Stephen Boakye, Kumasi, Ghana | Reporting for Ghanaian News, Canada | May 12, 2026
Chief Executive Officer of Dalex Finance, Joe Jackson, has defended the Bank of Ghana’s massive reported financial losses, arguing that the losses were part of deliberate interventions aimed at stabilising Ghana’s economy.
Speaking on Joy FM’s Super Morning Show, Mr Jackson maintained that the central bank’s actions, though expensive, contributed significantly to reducing inflation and restoring macroeconomic balance.
“”I will say this clearly and definitely. It is a good justification,”” he stated.
According to him, one of the biggest drivers of the losses was the Bank of Ghana’s open market operations — measures used to mop up excess money circulation in order to control inflation.
“”The biggest cost was the open market operations… the cost that the central bank incurs in mopping up money in the system so that inflation comes down,”” he explained.
Mr Jackson pointed to Ghana’s declining inflation figures as evidence that the interventions produced results.
“”Inflation came down from over 20 per cent to now less than 5 per cent,”” he noted.
The comments come amid intense national debate over the central bank’s financial position after reports showed billions of cedis in losses linked to monetary interventions and gold trading programmes.
Critics have warned that persistent losses could undermine confidence in the central bank, while supporters argue that economic stabilisation often requires expensive policy decisions.
Commentary | Boakye Stephen (Triggers)
Economic stabilisation is rarely free. However, while some analysts justify the losses as necessary sacrifices, Ghanaians equally deserve transparency, accountability and careful management of public financial institutions. Stabilising the economy should not become an excuse for unchecked financial deterioration.
