Accra, Ghana – April 30, 2026 – Members of Parliament’s Majority caucus expressed confidence today that the Bank of Ghana’s (BoG) projected GH¢15.7 billion loss for 2025 will mark a financial turning point, anticipating significant improvements in future results due to ongoing monetary policy adjustments and structural reforms.
Shifting Economic Landscape
The forecast loss, expected to be detailed in the BoG’s upcoming audited financial statements, has been attributed to a confluence of factors that are now reportedly receding. Atta Issah, a member of the Finance Committee, highlighted at a press briefing that a declining inflation rate and a reduction in policy interest rates are key drivers expected to alleviate financial pressures on the central bank.
Inflation has reportedly fallen to 3.2 percent as of March 2026, a substantial decrease from previous levels. This easing inflation significantly reduces the need for aggressive liquidity management operations by the BoG, thereby lowering the costs associated with such interventions.
“With inflation now at 3.2 percent, there is no longer a large monetary overhang to absorb,” Issah stated. “The cost of open market operations will fall structurally as the inflation fight is effectively won.”
Interest Rate Reductions Impact Costs
Further bolstering the outlook is the sharp decline in the central bank’s policy rate. The rate has reportedly been reduced from 27 percent at the end of 2024 to 14 percent by March 2026.
This substantial decrease in borrowing costs directly impacts the BoG’s expenses related to issuing and refinancing its financial instruments. “Every cedi of liquidity operations now costs roughly half what it cost a year ago,” the statement explained. “New bills are issued at lower coupons, and existing ones mature into lower-rate replacements.”
Legislative Reforms Enhance Fiscal Coordination
Recent legislative actions are also credited with strengthening the financial framework and reducing contingent liabilities for the Bank of Ghana. The Ghana Accelerated National Reserve Accumulation Policy (GANRAP), passed by Parliament on February 26, 2026, is a significant reform.
Under GANRAP, gold offtakers are now expected to pre-finance portions of the gold purchase program. This, coupled with a clearer budgetary role for the Ministry of Finance, aims to prevent off-balance-sheet expenditures that previously burdened the central bank.
Lawmakers pointed to a GH¢9 billion cost linked to gold transactions in the 2025 accounts as an example of the pressures GANRAP seeks to mitigate. “Those accounting effects will not flow through the Bank of Ghana’s books in the same way going forward,” the Majority asserted.
Exchange Rate Stability Expected
The projected stability of the Ghanaian Cedi at a stronger level is another factor cited to prevent a repeat of significant revaluation losses. The BoG reportedly incurred GH¢19.32 billion in such losses in 2025.
“With a more stable exchange rate environment, the kind of revaluation impact that affected the 2025 accounts should not recur,” the Majority stated, suggesting that improved macroeconomic management is contributing to currency stability.
Strengthened Financial Framework
In conclusion, the Majority caucus maintains that the underlying financial architecture supporting key economic interventions has been fortified. They argue that the specific conditions that led to the high costs recorded in 2025 have been addressed through policy and legislative changes.
“The financial structure of the programmes that drove the 2025 cost has been improved,” the statement concluded. “The country can expect a different picture in the years ahead.” The Bank of Ghana is anticipated to release its full audited financial statements for 2025 imminently.
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