The International Monetary Fund has defended the Bank of Ghana over concerns surrounding its recent monetary policy measures and operational losses.
Speaking on PM Express Business Edition, IMF Mission Chief for Ghana, Ruben Atoyan, insisted the central bank acted prudently in its efforts to stabilise the economy and control inflation.
“So, first, I would disagree with this view that the Bank of Ghana was too aggressive,” he stated.
According to Dr Atoyan, the outcomes of the policies are already evident in improving economic conditions and growing public confidence in the stabilisation process.
His remarks come amid increasing debate over the financial losses recorded in the Bank of Ghana’s 2025 financial statements and concerns about the cost of the country’s inflation-control measures.
Dr Atoyan explained that central banks often incur significant costs during periods of economic instability as they work to manage inflation and restore confidence in the financial system.
He noted that the Bank of Ghana’s latest financial statements transparently reflected the cost of maintaining high interest rates and absorbing excess liquidity from the economy.
“Absorbing liquidity from the market is costly, and that’s what we see as reflected in the statement,” he explained.
Despite the operational losses, the IMF official maintained that the measures were necessary to restore macroeconomic stability and support Ghana’s economic recovery.
“Yes, so it did generate some costs for the Bank of Ghana, but it was a necessary cost for the stabilisation going forward,” he stressed.
The IMF has consistently praised Ghana’s economic recovery efforts under the Extended Credit Facility programme, citing improvements in inflation, exchange rate stability and fiscal performance.
Dr Atoyan’s comments add to growing international support for the central bank’s policy direction at a time when discussions over the economic impact of tightening measures continue to shape national debate.
