The impact of the Bank of Ghana’s (BoG) deliberate intervention on the economy to stabilise it has yielded fruits which is evident to every Ghanaian, Chief Executive of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has insisted.
He says the cost incurred by the central bank to sustain the economy was necessary, considering how the previous government mismanaged the economy, leaving it near collapse.
Speaking on the BigIssue segment on the NewDay morning show on Monday, May 4, 2026, Mr. Tameklo noted that the BoG’s deliberate intervention to stabilise the cedi has reaped benefits for the country.
According to him, the intervention has hugely impacted the economy and eased the cost of living, making life better for the average citizen compared to what existed under the previous administration.
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.
‘It is official, not a political figure’ – Majority caucus fires back at Minority over BoG loss
