Member of the Finance Committee of Parliament, Dr Gideon Boako, has questioned the scale of losses recorded by the Bank of Ghana, arguing that economic stability should not come at such a high financial cost.
Speaking on JoyNews’ Newsfile on Saturday, May 2, Dr Boako said while recent gains in macroeconomic stability are evident, the GH¢15.6 billion loss recorded by the central bank in 2025 raises concerns about the approach used to achieve those results.
“I can recognise that there is some level of stability,” he said. “But the cost of this stability is unacceptable, because you don’t need to incur huge losses before you can stabilise your economy.”
His comments come in the wake of the Bank of Ghana reporting a GH¢15.6 billion loss.
He argued that Ghana has previously experienced periods of strong economic performance without imposing significant financial strain on the central bank.
According to him, between 2017 and 2019, the country recorded sustained growth, single-digit inflation for nearly two years, and improved fiscal balances without the kind of losses now being reported.
“We had growth moving from about 3.4 per cent to an average of about 7 per cent for three consecutive years. We had about 24 months of single-digit inflation and recorded a primary balance surplus. There was stability, but we did not incur these huge losses,” he noted.
Dr Boako acknowledged that the economic shocks between 2020 and 2022 required policy interventions, including aggressive inflation control measures. However, he maintained that the scale of losses associated with those interventions must be scrutinised.
“Yes, there was a crisis, and measures had to be taken. But containing the crisis does not mean we should accept any level of cost without question,” he added.
Dr Boako insists that while stabilisation efforts may involve trade-offs, policymakers must ensure that the cost remains proportionate and sustainable.
Source: myjoyonline.com
