'BoG didn’t record a loss but cost of Ghana's most dramatic stabilisation' — Senyo Hosi

Finance and Economic Policy Analyst Senyo Hosi has argued that the Bank of Ghana (BoG) did not record an operational loss in 2025 as widely reported, but rather incurred the cost of stabilising the economy.

The central bank’s 2025 financial statement showed a net loss of GH¢15.6 billion, up from GH¢9.4 billion in 2024.

The figure has sparked public debate, with the Minority in Parliament claiming the actual losses could be as high as GH¢44 billion.

However, in an opinion editorial issued on Monday, May 4, Mr Hosi rejected the framing of the figure as a loss.

He asserted that the figure reflects the cost of policy interventions aimed at economic stabilisation.

“The Bank recorded was not an economic loss. It was the financial cost of delivering one of the most dramatic stabilisation turnarounds in Ghana’s recent history,” he stated.

He explained that the financial outcome was driven by policy actions such as open market operations, exchange rate adjustments and gold purchase programmes, which he said were necessary to restore macroeconomic stability.

“These are not commercial losses. They are policy costs; the price of reversing years of fiscal slippages and monetary expansion,” he added.

Mr Hosi further argued that the Bank’s actions led to significant macroeconomic gains, including a sharp decline in inflation, stronger reserves and a 40% appreciation of the cedi.

The finance expert stressed that central banks should not be assessed like profit-making institutions but as policy bodies mandated to ensure price stability and financial system confidence.