Accra: Finance and economic policy analyst, Senyo Kwasi Hosi, has defended the Bank of Ghana's 2025 financial 'losses,' arguing that they represent the cost of economic stabilisation rather than mismanagement. In a detailed post shared on Facebook on May 4, 2026, Hosi said the debate over the Bank's reported GHS15.6 billion loss has been misleading, insisting that the figure reflects policy actions taken to stabilise inflation and restore macroeconomic balance.
According to Ghana Web, Hosi emphasized that the recorded financial figures should be viewed as the financial cost of delivering a significant stabilisation turnaround in Ghana's recent history. He credited the central bank's aggressive monetary tightening for sharply reducing reserve money growth, which contributed to a sustained decline in inflation. Hosi highlighted data showing that inflation fell for 13 consecutive months, dropping from 23.8% to 5.4%, and further down to 3.2% by March 2026.
Hosi elaborated that the reported losses were primarily due to policy interventions. These included GHS16.7 billion in Open Market Operations (OMO) costs to absorb excess liquidity, GHS9.1 billion under the Domestic Gold Purchase Programme (DGPP), and GHS29.1 billion in foreign exchange revaluation effects. He clarified that these were policy costs, not commercial losses, and were necessary to reverse years of fiscal slippages and monetary expansion.
He also addressed the foreign exchange revaluation charge, stressing that it was an accounting adjustment, not an actual cash loss. He noted that the cedi strengthened by 40.7% in 2025, and no reserves were lost or cash exited the bank. Regarding the gold purchase programme, Hosi stated it significantly bolstered Ghana's external position, raising reserves from $9.1 billion to $13.8 billion and improving import cover to 5.7 months.
Hosi concluded by asserting that the broader economic outcomes, such as single-digit inflation, a stronger cedi, lower import costs, and enhanced reserves, demonstrate the effectiveness of the Bank's actions. He emphasized that the 'loss' was the price of stability, and it achieved its intended results.