Bank of Ghana (BoG) Governor Dr. Johnson Asiama has confirmed that the central bank’s forthcoming 2025 financial statements will carry the accounting cost of the aggressive policy measures used to stabilise Ghana’s economy, even as headline indicators have improved sharply.
Dr. Asiama made the disclosure on Wednesday, April 23, when he briefed the Council of State at the Sheraton Hotel in Accra on the Bank’s operations and policy decisions over the past year.
He identified four main drivers of cost in the 2025 accounts. The debt restructuring under the Domestic Debt Exchange Programme (DDEP) reduced income from the Bank’s holdings of government securities. Sustained monetary tightening to curb inflation generated elevated interest expenses through Open Market Operations (OMO). The gold purchase programme carried a structural cost, though the Governor noted this has now been significantly reduced. Exchange rate differences between the gold market rate used to buy gold and the interbank rate used to record it on the Bank’s balance sheet also contributed to valuation effects.
The Governor was, however, emphatic that these costs do not impair the Bank’s ability to perform its core functions. According to Dr. Asiama, the policy measures have delivered concrete results, reducing inflation to 3.2 percent in March 2026, pushing gross international reserves to a record $14.5 billion, driving a 41 percent appreciation of the cedi, and leaving the banking sector better capitalised and extending more credit.
On the cost of the inflation fight specifically, the Governor acknowledged that reducing inflation by such a magnitude over 2025 came at a significant price for the central bank, but described the trade-off as unavoidable. He indicated the elevated OMO costs incurred in 2025 are not expected to recur in 2026, given the current low and stable inflation environment.
Looking to 2026, Dr. Asiama said Ghana is entering a more uncertain global environment with crude oil prices above $100 per barrel, but stressed that the country is better placed to absorb external shocks than at any recent point in its history. His stated priorities for the year are safeguarding financial sector stability, improving credit quality, supporting export-led growth, and consolidating recent macroeconomic gains.
The Council of State, chaired by its Chairman Edward Doe Adjaho, commended the Governor for the clarity of his presentation and encouraged broader public engagement on the issues covered. Members called on the Bank to communicate directly with young Ghanaians in accessible language, and raised questions about exchange rate policy frameworks and the regulation of digital currencies.
The 2025 audited financial statements have not yet been published, despite a statutory requirement under the Bank of Ghana Act 2002 (Act 612) that mandates submission to the Finance Minister within three months of the close of the financial year.
