Accra: The Chief Executive Officer of Dalex Finance, Joe Jackson, has defended the losses recorded by the Bank of Ghana, saying they are necessary due to measures taken to stabilize the economy. His comments follow the ongoing debate over the central bank's financial performance, especially regarding its gold trading activities and stabilization efforts.
According to Ghana Web, during an interview on JoyNews' Super Morning Show on Monday, May 4, 2026, Jackson stated that the Bank's financial situation should be viewed in light of the steps it has taken to control inflation. He emphasized that the justification for the losses is clear and unavoidable, acknowledging the presence of various arguments and red flags surrounding the issue.
He further explained that the costs incurred from open market operations are significant for the central bank. These operations are measures to reduce excess money in the system, contributing to a decrease in inflation. Jackson highlighted that the central bank's biggest cost, GHS16.73 billion, was linked to these operations, and noted the significant drop in inflation from over 20 percent to less than 5 percent as evidence of their effectiveness.
Figures reveal that the Bank of Ghana's losses from its Domestic Gold Purchase Programme increased from GHS5.66 billion in 2024 to about GHS9.05 billion in 2025. While the BoG attributes these losses to planned efforts to support the cedi and the economy, concerns persist about potential long-term implications.
The Bank of Ghana remains firm in its position that these losses are a result of deliberate actions aimed at shielding the economy from external shocks and maintaining currency stability. Joe Jackson has previously expressed concerns about ongoing trading losses, cautioning that they could undermine confidence if not managed properly.