BoG losses justified for stabilising economy - Joe Jackson
Joe Jackson, Chief Executive Officer of Dalex Finance, defended the Bank of Ghana's (BoG) reported losses, arguing that they are justified as part of deliberate policy measures to stabilise the economy. Speaking on the Super Morning Show on Monday, May 4, Mr. Jackson said, "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 pointed to open market operations as a major cost driver, explaining that these interventions-used to mop up excess liquidity-have been essential in reducing inflation.
Mr. Jackson noted that the biggest cost was the open market operations, which cost GH₵16.73 billion. He stated that inflation came down from over 20% to now less than 5%. Recent figures indicate that the Bank of Ghana recorded multi-billion cedi losses linked to its Domestic Gold Purchase Programme (DGPP), with reported losses rising from GH¢5.66 billion in 2024 to about GH¢9.05 billion in 2025. The Bank of Ghana has rejected claims of mismanagement, maintaining that the losses reflect calculated interventions designed to cushion the economy against external shocks and stabilise the currency.
Mr. Jackson has previously questioned aspects of the central bank's approach, particularly persistent trading losses, warning that they could undermine confidence in the institution if not properly managed. He has highlighted issues such as foreign exchange leakages from the extractive sector, which he argues continue to exert pressure on the cedi despite periods of trade surplus.
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Joe Jackson of Dalex Finance has weighed in on the Bank of Ghana's (BoG) reported losses. He argues that these losses stem from policy measures aimed at stabilising the economy - but what does this mean for the future?
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