By: Franklin ASARE-DONKOH
Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), My. Sammy Gyamfi, says Ghana’s central bank, the Bank of Ghana (BoG), is a victim of its own success.
Reacting to concerns raised by the New Patriotic Party’s (NPP) Minority in Parliament over the BoG’s reported GH¢15.6 billion operating loss for 2025 on the Key Points, a current affairs program on TV3 on Saturday, May 9, 2026, the GoldBod CEO argued that the central bank’s operating loss reflects the high cost of stabilizing the Ghanaian economy.
Mr. Gyamfi described the central bank as a “victim of its own successes,” asserting that the figures represent the necessary “cost of stabilization” rather than economic mismanagement.
According to him, the BoG’s financial outcome must be viewed through its core mandate of ensuring price and currency stability.
He highlighted that the bank’s interventions, specifically the gold accumulation program and aggressive liquidity mopping, successfully tamed inflation and contributed to a significant appreciation of the Ghana cedi in 2025.
“The institution carried the costs on its books; the country received the benefits,” the GoldBod CEO stated, pointing out that if the cedi had depreciated as in previous years, the bank would have posted revaluation gains instead of accounting losses.
The release of the 2025 Financial Statements has sparked a fierce debate between the governing National Democratic Congress (NDC) and the opposition NPP.
While Mr. Gyamfi and the Majority in Parliament defend the loss as a strategic stabilization expense, the Minority caucus alleges the true deficit is much higher:
Despite the losses, the Bank of Ghana maintains that its operational capacity is not impaired. It expects a turnaround in 2026, projecting that tighter monetary policy and lower inflation will reduce the need for such costly interventions.
