It is not a crime if central banks miss IFRS standards – Dalex CEO

Chief Executive of Dalex Finance, Joe Jackson

The Chief Executive of Dalex Finance, Joe Jackson, says it is not wrong for some central banks to fall short of International Financial Reporting Standards, arguing that the rules are not always suited to how such institutions operate.

He said central banks are guided by objectives beyond profit and therefore do not necessarily have to fully align with IFRS, which are designed to ensure consistency and transparency in corporate financial reporting worldwide.

Speaking in an interview on Metro TV’s Good Morning Ghana programme on 4th May 2026, Mr Jackson explained that central banks often hold significant reserves in gold and foreign currencies, assets that are subject to periodic revaluation.

He said these revaluations can create fluctuations that are sometimes misunderstood as instability.

“It is the revaluation that causes the majority of people to lament over price volatility,” he said.

Mr Jackson added that the unique structure of central banks has led to adjustments in how IFRS principles are applied in their reporting.

He noted that Ghana ranks among the top six central banks in terms of alignment with IFRS practices, describing this as commendable.

IFRS, developed by the International Accounting Standards Board, provides a global framework for financial reporting aimed at making company accounts consistent and comparable across countries.