Founder and Managing Partner of the Songhai Group, Hene Aku Kwapong, has called for a fresh assessment of Ghana’s monetary policy framework, warning that the financial condition of the Bank of Ghana (BoG) could pose risks to economic stability and institutional credibility.

Speaking during a discussion on the Bank of Ghana’s 2025 financial statements, Dr Kwapong said policymakers must carefully navigate competing economic priorities while safeguarding confidence in the country’s financial system.

He explained that central banks often face difficult policy trade-offs involving monetary independence, foreign exchange stability and capital controls, especially during periods of economic uncertainty.

According to him, these competing demands create what he described as an “impossible triangle”, making it difficult for central banks to simultaneously achieve all policy objectives without compromise.

Dr Kwapong further cautioned that the Bank of Ghana’s financial position could affect its ability to respond effectively to future pressures on the local currency if not managed prudently.

“We have to actually do serious policy. There is what I will call the impossible triangle that every central policy has to work through. There is banking independence, FX stability and also capital controls,” he said on Channel One TV on Monday, May 4.

“We are at a point where if we get into a case where the central bank is running such a huge equity position, its capacity to be able to defend the currency should it be necessary, its capacity even just its credibility and everything now is on the line,” he added.