IMF Mission Chief Ruben Atoyan has stated that the costs were necessary to stabilise Ghana’s economy after years of severe macroeconomic distress.
The report indicates that the International Monetary Fund (IMF) has defended the Bank of Ghana (BoG) over its massive financial losses.
It further notes that iMF Mission Chief Ruben Atoyan has stated that the costs were necessary to stabilise Ghana’s economy after years of severe macroeconomic distress.
Speaking on PM Express Business Edition on Thursday, he rejected suggestions that the central bank had acted too aggressively in tightening monetary policy.
“I would disagree with this view that the Bank of Ghana was too aggressive,” he said.
“I think it was very prudent, and the achievement is manifested in the outcomes.”
His comments follow the release of the Bank of Ghana’s 2025 audited financial statements, which showed the central bank recorded a GH¢15.6 billion loss for the year.
The figure represented a sharp increase from the GH¢9.49 billion loss recorded in 2024.
The accounts also showed that the central bank’s negative equity position worsened to GH¢93.82 billion from GH¢58.62 billion.
The losses were largely linked to the Bank’s aggressive liquidity management and sterilisation operations aimed at controlling inflation and restoring economic stability.
But Dr Atoyan stated such costs were unavoidable under the circumstances Ghana faced.
“There is a cost of doing monetary policy, and this is something that people need to understand,” he explained.
According to him, the central bank’s financial statement openly reflected the burden associated with fighting inflation in a high-interest-rate environment.
“You know that the Bank of Ghana 2025 financial statement was just published, and it transparently presents the cost of doing business with high inflation and high interest rates,” he stated.
He explained that the central bank’s efforts to absorb excess liquidity from the financial system inevitably came at a financial cost.
