- The International Monetary Fund (IMF) has clarified that there is no need for alarm regarding the Bank of Ghana’s (BoG) GH¢60 billion loss incurred during the 2022 fiscal year.
- The BoG has faced scrutiny from opposition political factions and civil society organizations due to the substantial loss it sustained. The Minority Leader, Dr. Cassiel Ato Forson, demanded the resignation of the Governor, Dr. Ernest Addison, and his deputies, attributing the losses to recklessness within the apex bank.
- The IMF clarified that the BoG’s participation in the Domestic Debt Exchange Programme (DDEP) was intended to distribute the burden of the programme among various entities, including government debt holders, financial institutions, banks, pension funds, and individuals.
- The incurred loss has diminished the BoG’s net equity to a negative value. However, the IMF emphasized that this does not hinder the BoG’s ability to fulfill its policy mandates and execute measures to steer inflation towards its 8% target.
- The IMF expressed confidence that the central bank’s income is expected to be sufficient for covering operational costs related to monetary policy. The BoG’s net equity is expected to witness significant improvement over time, eventually returning to positive territory.