The Governor of the Bank of Ghana(BoG), Dr. Johnson Pandit Asiama, has assured the public and investors that the heavy losses recorded in 2025 will not repeat at the same level in 2026.
The Central Bank posted an operating loss of GH¢15.6 billion in 2025, a rise from GH¢9.4 billion in 2024.
He explained that the factors behind those losses have now changed significantly. He also stressed that the Bank remains solvent and fully able to carry out its core responsibilities.
According to him, the losses came mainly from three areas: the Domestic Debt Exchange Programme, revaluation losses linked to a sharp appreciation of the cedi, and the high cost of open market operations used to control inflation.
He expressed optimism that the situation will improve in 2026.
“From where we are currently, our operating losses will be less costly compared to last year. We don’t see the cedi appreciating by 41 or 42 per cent this year, so revaluation losses could actually become revaluation gains,” he said.
He added that the conditions that triggered the losses in 2025 are unlikely to occur together again in the same way this year.
The Governor also noted that open market operations will likely cost less in 2026, as inflation has fallen within the medium-term target band of 8 ± 2 per cent. He linked this to tighter monetary policy measures already in place.
He further explained that movements in the exchange rate could now work in the Bank’s favour. Instead of losses, the Central Bank could record revaluation gains depending on currency performance.
“As of December 31, 2025, the selling rate of the dollar was GH₵10.4. Today, the cedi-to-dollar rate is GH₵11.5. Now, if I publish the same financials today, the picture will have changed completely,” he stated.
Dr. Asiama urged the public to view the losses in context, saying they reflected difficult but necessary steps taken to restore stability. He described the outcome of 2025 as a “necessary cost” and a form of “reset” that supports long-term economic recovery.
He emphasised that maintaining stability remains the Bank’s top priority.
“What now matters most is the ability to hold the anchor going forward to preserve the stability that was achieved at considerable cost, so that other growth outcomes can be built upon that foundation for the benefit of all Ghanaians,” he said.
