The Majority caucus in the legislature has expressed its belief that the Bank of Ghana’s (BoG) projected deficit of approximately GH¢15.7 billion for 2025 serves as the high-water mark.
They contend that fundamental shifts in the financial landscape and strategic adjustments will help alleviate the fiscal strain on the national regulator in the coming years.
During a media encounter on Thursday, 30 April, Atta Issah, a representative of the Finance Committee, remarked that the drivers behind the 2025 figures are currently in retreat.
He highlighted the cooling of price rises, diminished borrowing costs, and overhauled systems for bullion acquisition and treasury alignment as key indicators of progress.
He suggested that the drop in price growth to 3.2 per cent by March 2026 has greatly lessened the requirement for intensive market interventions.
“With inflation now at 3.2 percent, there is no longer a large monetary overhang to absorb,” he said. “The cost of open market operations will fall structurally as the inflation fight is effectively won.”
Mr Issah additionally observed that the downward trajectory of the benchmark lending rate, which shifted from 27 per cent at the close of 2024 to 14 per cent by March 2026, will materially decrease the expense associated with the BoG’s debt-servicing and paper issuance.
“Every cedi of liquidity operations now costs roughly half what it cost a year ago,” the statement explained. “New bills are issued at lower coupons, and existing ones mature into lower-rate replacements.”
The Majority also drew attention to fresh statutes, specifically the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which received parliamentary approval on 26 February 2026.
Following this updated protocol, the administration indicates that gold purchasers will provide upfront funding for portions of the metal procurement scheme.
Concurrently, the Ministry of Finance is taking on a more defined fiscal responsibility, thereby lifting the weight of unofficial expenditure that the central bank previously carried.
The MP maintained that this structural shift will stop the repeat of the GH¢9 billion hit related to bullion trades documented within the 2025 ledgers.
“Those accounting effects will not flow through the Bank of Ghana’s books in the same way going forward,” the Majority said.
Additionally, they mentioned anticipated currency resilience at a firmer valuation, suggesting that the substantial losses from currency fluctuations in 2025—calculated at GH¢19.32 billion—are improbable to happen again.
“With a more stable exchange rate environment, the kind of revaluation impact that affected the 2025 accounts should not recur.”
The Majority finished by stating that the economic foundations supporting vital state measures have been fortified.
“The financial structure of the programmes that drove the 2025 cost has been improved,” the statement said.
“The country can expect a different picture in the years ahead.”
By: Rainbowradioonline.com/Ghana
