Accra: The International Monetary Fund (IMF) mission chief for Ghana, Ruben Atoyan, has defended the Bank of Ghana's economic stabilisation measures, responding to claims that the central bank's policies were excessively harsh. Atoyan emphasized that the monetary policy decisions were necessary despite the operational losses reported in the 2025 financial statements.
According to Ghana Web, Atoyan addressed the public debate regarding the financial implications of the central bank's efforts to combat inflation. He highlighted the unavoidable nature of costs associated with monetary policy during times of high inflation and economic instability.
Atoyan, speaking on JoyNews, clarified that the Bank of Ghana's recently published 2025 financial statements reflected the financial burdens of operating in an environment marked by high inflation and interest rates.
He further explained the necessity for the central bank to absorb excess liquidity from the market to achieve macroeconomic stability, acknowledging the significant costs involved in this process.
The IMF has praised Ghana's economic recovery under the Extended Credit Facility Programme, noting improvements in inflation rates, exchange rate stability, and fiscal performance. Atoyan maintained that despite the financial losses, the measures were essential for stabilising the economy and restoring confidence in Ghana's financial system.
'Yes, it did generate some costs for the Bank of Ghana, but it was a necessary cost for stabilisation going forward,' Atoyan concluded.