Audio By Carbonatix Inflation is easing. The currency is holding. On the surface, things feel better. But beneath that calm, the central bank is carrying negative equity. So the question is simple: should we worry, or should we accept it? Let’s keep it practical. Imagine a business that needs $41,000 every year. In 2024, it pays nearly GHS 700,000. In 2025, for the same amount, it pays around GHS 450,000. In 2026, about GHS 490,000. Nothing about the dollar amount has changed. What changed is stability. That difference is not just numbers on paper. It is cash saved. It is inventory restocked. It is salaries paid on time. It is a business staying alive instead of struggling. This is why falling inflation and a stable exchange rate matter more than anything else to the real economy. People do not trade in theories. They trade in certainty. So yes, if stability comes at the cost of central bank losses, many would say it is worth it in the short term. The economy needs breathing room. Businesses need predictability. Households need relief. But here is the part we must not ignore. Negative equity means the central bank has taken a financial hit to achieve this calm. It is not free. It is a cost pushed into the system. If not managed carefully, that cost can come back later as inflation, higher taxes, or reduced confidence. It also raises a deeper issue. A weak central bank balance sheet can limit how much it can respond in the next crisis. It can invite pressure from government. It can quietly weaken trust, which is the most important tool any central bank has. So the answer is not panic. And it is not a celebration either. Short-term stability is good. It is necessary. But it must be backed by long-term repair. The central bank must rebuild its strength. Discipline must hold. Independence must be protected. Because stability that cannot last is just a pause. And economies cannot afford too many pauses. DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited. Tags: Ato Kwamena Zash Currency Inflation Stability DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited. Related to this story BoG warns inflation battle far from over despite stability gains Inflation expected to return to 8 ± 2% in 2026 – BoG Food and Utilities drive 66.3% of Ghana’s 2025 Inflation – GSS There is a mismatch between reference rate and inflation – Mark Badu-Aboagye Business climate improving as stability returns – GUTA Vice President Upside risks remain despite ease in inflation – Deloitte Mahama vows to keep inflation in single digits after sharp decline IMF urges Central Banks to keep inflation in check World Bank projects 4.8% growth for Ghana, 9% inflation by end-2026 Inflation to go up marginally in April 2026 – Report Latest Stories Doreen Avio appointed PRO for Ghana Music Awards UK ahead of 10th anniversary9 minutes “This Advert Is FDA-Approved” – Unpacking the FDA tagline: What consumers need to know15 minutes Atarah Praise 2026 set for May 24 at Bayview Village22 minutes Stability at a Cost26 minutes Promoting highlife abroad is very difficult — Nana Asamoah 30 minutes Ghana can’t keep catching every global cold – it’s time to build its own immunity44 minutes BoG posts GH¢15.6bn operational loss as cost of monetary interventions surges1 hour Celebrating the Backbone of Our Economy: GHRASP Marks Workers’ Day 20261 hour Billions of meals at risk due to Iran war, says fertiliser boss2 hours STOP NCD expands ‘NCD-CareNet’ intervention, pilots ‘Nutribot’ to combat NCDs2 hours Prof. Kwawukume leads call for excellence in nursing training2 hours All power generation units restored after Akosombo Substation fire – John Jinapor3 hours Adongo defends grassroots projects as he inspects ongoing works in Sumbrungu3 hours PMI Global Summit Series heads to Cape Town4 hours NIHR Symposium 2026: Researchers meet in Ghana for sustainable solutions as NCDs surge worldwide4 hours