BoG losses justified by stabilisation efforts - Joe Jackson

The Chief Executive Officer of Dalex Finance, Joe Jackson, has defended the losses recorded by the Bank of Ghana, saying they are necessary due to measures taken to stabilize the economy.

His comments follow the ongoing debate over the central bank’s financial performance, especially regarding its gold trading activities and stabilization efforts.

During an interview on JoyNews’ Super Morning Show on Monday, May 4, 2026, he said the Bank’s financial situation should be viewed in light of the steps it has taken to control inflation.

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

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He also explained that open market operations have been one of the biggest costs to the central bank.

According to him, these are measures used to reduce excess money in the system to help bring down inflation.

“Let us look at the two biggest costs that are in the Auditor’s accounts that they gave us. The biggest cost was the open market operations, which, in simple English, means the cost that the central bank incurs in mopping up money in the system so that inflation comes down,” he noted.

“That cost was GH¢16.73 billion. But let’s look at it, inflation came down from over 20 percent to now less than 5 percent. If there is any evidence that this makes a difference, that is the evidence. You spent money to stabilise inflation…,” he added.

Figures show that the Bank of Ghana’s losses linked to its Domestic Gold Purchase Programme increased from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025.

While the BoG says the losses are part of planned efforts to support the cedi and the economy, others are worried about what it could mean in the long term.

The Bank of Ghana, however, maintains that the losses are the result of deliberate actions aimed at protecting the economy from external shocks and keeping the currency stable.

Joe Jackson has also in the past raised concerns about continued trading losses, warning that they could affect confidence if not properly managed.

SO/MA

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