The Majority in Parliament has defended the Bank of Ghana’s (BoG) financial position, insisting that its expected loss of about GH¢15.7 billion for the 2025 financial year does not undermine its core mandate of monetary policy, financial stability, and economic management.

Speaking at a press briefing on Thursday, April 30, a member on Parliament's Finance Committee, Atta Issah, stressed that the central bank’s authority is defined by law and not by its balance sheet performance.

“These results do not affect the Bank of Ghana’s ability to set and implement monetary policy, to manage Ghana’s foreign reserves, or to supervise the financial system,” he said. “The Bank’s authority comes from law, not from its balance sheet.”

The Majority argued that central bank losses linked to inflation-control measures are a global phenomenon and not unique to Ghana.

“This pattern is not unique to Ghana,” he noted. “The European Central Bank reported losses in 2023 and 2024 while bringing euro-area inflation under control. The United States Federal Reserve has also recorded continuous income shortfalls since September 2022.”

Mr Issah further cited the Czech National Bank, which operated with negative equity for several years while maintaining credibility in monetary policy.

“Bringing inflation down costs central banks money. It is the same arithmetic everywhere. Ghana is not an outlier,” he added.

The briefing comes amid growing public and political attention on the BoG’s expected GH¢15.7 billion loss for the 2025 financial year, which has sparked debate over the cost of monetary policy interventions.

According to the Majority, the 2025 financial statements have been prepared under International Financial Reporting Standards (IFRS), in line with the Bank of Ghana Act, and have been independently audited and submitted to Parliament.

Officials also maintained that despite the reported losses, the central bank’s operational strength remains intact.

“The actual impact of these financial results on the Bank’s operational strength is minimal,” the spokesperson said.

They pointed to an improvement in the Bank’s policy position, which they said strengthened from about GH¢700 million to GH¢5.5 billion.

“This shows the Bank generated sufficient income through its policy operations to cover the costs associated with restoring macroeconomic stability,” the Majority explained.

“In effect, the Bank has financed the interventions needed to anchor inflation, stabilise the currency, and restore monetary credibility.”

The Bank of Ghana is expected to publish its full audited accounts for the 2025 financial year soon, as debate continues over the scale and interpretation of the reported losses.