By Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News, Canada
Chief Executive Officer of Dalex Finance, Joe Jackson, has defended the Bank of Ghana’s reported financial losses, arguing that they are justified outcomes of deliberate policy actions aimed at stabilising the economy.
Speaking on the Super Morning Show, he insisted the central bank’s interventions, particularly liquidity control measures, have been crucial in reducing inflation.
“I will say this clearly and definitely. It is a good justification. You can’t avoid that…” he stated.
He explained that the cost of open market operations has been significant.
“The biggest cost was the open market operations… that cost was GH₵16.73 billion.”
He further linked this to inflation performance, noting:
“If there is any evidence that this makes a difference, that is the evidence. You spent money to stabilise inflation…”
Commentary
The debate highlights the classic economic trade-off between stability and cost, with BoG’s aggressive inflation control strategy now under scrutiny for its fiscal impact.
