By Valentia Tetteh
The Majority in Parliament has defended the Bank of Ghana’s 2025 report, describing its financial outcome as the cost of restoring macroeconomic stability and rebuilding confidence in the economy.
Addressing the Parliamentary Press Corps on Thursday, April 30, a member of the Parliamentary Select Committee on Finance, Mr Attah-Issah, said the central bank’s policy actions had delivered significant gains despite concerns over its financial statements.
According to him, the Ghana cedi appreciated by 41 percent in 2025, making it one of the strongest-performing currencies among emerging markets.
He also noted that Ghana’s gross international reserves rose from 9.1 billion dollars at the end of 2024 to 13.8 billion dollars by the close of 2025, and further increased to 14.5 billion dollars by February 2026.
“This is the highest reserve Ghana has ever recorded,” he said.
The Majority also pointed to improvements in borrowing costs. Mr Attah-Issah said the policy rate declined from 27 percent at the end of 2024 to 14 percent by March 2026, while average lending rates dropped from 30.2 percent to 17.7 percent.
“That means cheaper loans for small business owners trying to expand, farmers buying inputs, traders stocking their shops, and young couples buying their first homes,” he added.
He further indicated that Ghana’s public debt ratio had reduced from 62.5 percent of GDP to 45 percent as part of broader stabilisation efforts led by the Bank of Ghana and the Ministry of Finance.
The economy, he said, recorded 6 percent growth in 2025, exceeding the projected 4 percent.
“Business and consumer confidence are at record highs,” he stated.
Responding to concerns over losses captured in the central bank’s accounts, the Majority argued that these reflected deliberate policy measures to tame inflation and build reserves.
Mr Attah-Issah explained that to reduce inflation, the Bank of Ghana had to mop up excess liquidity by issuing short-term bills and paying interest.
He said the cost of these operations rose from GH¢8.6 billion in 2024 to GH¢16.7 billion in 2025, but helped drive inflation downward.
“The cost was real, and the result was real as well,” he noted.
He also defended the central bank’s gold purchase programme, saying it had significantly strengthened Ghana’s reserves.
According to him, Ghana accumulated approximately 111 tonnes of gold in 2025, compared to less than one tonne in 2021.
“The gold itself has not been lost. The results are real,” he said.
The Majority maintained that the Bank of Ghana’s negative equity position did not originate in 2025 but dates back to 2022, largely due to the Domestic Debt Exchange Programme (DDEP).
Mr Attah-Issah explained that the debt restructuring imposed significant impairments on the central bank’s holdings of government securities.
“The negative equity position is a balance sheet record of that contribution,” he said.
He stressed that the Bank of Ghana remains fully capable of carrying out its core functions, including monetary policy implementation, reserve management, and financial sector supervision.
“The Bank’s authority comes from law, not from its balance sheet,” he added.
He noted that similar situations have occurred in other central banks globally, including the European Central Bank and the United States Federal Reserve.
Outlook for 2026
The Majority expressed confidence in a stronger outlook for 2026, citing lower inflation, reduced interest rates, stable exchange rates, and ongoing reforms in reserve accumulation.
“The work has been done. Inflation is down. The cedi is stronger. Reserves are at record levels. Lending rates are falling. Public debt is lower. The economy is growing. Confidence is back,” he concluded.
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