By Godwill Arthur-Mensah/Elsie Appiah-Osei
Accra, May 3, GNA – The New Patriotic Party (NPP) Minority Caucus has accused the Bank of Ghana (BoG) of concealing the full extent of its 2025 financial losses, noting that the central bank is now “policy insolvent” and operating on “borrowed time.” Add
Addressing the Parliamentary Press Corps in Accra on Sunday, Mr Kojo Oppong Nkrumah, the Ranking Member on Parliament’s Economy and Development Committee and NPP Member of Parliament for Ofoase-Ayirebi, said the Bank’s audited financial statements revealed an underlying loss of GHS 44 billion, far higher than the headline figure of GHS 15.6 billion presented to the public.
According to the Minority, the BoG’s true operating loss stood at GHS 34.9 billion, arguing that the smaller figure was achieved through accounting maneuvers and the sale of half of Ghana’s gold reserves.
The Caucus noted that GHS 9.6 billion of the reported operating income came from the gold sale, without which the Bank would have posted a deficit of GHS 4 billion.
The Caucus further pointed to Page 16 of the BoG’s accounts, which showed an additional GHS 19.3 billion loss in other comprehensive income.
Combined with the headline figure, the Minority said, the true operating loss was GHS 34.9 billion, and with the gold sale factored in, resulted in GHS 44 billion losses.
The Minority accused the Bank of reversing prudent policies undertaken by the previous NPP government, including the Dynamic Cash Reserve Ratio and the Cedi-Equivalent Reserve requirement, which they said inflated sterilisation costs.
They also criticised changes to the gold purchase structure, which the Caucus claimed resulted in GHS 9 billion losses for the Bank, while the Ghana Gold Board, an intermediary agency, gained GHS 900 million profit.
In 2025, the BoG reportedly paid GHS 14.61 billion in interest to commercial banks holding its bills, fueling record profits across the sector.
The Minority Caucus described this as a “wealth transfer from the public balance sheet to private balance sheets,” noting that private-sector lending contracted by 13.9 percent during the same period.
It stressed that macroeconomic stability has not translated into improved livelihoods, citing rising youth unemployment, delayed salaries for teachers and nurses, and weaker industrial output.
“Stability of numbers is not the same as stability of livelihoods,” Mr Oppong Nkrumah said.
The Minority also highlighted concerns raised by auditors KPMG, who flagged the basis of accounting used, noting that the statements were prepared under the Bank’s own internal policies rather than International Financial Reporting Standards (IFRS).
They said this undermined the credibility of the reported figures.
Additionally, the Caucus criticised the Government and the ruling National Democratic Congress (NDC) for politicising the central bank, warning that such actions threatened its independence.
The Minority pledged to present reform proposals later this week, insisting that urgent action is needed to restore solvency, protect the Bank’s credibility, and ensure monetary policy supports Ghana’s real economy.
GNA
Edited by Benjamin Mensah