The Bank of Ghana’s 2025 financial statements confirm an operating loss of GH¢34.9 billion for the year (inclusive of other comprehensive income losses), compared with GH¢9.49 billion in 2024.

These figures raise serious questions about the Central Bank’s explanation that the losses represent “the cost of maintaining economic stability.” Stability is important, but it cannot become a blanket justification for large financial losses without clear explanation. The central question is simple: could the same macroeconomic gains have been achieved at a lower cost?

This concern is heightened by recent trends. The Bank had previously been narrowing its losses, while inflation was declining and growth was improving. The Governor also promised, upon assuming office, to help reverse the Bank’s losses and negative equity position. The 2025 accounts suggest that this objective remains unmet.

Equally troubling is the issue of policy communication. Last year, the Governor categorically denied that the Central Bank would incur any losses in 2025. This apparent shift—from denial to justification—raises legitimate concerns about consistency, transparency, and credibility.

Given that the International Monetary Fund (IMF) is currently supporting Ghana’s economic programme, questions of oversight and accountability naturally arise. IMF-supported programmes typically involve close monitoring of fiscal and monetary policy. If such substantial losses have occurred within this framework, Ghanaians are entitled to clarity whether the IMF merely observed these developments, endorsed the underlying policy choices, or raised concerns that were not publicly disclosed.

At the heart of the matter are four critical questions:

1. Do IMF-supported stabilisation programmes typically result in significant central-bank losses?

2. If so, under what conditions are such losses considered acceptable?

3. What specific factors led to Ghana’s 2025 losses, particularly in a year without a major crisis such as COVID-19 or the banking-sector clean-up?

4. What accountability mechanisms exist when central-bank policy decisions result in substantial financial losses?

Ghanaians deserve clear, consistent, and honest answers. Without accountability, the very stability being defended risks becoming unsustainable.

Issued by the economic think tank, Institute of Economic Research and Public Policy (IERPP)