BoG policies helped avert deeper economic crisis — Isaac Adongo
The Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Isaac Adongo, has defended the government’s monetary policy interventions, insisting they were necessary to stabilise the economy and prevent a deeper macroeconomic crisis.
His remarks follow growing public debate over the Bank of Ghana’s 2025 financial report, which revealed rising losses and a worsening negative equity position.
The report has attracted criticism from former Finance Minister, Mohammed Amin Adam, who warned that the central bank’s financial condition could create additional fiscal burdens for the government if it becomes necessary to recapitalise the institution.
According to Dr Amin Adam, the Bank of Ghana’s persistent negative equity poses potential risks to the economy and could contribute to rising public debt if state intervention is required.
Speaking on The Point of View on Wednesday, May 6, Isaac Adongo said the policy measures introduced by the government and the central bank were aimed at addressing liquidity pressures and restoring stability to the economy.
“We needed to do that to bring stability to bear on the inflation, to bring stability to bear on the exchange rate, to bring stability to bear on the interest rate,” he stated.
Mr Adongo argued that the interventions played a crucial role in easing inflationary pressures, stabilising the cedi, and managing interest rates during a particularly difficult period for the economy.
He further noted that criticisms of the policies should be viewed within the context of the economic challenges that existed at the time the measures were introduced.
“So of course now that we are comfortable anybody can say what they want to say,” he said.
The Bolgatanga Central MP also questioned what the country’s economic situation could have been if the interventions had not been implemented.
“What of the unlived experience if we hadn’t done that,” he asked.
The debate over the Bank of Ghana’s financial performance has intensified following the release of its 2025 financial statements, which showed significant losses and widening negative equity, sparking concerns among policymakers, economists and opposition figures over the sustainability of the central bank’s financial position.
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