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BusinessDid the Bank of Ghana Really “Lose” GH¢15.6bn — Or Is That the Wrong Question?
A reported GH¢15.6bn loss at the Bank of Ghana has sparked debate. The data confirms the loss—but not the narrative. Part of it reflects real policy costs from aggressive liquidity tightening, while a significant portion sits in accounting effects tied to balance sheet movements and past debt restructuring. At the same time, inflation has dropped sharply, reserves have improved, and macroeconomic stability has returned. The trade-off is now clear: stabilisation has a cost, and that cost is sitting on the central bank’s balance sheet—ultimately linking back to the state. The real question is no longer whether the loss happened, but whether Ghana has built a system where stability can be sustained without repeating it.
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