Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah
The Minority in Parliament has accused the Majority of engaging in propaganda and “perception management” following a press conference held ahead of the release of the Bank of Ghana’s (BoG) financial accounts, which are expected to show a net loss of about GH¢15 billion for the 2025 financial year.
According to the Minority, the decision to brief the public before the official publication of the accounts is intended to “shift public opinion” and pre-empt scrutiny of the central bank’s financial position.
Speaking on Joy FM’s Top Story, the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said the development reflects a pattern of inconsistency in the government’s position on economic management.
“So what has happened is that the Bank of Ghana’s accounts have not been published, but the Majority has been invited to do a press conference, ostensibly to try and shift people’s minds before the accounts themselves are published,” he said.
“That should tell you they are in an exercise of propaganda and PR, trying to hide the real facts from Ghanaians,” he added.
He argued that the same actors who previously criticised central bank losses are now defending even larger deficits.
“Yesterday’s critics have become today’s defenders. The cosmetics with which they were managing things are beginning to wear off,” he stated.
Oppong Nkrumah referenced earlier losses recorded by the central bank, noting that in 2023, the BoG reportedly posted a loss of about GH¢10 billion.
“Back then, the then Minority went on demonstrations and called for accountability, even the resignation of the Governor,” he said.
“Today, after promising Ghanaians better management, they are defending losses of about GH¢15 billion.”
He also pointed to what he described as policy contradictions, particularly in the use of liquidity management tools such as sterilisation through open market operations.
“The extent of sterilisation they undertook comes with huge costs to the Bank of Ghana. You can achieve an inflation target, but the cost burden becomes unbearable,” he said.
He further argued that concerns raised earlier by the Minority had now been confirmed by government explanations.
“They dismissed our arguments and even insulted our intelligence. Today, they are admitting that sterilisation through open market operations is one of the largest contributors to the loss,” he added.
The lawmaker also raised concerns about changes in Ghana’s gold purchasing framework, claiming that costs associated with the policy shift from large-scale mining purchases to the Gold Board system had impacted the central bank’s finances.
He alleged that some of these costs were transferred to the BoG while the Gold Board recently reported a profit.
“You’ll recall we called for a parliamentary inquiry into these issues, but it was not done,” he said. “Now we are being told the cost of the gold transactions is about GH¢9 billion. If you net that against what the Gold Board has reported, you see the full picture.”
He urged full publication of the BoG accounts for independent scrutiny, insisting that only then can the public have a complete understanding of the situation.
The Bank of Ghana is yet to release its audited financial statements for the 2025 financial year.
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Source: www.myjoyonline.com