First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has said that, when central bank losses are reported, context is essential.
He explained that central banks across the world can incur losses while taking decisive actions to stabilise their economies during periods of crisis.
“These outcomes reflect policy choices made in the public interest, not financial recklessness,,” he said during to the Governor’s Media engagement in Accra.
Dr Zakari Mumuni said that when this distinction is not clearly explained, public trust can be eroded.
“Yet trust is the very foundation upon which monetary policy rests. The thrust of policy must not be lost; inflation fell sharply, reserves were rebuilt, and the cedi strengthened. These are the results that ultimately matter to citizens,” he said.
Currency Stability as a Shared National Gain
Dr Zakari emphasised that currency stability is not an abstract macroeconomic achievement.
When the cedi stabilises, import prices ease. Transport costs moderate. School fees, rent, medicines, and food become more predictable. Businesses can price their products with confidence. Investors can plan. Workers like all of us can save without fear that our earnings will lose value overnight, he said.
In 2025, he further stated, the cedi ended the year significantly stronger, reflecting improved fundamentals, disciplined policy, and growing confidence in the framework.
“This was not a victory for the central bank alone. It was a shared national gain. And just as instability hurts everyone, stability benefits everyone. This is why protecting the cedi is not the task of one institution. It is a collective responsibility of policymakers, businesses, households, and yes, the media.
“Your coverage during the Cedi@60 campaign demonstrated this power. By reinforcing responsible currency handling and national ownership of the cedi, your reporting helped turn policy into public action.”
