BoG’s 2025 Financial Accounts to Reflect Cost of Economic Stabilisation – Governor Dr Asiama Says
The Governor of the Bank of Ghana, Dr. Johnson Asiama, has disclosed that the Bank’s 2025 Financial Statement will reflect the accounting implications of the macroeconomic stabilisation recorded over the past year.
He explained that the Domestic Debt Exchange Programme (DDEP) led to a notable decline in income from the Bank’s government securities portfolio, underscoring the financial trade-offs associated with the broader fiscal adjustment process.
Dr. Asiama made the remarks during a meeting with the Council of State on April 23, 2026, at the Sheraton Hotel, where he outlined the Bank’s operations in 2025 and key policy interventions.
In his presentation, the Governor noted that efforts to reduce inflation came with interest-related costs, as the Bank implemented tight monetary measures to rein in price pressures.
He further indicated that although the Gold Programme contributed to strengthening reserves, it came with structural costs, which have now been considerably reduced.
“The disparity between the gold purchase rate and the interbank rate used for recording these transactions on the Bank’s books contributed to accounting costs,” he stated.
Dr. Asiama also observed that the appreciation of the cedi has resulted in valuation effects on foreign currency holdings, but emphasised that these do not impair the Bank’s ability to carry out its mandate.
He highlighted that the Bank’s aggressive monetary policy stance—particularly through open market operations—played a critical role in absorbing excess liquidity, rebuilding external reserves, and reinforcing financial sector stability.
According to him, these measures have delivered key outcomes, including a decline in inflation to 3.2 percent in March 2026, international reserves reaching a record US$14.5 billion, a 41 percent strengthening of the cedi, and a more resilient banking sector that is increasingly supporting credit growth.
2026 Outlook
On the outlook for 2026, the Governor cautioned that global economic conditions have become more volatile, pointing to crude oil prices exceeding US$100 per barrel.
Nonetheless, he maintained that Ghana enters this period with stronger economic buffers than at any point in recent history.
He added that the Bank’s priorities for the year will centre on maintaining credit quality, enhancing banking sector governance, promoting export financing, and preserving recent stabilisation gains.
Council of State response
Members of the Council of State, led by Chairman Edward Doe Adjaho, praised the Governor for what they described as a comprehensive and well-articulated presentation, while calling for increased public engagement on the issues raised.
They encouraged the Bank to strengthen its outreach to young Ghanaians by simplifying economic communication and incorporating public perspectives into policy discussions.
On exchange rate policy, the Council sought clarity on the merits of fixed versus managed regimes, and which approach would best suit Ghana’s economic conditions.
The members also raised concerns about the regulation of virtual assets and digital currencies, urging the Bank to outline a clear policy direction.
Additionally, they highlighted the continued high cost of imported goods and its impact on households, noting this as a key channel through which macroeconomic stability affects everyday living conditions.
