Bank of Ghana Losses Were to Stabilize Economy, Says Parliament’s Economy Committee Chair Eric Afful.

The Chairman of Parliament’s Economy Committee, Hon. Eric Afful, says losses incurred by the Bank of Ghana were the result of measures taken to cushion and stabilize the economy.

Speaking on the Bank of Ghana’s financial position, Hon. Afful said the central bank’s interventions helped sustain exchange rate stability, reduce inflation from 23% to 3.2%, and stabilize food prices.

He explained that the losses were not due to mismanagement but were policy costs associated with defending the cedi and supporting macroeconomic stability.

“The Bank of Ghana had to step in to protect the economy. The majority of the losses came from operations aimed at stabilizing key indicators that affect every Ghanaian,” Hon. Afful said.

The Bank of Ghana has previously reported losses linked to currency stabilization efforts, gold-for-oil, and domestic debt restructuring.

The comments from Parliament’s Economy Committee Chair come amid public debate over the central bank’s balance sheet and its role in fiscal policy