The Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Isaac Adongo, has defended government monetary decisions, arguing that the measures taken were necessary to stabilise the economy and prevent deeper macroeconomic instability.
His comments come amid renewed scrutiny of the Bank of Ghana’s 2025 financial results, which show widening losses and negative equity. The figures have triggered warnings from former Finance Minister Dr Mohammed Amin Adam, who argues that the situation could impose additional fiscal pressure on the state if government is forced to recapitalise the central bank.
Dr Amin Adam has linked the Bank of Ghana’s financial position to potential fiscal risks, warning that negative equity at the central bank could ultimately translate into higher public debt if state support becomes necessary.
He has further argued that the central bank’s financial strain represents a “deferred fiscal cost” that could complicate Ghana’s debt outlook at a time when the country is working to sustain macroeconomic stability following its IMF programme.
Speaking on Channel One TV’s The Point of View on Wednesday, May 6, Mr Adongo said the policy interventions were aimed at correcting liquidity pressures and restoring stability across key macroeconomic indicators.
He argued that the measures taken helped to stabilise inflation, the exchange rate, and interest rates, which he said were all under significant pressure at the time.
“We needed to do that to bring stability to bear on the inflation, to bring stability to bear on the exchange rate, to bring stability to bear on the interest rate,” he stated.
Mr Adongo added that the current economic environment should be assessed in the context of those interventions, cautioning against what he described as hindsight criticism.
“So of course now that we are comfortable anybody can say what they want to say,” he said.
He also questioned alternative outcomes had the interventions not been implemented, suggesting the economy could have faced significantly higher inflation.
“What of the unlived experience if we hadn’t done that,” he asked.
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