The International Monetary Fund (IMF) mission chief for Ghana, Ruben Atoyan, has rejected claims that the Bank of Ghana adopted an overly harsh approach in its efforts to stabilise the economy, insisting that the central bank’s monetary policy decisions were necessary and prudent despite the operational losses recorded in its 2025 financial statements.

His comments come amid growing public discussion over the financial cost of the central bank’s inflation-fighting measures and concerns about the broader impact of tight monetary policies on the economy.

Speaking on JoyNews on Thursday, May 21, 2026, Atoyan said the cost associated with implementing monetary policy measures is often unavoidable, especially during periods of high inflation and economic instability.

“There is a cost to monetary policy, and this is something people need to understand,” he said.

He further explained that the Bank of Ghana’s recently published 2025 financial statements clearly reflected the financial burden associated with operating in a high-inflation and high-interest-rate environment.

“You know that the Bank of Ghana’s 2025 financial statement was just published, and it transparently presents the cost of operating in an environment characterised by high inflation and high interest rates,” he explained.

However, he noted that the central bank had to absorb excess liquidity from the market as part of efforts to restore macroeconomic stability, acknowledging that the process came at a significant cost.

“Absorbing liquidity from the market is costly, and that’s what we see reflected in the statement,” he stated.

The IMF has consistently praised Ghana’s recent economic recovery under the Extended Credit Facility Programme, citing improvements in inflation, exchange rate stability, and fiscal performance.

Despite the losses incurred, Atoyan maintained that the measures were justified because they were critical to stabilising the Ghanaian economy and restoring confidence.

“Yes, it did generate some costs for the Bank of Ghana, but it was a necessary cost for stabilisation going forward,” he stressed.

ANAS/MA

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