Ghana’s central bank reported a major 2025 loss as it tightened policy to curb inflation, raising concerns about capital strain.
A sharp central-bank loss is the clearest reminder that fighting inflation can come with an expensive price tag.
The Bank of Ghana recorded a GH¢15.6 billion loss in 2025, according to audited accounts, marking a steep widening from GH¢9.49 billion in 2024.. The figures also show negative equity deepening to GH¢93.82 billion from GH¢58.62 billion, highlighting how much the bank’s balance sheet has taken on during the drive to restore macroeconomic stability.
In policy terms, Misryoum notes the story is not simply one of financial stress.. Inflation fell sharply, dropping from 23.8% in 2024 to 5.4% by the end of 2025, before easing further to 3.2% by March 2026, moving below the bank’s medium-term target band.. Misryoum says the change signals a break from the earlier period of pricing volatility and points toward a more predictable environment for households and firms.
This matters because when inflation expectations calm, economic decisions tend to become less pressured, and markets often begin to look further ahead rather than react to each new shock.
As the disinflation progress continues, the bank’s own impact is showing through channels across the economy.. Lower inflation has helped steady the cedi, reduced volatility in domestic money markets, and eased pressure on borrowing costs.. With conditions improving, credit channels to the private sector have started to reopen, with early signs of lending picking up as confidence gradually returns.
Yet the balance-sheet strain is hard to ignore.. Spending tied to open market operations nearly doubled to GH¢16.73 billion, driven by interest costs incurred while mopping up excess liquidity through central bank bills and repo operations.. In practical terms, tools that are designed to tighten monetary conditions have shifted a visible portion of the adjustment onto the central bank itself.
That combination of policy success and financial pressure is a familiar trade-off for central banks, especially where credibility is rebuilt through sustained tightening. The question now is whether the benefits can last without further weakening the institution’s capital base.
Misryoum reports that under the statutory mandate, profitability is not the primary objective.. The 2025 results therefore fit a wider pattern: in emerging-market settings, central banks often trade capital buffers for macroeconomic credibility and policy effectiveness when stability must be restored.
The immediate focus is durability.. With inflation back within, and even below, the target range, attention is turning to whether liquidity conditions can normalize without requiring continued heavy use of balance-sheet-intensive measures.. Over the medium term, the challenge will be rebuilding capital while protecting the gains already achieved.
Misryoum says possible paths include retaining future earnings, restructuring parts of the balance sheet, or seeking recapitalisation support if needed. For now, the message from the accounts is clear: stability has returned, but it has come at a substantial cost.