The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has assured the public and investors that the significant operating and Other Comprehensive Income (OCI) losses recorded in 2025 are not expected to repeat at the same scale in 2026.
His assurance follows the Bank’s announcement of an operating loss of GH¢15.6 billion for 2025, an increase from GH¢9.4 billion recorded in 2024.
Dr Asiama explained that the losses were driven by a combination of factors, including the Domestic Debt Exchange Programme (DDEP), revaluation losses linked to the cedi’s sharp appreciation, and the high cost of open market operations aimed at containing inflation.
Speaking at a press briefing after the 130th Monetary Policy Committee meeting, he said conditions that contributed to the losses had now changed significantly.
“From where we are currently, our operating losses will be less costly compared to last year. We don’t see the cedi appreciating by 41 or 42 per cent this year, so revaluation losses could actually become revaluation gains,” he said.
He noted that the same mix of pressures was unlikely to converge again in 2026, adding that monetary conditions had improved following tighter policy measures and a slowdown in inflation.
According to him, open market operations are also expected to be less costly this year, as inflation now sits below the upper limit of the Bank’s medium-term target band of 8 ± 2 per cent.
On the exchange rate, Dr Asiama explained that the current trajectory of the cedi could even result in revaluation gains rather than losses on the Bank’s balance sheet.
“As of December 31, 2025, the selling rate of the dollar was GH₵10.4. Today, the cedi-to-dollar rate is GH₵11.5. Now, if I publish the same financials today, the picture will have changed completely,” he said.
He stressed that the 2025 losses should be viewed in context, describing them as part of the cost of achieving broader macroeconomic stability.
According to him, the stability gains recorded last year represented a necessary “reset” that is difficult to measure purely in financial terms.
“What now matters most is the ability to hold the anchor going forward — to preserve the stability that was achieved at considerable cost, so that other growth outcomes can be built upon that foundation for the benefit of all Ghanaians,” he said.
Dr Asiama urged the public not to be alarmed about the Central Bank’s financial position, reiterating that the BoG remains fully capable of delivering on its price stability mandate.
He also reaffirmed the Bank’s commitment to transparency, saying a clearer understanding of its operations would help the public appreciate both the challenges and the progress made.