The Minority Caucus in Parliament has accused the Bank of Ghana (BoG) of masking the true scale of its 2025 financial losses, warning that the central bank’s position is far more fragile than official figures suggest.
Addressing the Parliamentary Press Corps in Accra last Sunday (April 3, 2025), the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, said the BoG’s published loss of GH¢15.6 billion understated what he described as a much deeper financial deterioration. He argued that a detailed assessment of the Bank’s audited accounts points to a total loss of about GH¢44 billion.
According to the Minority, the discrepancy stems from what it describes as accounting adjustments and one-off income sources that obscure the Bank’s underlying performance. The caucus maintained that the BoG’s core operations recorded a deficit of GH¢34.9 billion, with the headline figure reduced through measures including proceeds from gold transactions.
It further claimed that GH¢9.6 billion of the Bank’s reported operating income was derived from gold sales, suggesting that without this intervention the central bank would have posted a deficit position. The group also drew attention to an additional GH¢19.3 billion recorded under other comprehensive income, which it argued should be considered in assessing the Bank’s overall financial health.
The Minority criticised what it described as a reversal of earlier monetary policy measures, including the Dynamic Cash Reserve Ratio and cedi-equivalent reserve requirements, which it said had contributed to rising sterilisation costs. It also questioned changes to the country’s gold purchase framework, alleging that these had resulted in significant losses for the central bank while benefiting intermediary institutions.
A major concern raised by the caucus was the scale of interest payments made by the BoG to commercial banks. It noted that in 2025, the central bank paid GH¢14.61 billion on its bills, a development it said had bolstered profits within the banking sector while credit to the private sector contracted by 13.9 per cent. The Minority described the trend as a shift of resources from the public balance sheet to private financial institutions.
Linking the Bank’s financial position to broader economic outcomes, the caucus argued that improvements in macroeconomic indicators had not translated into better living conditions. It cited rising youth unemployment, delays in public sector salary payments, and declining industrial output as signs that economic stability remained uneven. Mr Oppong Nkrumah stressed that “stability of numbers is not the same as stability of livelihoods.”
The group also pointed to concerns raised by auditors, KPMG, regarding the basis on which the accounts were prepared. It argued that reliance on internal accounting policies rather than full adherence to International Financial Reporting Standards could weaken confidence in the reported figures.
Beyond the financial data, the Minority accused the government and the ruling National Democratic Congress of undermining the independence of the central bank, warning that political interference could further erode institutional credibility.
Meanwhile, the Majority has rejected the Minority’s claims as a misinterpretation of the accounts, the opposition insists urgent reforms are needed. It has pledged to outline proposals aimed at restoring the Bank’s financial position, strengthening transparency, and ensuring that monetary policy supports real sector growth.
Source:
www.graphic.com.gh
