Ghana avoided economic collapse due to timely BoG interventions – 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 that the measures were crucial in restoring stability to the economy during a difficult period.

His remarks follow concerns raised over the Bank of Ghana’s 2025 financial report, which indicated increasing losses and negative equity at the central bank.

Meanwhile, former Finance Minister Mohammed Amin Adam had earlier cautioned that the situation could pose fiscal risks to the country, warning that the government may eventually be forced to recapitalise the central bank, potentially increasing the public debt burden.

According to Amin Adam, the persistent negative equity position of the Bank of Ghana could create additional pressure on the state if urgent corrective measures are not implemented.

During an interview on Channel One’s The Point of View on Wednesday, May 6, Isaac Adongo noted that the interventions introduced by government and the central bank were aimed at addressing liquidity challenges and preventing the economy from deteriorating further.

He explained that the measures were necessary to help stabilise inflation, interest rates, and the exchange rate at a time when the economy was under severe pressure.

“We needed to do that to bring stability to bear on inflation, to bring stability to bear on the exchange rate, to bring stability to bear on the interest rate,” he stated.

Adongo further argued that critics assessing the current state of the economy should also consider the conditions that informed those decisions, instead of judging the policies solely based on present circumstances.

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“So of course now that we are comfortable, anybody can say what they want to say,” he said.

He questioned what the situation could have been if the interventions had not been implemented, suggesting that the country might have experienced more severe economic hardship and higher inflationary pressures.

The MP maintained that the policy decisions must therefore be assessed within the context of the economic challenges confronting the country at the time the measures were introduced.

SO/MA

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