We incurred a GH¢8.3bn cost on open market operations; reducing inflation by 30% – BoG

The Bank of Ghana has clarified that its GH₵10.50 billion loss for 2023 does not reflect a loss of policy effectiveness.

The Central Bank incurred GH₵8.3 billion on open market operations to control inflation, a significant increase from GH₵1.7 billion in 2022.

Bernard Otabil, Director of Communications, emphasized that the Bank's primary goal is national welfare, not profit. Despite the loss, inflation dropped from 54.1% in December 2022 to 23.2% in December 2023.

The Bank's financial statements highlight its commitment to price stability, aiming for an 8% medium-term inflation target to ensure sustainable economic growth and prosperity for Ghanaians.