He assured that the Bank remains fully functional and committed to safeguarding monetary and financial stability.

Speaking at the Governor Talks Series during the ongoing World Bank/IMF Annual Meetings in the United States, Dr. Asiama admitted that the BoG’s balance sheet had been severely impacted by the 2022 domestic debt restructuring but stressed that this had not weakened its policy effectiveness.

“The domestic debt issue has impacted, to a large extent, on our balance sheet. The central bank itself is policy solvent, but then, technically, you can say we are almost insolvent. The challenge is to be able to correct and to repair our balance sheet within a short time, but we are looking at it as a medium-term problem. And that said, operationally, we are able to function,” he clarified.

The Bank posted an operational loss of GH¢13.23 billion in 2023, which narrowed to GH¢9.49 billion in 2024. Despite this, Dr. Asiama emphasized that the institution remains “policy solvent,” maintaining its ability to conduct monetary operations and fulfill its mandate without hindrance.

He also rejected claims that the Bank’s weakened financial position had subjected it to government influence.

“I must say that even at current levels, we have our independence. In no way are we controlled by the government. We are not constrained in any way at all,” he insisted.

Dr. Asiama further disclosed that the BoG is advancing legislative amendments to strengthen its autonomy and eliminate future risks of fiscal dominance.

“A number of reforms that we are making to the Central Bank Act should permit us to be able to hold that anchor going forward,” he explained. “We need to define, for example, what constitutes an emergency… So yes, the legislation will help to strengthen our independence going forward.”