'No money printing happened in 2025' – BoG clarifies

The Director of Communications at the Bank of Ghana (BoG), Bernard Otabil, has rejected claims that it printed money in 2025, clarifying that no such action took place during the period under review.

He warned that misunderstandings about excess liquidity often lead to wrong conclusions, noting that such discussions are rooted in broader measurements of money supply, rather than direct cash creation.

According to him, “What it is not is that in 2025 there was no printing of money… That is the first thing we needed to establish, and that is what I can speak to at this point in time.”

Otabil explained that when liquidity levels rise in the financial system, it does not automatically mean the central bank has printed money.

Speaking during in an interview on Channel One TV’s Face to Face on Tuesday, May 5, 2026, he emphasised that monetary policy tools are used to regulate and manage money circulating within the economy.

He also noted the basic economic principle that when money supply outpaces the availability of goods and services, inflationary pressures are likely to emerge.

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Otabil added that if such excess liquidity is not properly controlled, it can move across different sectors and distort economic stability.

He concluded that these dynamics, if left unchecked, could ultimately influence both inflation trends and the performance of the local currency.

SO/AE

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