Member of Parliament’s Finance Committee, Dr Gideon Boako, has raised concerns about the scale of losses reported by the Bank of Ghana, arguing that achieving economic stability should not come at such a high financial cost.
Speaking in an interview, he acknowledged that there have been improvements in macroeconomic stability.
However, he questioned whether the GH¢15.6 billion loss recorded by the central bank in 2025 was necessary to achieve those results.
“I can recognise that there is some level of stability,” he said. “But the cost of this stability is unacceptable, because you don’t need to incur huge losses before you can stabilise your economy.”
His comments follow the Bank of Ghana’s report of a GH¢15.6 billion loss.
Dr Boako argued that Ghana has previously achieved strong economic performance without placing heavy financial pressure on the central bank.
He pointed to the period between 2017 and 2019, when the country experienced steady growth, low inflation, and improved fiscal balances without similar losses.
“We had growth moving from about 3.4 per cent to an average of about 7 per cent for three consecutive years. We had about 24 months of single-digit inflation and recorded a primary balance surplus. There was stability, but we did not incur these huge losses,” he noted.
While he acknowledged that the economic shocks between 2020 and 2022 required decisive policy actions, including measures to control inflation, he stressed that the cost of those actions should be carefully examined.
“Yes, there was a crisis, and measures had to be taken. But containing the crisis does not mean we should accept any level of cost without question,” he added.
Dr Boako maintained that although stabilising the economy may involve trade-offs, policymakers must ensure that the cost remains reasonable and sustainable.
