The Majority in Parliament has criticised the Akufo-Addo administration, arguing that it failed to deliver macroeconomic stability despite significant losses recorded by the Bank of Ghana.
The criticism follows concerns over the central bank’s financial performance, with cumulative losses of over GH₵80 billion between 2022 and 2024, and an additional GH₵15.6 billion loss recorded in 2025.
Speaking to journalists, Chairman of Parliament’s Economy and Development Committee and Member of Parliament for Amenfi West, Eric Afful, said the losses did not translate into meaningful improvements in economic conditions.
According to him, key economic indicators remained under pressure over the period, raising questions about the effectiveness of policy interventions.
“Inflation surged to a peak of 54.13% in 2022 before declining to 23.84% by the end of 2024,” he stated.
He added that the cedi also recorded significant depreciation during the same period.
“The cedi reached approximately GH₵14 to a dollar by December 2024, representing a depreciation of about 19.7%,” he noted.
Mr Afful further indicated that Ghana’s gross international reserves stood at about $9.3 billion in 2024, covering roughly four months of imports of goods and services.
He also highlighted the weakening financial position of the central bank.
“At the same time, the bank’s equity position weakened. We recorded a negative GH₵64.34 billion in 2023, improving slightly to a negative GH₵61 billion in 2024,” he explained.
He argued that despite the scale of interventions by the Bank of Ghana, macroeconomic stability remained elusive, with persistent inflationary pressures, currency depreciation, and limited reserve buffers.
Mr Afful maintained that the 2025 financial outcome should be viewed as part of ongoing policy measures aimed at stabilising the economy rather than in isolation.
“Given these considerations, the 2025 outcomes must be understood as the continuation of a deliberate and necessary policy intervention,” he added.
The Majority insists the figures point to deeper structural challenges within the economy over the period under review.
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Source: www.myjoyonline.com