BoG flags cost of stabilisation as 2025 accounts reflect reform impact -

The Bank of Ghana (Bank of Ghana) says its 2025 financial statements will capture the accounting cost of recent macroeconomic stabilisation efforts, even as key indicators show improved economic fundamentals.

Governor Johnson Asiama disclosed this when he met the Council of State in Accra, noting that policy actions over the past year have delivered gains in inflation control, exchange rate stability, and reserve accumulation, but with significant financial implications for the central bank.

He explained that a major factor behind the cost pressures was the Domestic Debt Exchange Programme, which reduced income from the Bank’s holdings of government securities.

He also cited elevated interest expenses arising from sustained monetary tightening and liquidity management operations aimed at curbing inflation.

Dr. Asiama further pointed to structural costs linked to the Bank’s gold purchase programme, although he said these pressures have moderated over time. He also highlighted valuation effects stemming from exchange rate differences used in balance sheet reporting.

Despite these challenges, the Governor stressed that the Bank’s operational strength and policy effectiveness remain intact, noting that recent reforms have helped reduce inflation, build external reserves, and strengthen the resilience of the banking sector.

He said Ghana is entering a more uncertain global environment, including pressure from higher crude oil prices, but from a stronger macroeconomic position.

However he , Dr. Asiama outlined the Bank’s 2026 priorities as safeguarding financial sector stability, improving credit quality, supporting export-led growth, and consolidating recent macroeconomic gains.