Joe Jackson defends BoG losses as cost of stabilising economy

By Prince Antwi May 4, 2026

The Chief Executive Officer of Dalex Finance, Joe Jackson, has defended the Bank of Ghana’s reported financial losses, describing them as necessary policy costs aimed at stabilising the economy and bringing inflation under control.

Speaking on the Super Morning Show on Monday, May 4, Mr Jackson argued that the central bank’s performance should be assessed within the broader context of its recent monetary interventions.

“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, and there are also red flags we should be aware of,” he said.

He explained that one of the major cost drivers was the Bank of Ghana’s open market operations, which are used to absorb excess liquidity in the financial system in order to reduce inflationary pressures.

“The biggest cost was open market operations, which in simple terms is the cost incurred by the central bank in mopping up money in the system so that inflation comes down,” he noted.

Mr Jackson said that despite the significant cost—reported at GH¢16.73 billion—there had been notable improvements in inflation outcomes, which he described as evidence of policy effectiveness.

“If there is any evidence that this makes a difference, that is the evidence. You spent money to stabilise inflation, and inflation has come down from over 20 percent to below 5 percent,” he stated.

His comments come amid ongoing public debate over the Bank of Ghana’s financial position, particularly losses linked to its Domestic Gold Purchase Programme, which have reportedly increased from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025.

While some officials argue these losses reflect strategic interventions to support macroeconomic stability and the cedi, critics have raised concerns about their sustainability and long-term impact.

The Bank of Ghana has defended its position, insisting that the losses stem from deliberate measures designed to cushion the economy against external shocks and maintain currency stability.

Mr Jackson has also previously raised concerns about structural challenges in the economy, including foreign exchange leakages from the extractive sector, which he says continue to exert pressure on the cedi despite periods of improved trade performance.

His latest remarks add to the ongoing debate over whether the central bank’s interventions represent prudent economic management or costly measures with long-term fiscal implications.