Bank of Ghana Balances on a Knife Edge

Ghana’s economy has absorbed extraordinary shocks since 2022 – sovereign default, debt restructuring, currency collapse, inflation above 50 per cent etc. The Bank of Ghana deserves some credit for the signs of recovery. But the institution’s balance sheet is carrying the accumulated cost of stabilisation in a way that constrains its future flexibility. If the next shock arrives before the balance sheet is repaired, the Bank will face it with less ammunition, less credibility, and less room to manoeuvre than it had in 2022. No one can say that this is not something citizens should worry about.

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