A live television debate on Ghana’s economic record turned heated on Tuesday, May 5, 2026 as rival political communicators clashed over the Bank of Ghana’s recent losses.
Appearing on Good Morning Ghana on Metro TV, Shamima Muslim, Deputy Presidential Spokesperson for the governing National Democratic Congress, argued that the central bank’s losses reflect the cost of stabilising the economy.
Edward Dennis Miracles Aboagye, communications director for Dr Mahamudu Bawumia’s campaign team of the opposition New Patriotic Party, rejected that claim, saying the losses cannot be justified.
Ms Muslim said the figures should be understood in the context of falling inflation and a stronger currency.
She cited Bank of Ghana data, arguing that inflation had dropped sharply from a peak of about 54% in 2022 to below 5% more recently, while the cedi had strengthened.
Mr Aboagye disputed those assertions, repeatedly challenging the figures and insisting that the central bank’s losses were not a necessary consequence of policy choices.
The exchange quickly became personal. Ms Muslim questioned Mr Aboagye’s expertise in economic analysis, while he responded by asking whether she was an expert herself. Both spoke over each other at points, with the moderator intervening to restore order.
Ms Muslim maintained that the losses were tied to specific policy measures, including efforts to absorb excess liquidity through open market operations, costs linked to gold-related transactions, and foreign exchange revaluation aimed at stabilising the cedi.
She said these steps were needed after what she described as earlier policy failures, including high inflation and a return to an IMF programme by the then NPP.
She argued that the central bank had been transparent about the costs and that the benefits were visible in improved macroeconomic indicators.
“There is a cost to stabilisation,” she said, adding that the results were evident in declining inflation.
Mr Aboagye, however, dismissed the explanation and accused the government of attempting to justify poor financial outcomes.
He rejected claims about the scale of currency appreciation and said the opposition would continue to scrutinise the figures.
The clash underscores deep political divisions over the handling of Ghana’s economy, with both sides offering sharply different interpretations of the same data as the country navigates recovery efforts.
