Accra: The Member of Parliament for Tano North, Gideon Boako, has cautioned against describing the Bank of Ghana as a loss-generating institution, stressing that although the central bank is not established to make profits, it must also not be allowed to run unsustainable losses.
According to Ghana Web, Boako, speaking on The Point of View on Channel One, expressed concern over the growing losses of the central bank, stating that it should be a concern for all Ghanaians. He emphasized that while the Bank of Ghana (BoG) is not a regular profit-making institution, it is not meant to operate as a loss-making entity either.
Boako highlighted that the core mandate of central banks does not involve generating profits, yet this should not be interpreted as an allowance for consistent financial losses. He reiterated the importance of ensuring that efforts to address Ghana's economic challenges do not impair the central bank's ability to perform its essential roles.
He further warned that weakening the central bank could compromise its ability to address future economic challenges. Boako underscored the significance of maintaining the Bank of Ghana's financial and operational strength to ensure it can effectively fulfill its mandate.