An Economist at the University of Ghana, Professor Ebo Turkson, has said the losses recorded by the Bank of Ghana (BoG) in its 2025 financial results contributed to broader economic stability.

He explained that the central bank’s losses helped drive down inflation, stabilise the cedi, and support reserve accumulation through the gold-for-reserves programme.

Mr Twum-Akwaboah

Professor Turkson

-Dr Acheampong

Prof. Turkson cautioned against politicising the BoG’s 2025 financial results, stressing that the central bank’s mandate was not profit-making but macroeconomic stability.

He made these remarks during a discussion on the 2025 BoG financial results on the Norvan Report X platform on Sunday.

Other speakers included Dr Theo Acheampong, Technical Advisor at the Ministry of Finance, and Mr Seth Twum-Akwaboah, Chief Executive Officer of the Association of Ghana Industries (AGI).

According to Prof. Turkson, the BoG has fulfilled its mandate through effective monetary policy.

He commended the bank’s management for stabilising the cedi, noting that this has boosted investor and business confidence.

However, he emphasised the need to strengthen reserves further through the gold-for-reserves programme to build resilience against external shocks, including geopolitical tensions such as the ongoing conflict in the Middle East.

“The geopolitical issues that are going on all over the world would continue and we need to as a matter of fact be able to ramp up enough reserve buffers that can withstand those shocks so that our businesses can thrive,” he said.

Prof. Turkson also rejected claims by the opposition New Patriotic Party (NPP) that the central bank is “policy insolvent,” arguing that it still has effective tools, including Open Market Operations (OMO), to manage inflation.

“So, don’t let us politicise some of these issues to the extent that these hardworking men and women at the central bank will feel that they are doing their best but the politicians are taking them to the cleaners. The central bank will remain the central bank no matter what political party comes to power,” he added.

Mr Twum-Akwaboah noted that the stabilisation of the cedi had increased business confidence, enabling better planning, per AGI’s Business Afrobarometer Survey.

However, he said businesses remain cautiously optimistic due to concerns about the sustainability of the cedi’s stability, given past fluctuations.

“In Ghana we have had single digit before and so this is not the first time. The challenge has always been when you have such situation and it doesn’t last too long, then it becomes an issue. So, the businesses are happy with what is going on but they are still cautiously optimistic about how long it is going to stay,” he said.

Dr Acheampong also commended the BoG for stabilising the currency, controlling inflation, and improving reserves and attributed those gains to coordinated monetary and fiscal reforms by both the central bank and the government.

“At some point in 2022 we defaulted on our debt and had to go into the restructuring but within just one and a half years of the aggressive reform effort that have been pushed, especially on the monetary side, but in very close coordination on the fiscal side, you can actually see tangibly the results of these reform efforts,” he stated.