The Bank of Ghana has pledged that the massive financial losses recorded in 2025 will not recur at the same scale in 2026, assuring investors, businesses, and the general public that the country’s macroeconomic stability programme remains firmly on track despite the Central Bank’s weakened balance sheet.
Governor of the Bank of Ghana, Johnson Pandit Asiama, said the extraordinary conditions that triggered the Central Bank’s record losses had significantly changed, creating room for a much stronger financial outlook going into 2026.
The Central Bank recorded a combined operating and Other Comprehensive Income (OCI) loss of approximately GH¢34.92 billion in 2025, largely driven by aggressive liquidity management operations, exchange rate-related valuation losses, and the lingering financial impact of the Domestic Debt Exchange Programme.
The losses pushed the Bank’s cumulative deficit to GH¢96.3 billion by the end of 2025, raising concerns in some quarters about the financial health of the institution and the sustainability of its monetary operations.
However, Governor Asiama insisted that the Central Bank remained fully solvent and capable of executing its core mandate of maintaining price and financial stability.
Speaking at a press briefing after the 130th Monetary Policy Committee meeting, Dr Asiama explained that the sharp losses recorded in 2025 reflected the difficult but necessary measures adopted to stabilise the Ghanaian economy during a period of severe macroeconomic stress.
According to him, the biggest component of the losses came from sterilisation and liquidity management operations, which cost the Bank GH¢16.73 billion as authorities sought to contain inflationary pressures through aggressive monetary tightening.
The second major component was reserve-related valuation losses amounting to approximately GH¢19.32 billion recorded under Other Comprehensive Income.
These losses resulted largely from exchange rate movements and the revaluation of foreign assets and gold reserves held by the Central Bank.
Dr Asiama noted that the convergence of all three negative conditions — the impact of the Domestic Debt Exchange Programme, sharp cedi appreciation, and expensive open market operations — was highly unusual and unlikely to be repeated at the same magnitude.
“From where we are currently, our operating losses will be less costly compared to last year. We do not see the cedi appreciating by 41 or 42 per cent this year, so revaluation losses could actually become revaluation gains,” he stated.
The Governor explained that the exchange rate outlook alone could significantly improve the Bank’s financial position compared to the previous year.
He revealed that the Bank’s 2025 financial statements were prepared when the dollar selling rate stood at GH¢10.4, but current exchange rate levels around GH¢11.5 to the dollar would substantially alter the valuation dynamics of the Central Bank’s foreign assets if the same accounts were prepared today.
“Our financial statements on 31st December 2025 reflected a dollar rate of GH¢10.4. Today the cedi rate is around GH¢11.5 to the dollar. If the same financials were published today, the picture would have changed completely,” he explained.
Governor Asiama further indicated that the cost of open market operations was expected to decline sharply in 2026 due to improving inflation conditions and the impact of earlier monetary tightening measures.
He said inflation had now moved well below the lower limit of the medium-term target band of 8±2 per cent, reducing the need for the kind of expensive liquidity sterilisation operations undertaken in 2025.
The Governor described the financial sacrifices made by the Central Bank as a necessary price for restoring macroeconomic stability and rebuilding investor confidence in the Ghanaian economy.
According to him, the stability gains achieved could not easily be quantified in monetary terms because they created the foundation for future economic growth, exchange rate stability, and improved investor sentiment.
“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.
Dr Asiama also sought to calm fears over the Bank’s balance sheet position, assuring the public that the institution remained financially and operationally sound despite the temporary negative equity situation.
He stressed that central banks globally could continue operating effectively even under periods of accounting losses because their primary responsibility was macroeconomic and financial stability rather than commercial profitability.
The Governor reaffirmed the Central Bank’s commitment to transparency, accountability, and public communication, stating that the Bank would continue engaging stakeholders openly on its financial position and policy direction.
He expressed confidence that the improving macroeconomic environment, stabilising inflation, and better exchange rate outlook would support a significant turnaround in the Bank’s financial performance in 2026.
