensure macroeconomic stability rather than generate profit.
“It is confirmed internationally. Rating agencies can attest that Ghana is now well grounded in its finances, which is why our rating performance has improved,” he said in an interview on Joy FM’s Top Story on Tuesday, May 5.
Mr. Afful explained that the role of a central bank is to keep the economy stable by managing inflation, stabilising the exchange rate, maintaining adequate reserves to support imports, and ensuring that interest rates remain within reach for the private sector.
“A central bank’s objective is not to make revenue or profit for the state. It cannot in any way be measured like a commercial bank because the business of central banking is clearly distinct,” he stressed.
He argued that the negative balances recorded on the Bank’s books reflect deliberate interventions aimed at stabilising the economy.
“What we see today as an adverse balance is what the central bank has used its resources to achieve for Ghana,” he noted.
Mr. Afful pointed to improving macroeconomic indicators as evidence of the effectiveness of the Bank’s policies, citing a sharp decline in inflation to 3.2 per cent, reduced interest rates within the range of 10 to 15 per cent, and foreign reserves sufficient to cover imports for more than five months.
He also noted increased business activity within the banking sector as a sign of growing economic confidence.
“If anybody says they are not okay with what the central bank has done, then it is obvious that, for political reasons, such a person, including a leading member of the former government, a former minister for finance, is seeking the doom of the economy of Ghana,” he stated.
He added, “But they should compute and let us know what the situation of our economy would have been if the central bank had not taken those actions, or if they had remained in power.”
His comments come in response to concerns raised by former Finance Minister and Ranking Member on Parliament’s Finance Committee, Mohammed Amin Adam, who has petitioned the International Monetary Fund over the Bank’s audited 2025 financial statements.
He warned that its worsening negative equity could affect Ghana’s economic stability and urged the IMF to safeguard gains under the Extended Credit Facility programme, noting that the Bank’s negative equity rose significantly between 2024 and 2025.
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Source: www.myjoyonline.com