The Chief Executive Officer of Dalex Finance, Joe Jackson, has defended the Bank of Ghana’s (BoG) reported losses, arguing that they are justified as part of deliberate policy measures to stabilise the economy.
Speaking on the Super Morning Show on Monday, 4 May, Mr Jackson said the central bank’s financial position must be understood within the context of its recent interventions, particularly efforts to curb inflation.
“I will say this clearly and definitely. It is a good justification. You can’t avoid that, I know there are all kinds of arguments, there are also all sorts of red flags we should be aware of,” he said.
He pointed to open market operations as a major cost driver, explaining that these interventions—used to mop up excess liquidity—have been essential in reducing inflation.
“Let us look at the two biggest costs that are in the Auditor’s accounts that they gave us. The biggest cost was the open market operations, which, in simple English, means the cost that the central bank incurs in mopping up money in the system so that inflation comes down,” he noted.
“That cost was GH₵16.73 billion. But let’s look at it, inflation came down from over 20 per cent to now less than 5 per cent. If there is any evidence that this makes a difference, that is the evidence. You spent money to stabilise inflation….”
Mr Jackson’s remarks come amid an ongoing public debate over the central bank’s financial performance, particularly in relation to its gold trading and stabilisation programmes.
Recent figures indicate that the Bank of Ghana recorded multi-billion cedi losses linked to its Domestic Gold Purchase Programme (DGPP), with reported losses rising from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025. While some officials have described these as strategic costs incurred to support macroeconomic stability and the cedi, critics have raised concerns about their long-term implications.
Mr Jackson has previously questioned aspects of the central bank’s approach, particularly persistent trading losses, warning that they could undermine confidence in the institution if not properly managed.
The Bank of Ghana, however, has rejected claims of mismanagement, maintaining that the losses reflect calculated interventions designed to cushion the economy against external shocks and stabilise the currency.
The debate unfolds against broader concerns about structural weaknesses in Ghana’s economy. Mr Jackson has highlighted issues such as foreign exchange leakages from the extractive sector, which he argues continue to exert pressure on the cedi despite periods of trade surplus.
His latest comments reinforce the argument that while the central bank’s losses are significant, they may represent the cost of achieving short-term macroeconomic stability.
READ ALSO:
