The Governor of the Bank of Ghana, Dr. Johnson Asiama, has indicated that the Bank’s 2025 financial statement will reflect the accounting cost associated with the country’s recent macroeconomic stabilisation efforts.
Speaking at a meeting with the Council of State in Accra, the Governor explained that while policy measures implemented over the past year have delivered notable gains in inflation control, exchange rate stability, and reserve accumulation, these outcomes have come with measurable financial implications for the central bank.
A key driver of these costs, he noted, was the impact of the Domestic Debt Exchange Programme, which led to a significant decline in income from the Bank’s holdings of government securities. Additionally, the disinflation process, achieved through sustained monetary tightening, resulted in elevated interest expenses linked to liquidity absorption operations.
Dr. Asiama further highlighted structural costs associated with the Bank’s gold purchase programme, although he indicated that these have moderated over time. He also pointed to valuation effects arising from exchange rate differentials, particularly the gap between gold acquisition prices and interbank market rates used for balance sheet reporting.
Despite these accounting pressures, the Governor emphasised that the Bank’s operational capacity and policy effectiveness remain intact. He noted that the stabilisation measures have strengthened macroeconomic fundamentals, citing a sharp decline in inflation, a buildup in external reserves, and improved resilience within the banking sector.
Looking ahead, Dr. Asiama acknowledged a more uncertain global outlook, including elevated crude oil prices, but maintained that Ghana is entering this phase from a position of relatively stronger buffers. He added that the Bank’s policy priorities for 2026 will centre on safeguarding financial sector stability, improving credit quality, supporting export-oriented growth, and consolidating recent macroeconomic gains.
