BoG losses will not recur at last year’s scale — Governor Asiama assures

Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has assured the public and investors that the significant operating and Other Comprehensive Income (OCI) losses incurred in 2025 will not recur at the same scale in 2026.

 His comments follow BoG posting an operating loss of GH¢15.6 billion for 2025, up from GH¢9.4 billion in 2024.

He pointed to a fundamental shift in the three key conditions that drove those losses, expressing confidence that the Bank remained fully solvent and capable of delivering on its mandate.

The Bank’s operating losses were driven by revenue losses from the Domestic Debt Exchange Programme (DDEP), revaluation losses from the cedi’s sharp appreciation, and the high cost of extensive open market operations needed to curb elevated inflation.

Dr Asiama said this at a press briefing following the 130th Monetary Policy Committee meeting while responding to a question posed by the Ghana News Agency on measures the Central Bank was employing to address its losses.

“From where we are currently, our operating losses will be less costly compared to last year. We don’t see the cedi appreciating by 41 or 42 per cent this year, so revaluation losses could actually become revaluation gains,” he said.

The Central Bank Governor noted that the conditions that gave rise to those losses had materially changed, with the same combination of pressures not expected to converge again this year to the same degree or effect.

He explained that open market operations would be considerably less costly in 2026, given that inflation was well below the upper limit of the medium-term target band of 8 ± 2 per cent, in addition to aggressive monetary tightening.

Regarding the cedi, Governor Asiama explained that instead of revaluation losses, the current exchange rate trajectory could produce revaluation gains on the Bank’s balance sheet.

“As of December 31, 2025, the selling rate of the dollar was GH₵10.4. Today, the cedi-to-dollar rate is GH₵11.5. Now, if I publish the same financials today, the picture will have changed completely,” he stated.

Governor Asiama said it was important for the losses to be understood in the context of what was achieved, describing the stability gains realised in 2025 as significant and as a “necessary cost” and a “reset” that could not easily be quantified in monetary terms.

He said the Central Bank’s overriding priority was the maintenance of that stability.

“What now matters most is the ability to hold the anchor going forward — to preserve the stability that was achieved at considerable cost, so that other growth outcomes can be built upon that foundation for the benefit of all Ghanaians,” he said.

He urged Ghanaians not to fear for the Central Bank’s viability and reaffirmed the Bank’s commitment to delivering its price stability mandate, while promising a turnaround in 2026.

Dr Asiama also reaffirmed the Bank of Ghana’s commitment to transparency and public communication, expressing confidence that an informed public would understand the full picture of where the Bank stood and where it was headed.

المصدر: MyJoyOnline (GH)