The Majority Caucus in Parliament, led by Eric Afful, has defended the recent performance and policy decisions of the Bank of Ghana during a press briefing held amid growing public debate over the Central Bank’s financial statements and economic management.
Addressing the media on Tuesday May 5 2026, Hon. Eric Afful stated that central banks are not profit-oriented institutions like commercial banks, stressing that their core responsibility is to stabilize the economy, especially during periods of financial uncertainty and economic distress.
According to the Amenfi West MP, the Bank of Ghana’s balance sheet reflects the cost of implementing critical interventions aimed at protecting the Ghanaian economy during recent global and domestic economic challenges.
He further noted that several major central banks around the world, including the European Central Bank, the Federal Reserve System, and the Reserve Bank of Australia, have also recorded losses in recent years due to aggressive monetary tightening measures introduced to control inflation.
Highlighting recent economic improvements, the Majority Caucus pointed to key indicators suggesting a gradual recovery of the economy. These include inflation trending toward single digits, a more stable and strengthening exchange rate, increased Gross International Reserves, and easing interest rates expected to improve credit access for businesses.
Hon. Eric Afful emphasized that the effectiveness of economic policy should be measured by its outcomes rather than short-term financial losses. “The Bank’s balance sheet reflects the cost of stabilizing the economy during a period of severe economic distress,” he stated.
He urged the public and the media to focus on the broader economic gains being achieved, including improving macroeconomic stability and renewed investor confidence, describing the current policies as the necessary “medicine” required to restore the Ghanaian economy.
Hon. Eric Afful further stressed that the financial statements of the Bank of Ghana should not be assessed using the same standards applied to private businesses or commercial banks.
According to him, central banks are not profit-maximizing institutions focused on generating surplus revenue, but rather institutions mandated to maintain economic stability and safeguard the broader economy.
Using a medical analogy, he described the Bank’s recent policy interventions as the “diagnosed medicine” needed to restore stability to the Ghanaian economy during a challenging economic period.
He explained that the Bank of Ghana’s current balance sheet reflects the cost of stabilizing the country during what he described as a period of severe economic distress.
To support his argument, Hon. Afful pointed to developments within the global financial system, noting that Ghana is not the only country whose central bank has recently recorded losses due to tight monetary policies aimed at controlling inflation.
He cited examples such as the European Central Bank, the Federal Reserve System in the United States, and the Reserve Bank of Australia, all of which have experienced similar financial outcomes following aggressive policy tightening measures.
The Majority Caucus also highlighted what it described as positive results from the current economic policies, including inflation gradually moving toward single digits, a more stable and strengthening exchange rate, significant growth in Gross International Reserves, and what Hon. Afful described as robust economic growth.
