The governing National Democratic Congress (NDC) has defended the Bank of Ghana (BoG) against claims by the opposition New Patriotic Party (NPP) that the central bank has recorded massive financial losses.

According to the NDC, assertions by the NPP that the Bank of Ghana incurred a GH₵44 billion loss are false and intended to undermine public confidence in the country’s economic recovery efforts.

Speaking at the relaunch of the party’s “Setting the Records Straight” platform, the Deputy National Communications Officer, Godwin Ako Gunn, argued that the central bank’s recent GH₵15.6 billion financial commitments should rather be viewed as strategic investments to stabilise the economy.

“The Bank of Ghana’s serious commitment to carrying out its core mandate to stabilise the economy should be viewed as a strategic investment rather than a loss,” he stated.

According to him, the interventions by the central bank have contributed to a more stable macroeconomic environment, easing inflationary pressures and strengthening the Ghana cedi.

He further claimed that inflation had reduced significantly while cost-of-living pressures had also eased.