Central bank must remain financially strong despite non-profit mandate — Gideon Boako
The Member of Parliament for Tano North and a member of Parliament’s Finance Committee, Dr Gideon Boako, has cautioned against portraying the Bank of Ghana (BoG) as an institution meant to generate continuous losses, insisting that although the central bank is not profit-driven, it must remain financially stable and operationally strong.
Speaking on The Point of View on Wednesday, May 6, Dr Boako addressed ongoing public discussions surrounding the Bank of Ghana’s 2025 financial performance.
According to him, the central bank’s mandate goes beyond profit-making, but that should not be interpreted to mean it is expected to operate at a loss.
“The BoG is not a regular bank. People have said it is not profit-making. We must also admit that it is not a loss-making machine,” he stated.
Dr Boako explained that the primary responsibility of the Bank of Ghana is to maintain economic and financial stability rather than generate profits. However, he stressed that the institution must remain financially sound to effectively perform its duties.
“The fact that the central bank’s core mandate is not to make profit is not also to suggest that the central bank is supposed to make losses,” he added.
He further emphasised the importance of ensuring that the central bank remains functional and capable of responding to the country’s economic needs at all times.
“At the end of the day, we all agree that it must be in existence at all times, it must be functional, it must be operational, it must have the capacity to finance what it wants to finance for the good of the country,” he said.
The Tano North MP also warned against policies or economic pressures that could weaken the central bank, noting that such actions could negatively affect Ghana’s long-term economic stability.
“In our attempt to solve the problems of the country, we must not get the central bank on its knees. If we do that, tomorrow the central bank will not be in existence to address the challenges we want them to address for us,” he cautioned.
Dr Boako added that while losses at a central bank may occur as part of broader economic realities, the scale of such losses should remain a matter of concern for both policymakers and the public.
“That is why the magnitude of the losses should be of concern to all of us,” he said.
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