Accra: The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has addressed the Bank of Ghana's recently reported GHS15 billion operating loss, arguing that it should be viewed as part of the country's broader economic stabilisation efforts. Speaking on Newsfile on May 2, 2026, Gyamfi challenged the notion that the figure represents an actual loss, instead attributing it to the cost of stabilisation policies.
According to Ghana Web, Gyamfi explained that the Bank of Ghana's financial results were significantly influenced by changes in the value of the Ghana cedi. He highlighted that the cedi's appreciation in 2025 resulted in a decrease in the value of the bank's foreign-denominated assets when expressed in cedis, thus leading to what is described as accounting losses. He suggested that a depreciation of the cedi, as seen in previous years, would have resulted in revaluation gains.
Gyamfi further pointed out that similar dynamics occurred in 2024 when the cedi's weakening led to substantial gains from the revaluation of foreign assets. Conversely, the currency's stronger performance in 2025 contributed to revaluation losses. He asserted that the reported losses are primarily due to the appreciation of the cedi, which diminished the value of foreign currency assets in cedi terms.
Beyond exchange rate fluctuations, Gyamfi attributed the losses to the central bank's monetary policy measures aimed at curbing inflation. He noted that the Bank of Ghana undertook standard practices to reduce excess liquidity in the market, which involved costs related to interest payments to commercial banks. He argued that these measures were necessary to control inflation and dismissed alternative strategies as less effective.
Gyamfi also linked the situation to past monetary expansion, suggesting that previous high levels of money printing contributed to inflationary pressures. He defended the central bank's actions as having delivered positive outcomes, such as reduced inflation rates and improved price stability, despite the accounting costs. In his view, the Bank of Ghana's efforts warrant commendation rather than criticism.