Financial analyst, Joe Jackson, has said the loss incurred by the Bank of Ghana (BoG) to stabilise the economy in 2025 was worth it.
He says the aggressive nature of the intervention by the central bank to restore full stability was worth the cost that came with it, indicating the BoG acted prudently in its policy approach.
“What we fail to appreciate is the tremendous benefits that bringing down inflation aggressively brought to us,” he said on Ghana Tonight on TV3 Tuesday, May 5, 2026.
According to him, Ghana needed to “bring down inflation” and the “exchange rate”, adding it was the kind of stability the country required at the time.
“Were they aggressive in bringing down inflation? Yes. But was this the stability that we required? Yes.”
Mr. Jackson added that the stability was achieved at shorter period than it usually should, the reason it came at a cost, which he explained was necessary to put Ghana’s economy on the right trajectory.
“There was a stability that we required in a shorter period than we required. That was always going to be a cost,” he added.
“Looking on the hindsight”, Mr. Jackson remarked, “and then saying to Bank of Ghana that you brought inflation down but you were too aggressive” is unconscionable.
He explained that every policy comes at a cost and what Ghana incurred in stabilising the economy is not something the nation can’t bear, especially when the challenges ahead of the intervention was unknown.
“When the journey started, who knew where we were going to get to? Who knew we were going to face challenges on the way? Every policy has a cost and I think this cost, we can survive it.”
The CEO Dalex Finance questioned whether it was “necessary in restoring the full level of stability, bringing down interest rate, lowering the cost of government borrowing?” asking why the necessary intervention is coming with lamentations. “So why are we complaining?” he asked.
Mr. Jackson further pointed out some economic indices that came with the intervention, reemphasising that the loss was worth the achievements.
“The Open Market Operations (OMO), was it expensive? Yes. It was like fighting fire with expensive water. But was it necessary to bring us a stability as quickly as possible? Yes. What we fail to admit is that in one year, we came from inflation in the 20s to inflation in the single digits. In one year, the cedi appreciated from 14:1 to 10.5:1. There was a cost that. We loved it. we lapped it up. I think the cost is worth it,” he explained.
His comments come on the back of the brouhaha surrounding the cost incurred by the BoG for the 2025 financial year.
In its 2025 Annual Report and Financial Statements, the BoG revealed a GH¢15.6 billion operating loss for the 2025 financial year, an amount the Minority caucus has disputed.
This is a deficit rising from GH¢9.48 billion in 2024. It represents the BoG’s fourth straight year of losses, following deficits of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.
The Minority alleges that the central bank employed “artificial recognition” and “clever accounting” to move portions of the deficit into “other comprehensive income,” effectively downplaying the scale of the operating loss.
At a press conference on Sunday, May 3, 2026, Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi, disputed the official figures, asserting that the “true operating loss” is closer to GH¢34.9 billion.
He further suggested that once gold sale proceeds are factored in, the total comprehensive loss nears GH¢44 billion.
“The government says the loss is GHC15.6 billion. The true operating loss of the Bank is actually GHC34.9 billion cedis. Infact if you add back the 9.6 billion cedis proceeds from the Gold sales, the recalculated loss is actually GHC44 billion.”
However, the NPA CEO believes Ghana’s economy would have totally collapsed, should the BoG not intervened.
“But for the government and the BoG’s intervention, this economy would have collapsed,” he stated.
He defended the cost, stressing on the impact it has had on the economy.
“And it was important at whatever cost, the BoG intervened in the manner it did to keep this economy on sound footing. The benefit with lower, better, stabilised, strengthened Ghana cedi is there for all of us to see,” he asserted.
Meanwhile, the Majority caucus in Parliament has rejected the claims by the Minority, saying the figures were not cooked.
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