Bank of Ghana’s Losses and Public Gains: Understanding the accounting cost of Ghana’s monetary stabilisation and the benefit to citizens

The Bank of Ghana’s 2025 annual financial results, released on 1 May 2025, show a significant accounting loss. This outcome has attracted considerable public commentary, and it is important that it be properly understood. An accounting loss on a central bank’s balance sheet is not, in itself, evidence of institutional failure. In Ghana’s case, it is the direct financial consequence of the monetary policy interventions that produced the most significant macroeconomic stabilisation the country ...

By Isaac Yeboah