By Jibril Abdul Mumuni
Accra, May 5, GNA – Madam Abena Osei-Asare, Member of Parliament for Atiwa East, has called for the publication of the agreement governing the recapitalisation of the Bank of Ghana.
She said the Central Bank’s weakened financial position posed risks to public finances and warrants urgent parliamentary scrutiny.
In a statement addressed to Members of Parliament, the former Minister of State at the Ministry of Finance cited the Bank’s 2025 financial statements, which recorded a GH¢15.63 billion loss and negative equity of GH¢93.82 billion, up from GH¢58.62 billion in 2024.
“These figures raise serious concerns about accountability and transparency,” she said, noting that the government plans to recapitalise the Bank over a seven-year period from 2026 to 2032.
Madam Osei-Asare emphasised that the public should be fully informed about the fiscal impact of the recapitalisation and its implications for the national budget.
She said that any use of public funds to support the Central Bank requires parliamentary approval and clear communication to citizens.
The MP also pointed out that the reported 2025 losses were partly mitigated by sales of gold acquired in previous years. Without these sales, both the losses and negative equity would have been significantly higher.
She questioned the policy of selling gold to cover losses while simultaneously planning large-scale purchases under the Ghana National Gold Purchase Programme (GANRAP), which official estimates indicate could cost GH¢242.67 billion to acquire 242.68 tonnes of gold at $4,000 per ounce.
“You cannot sell assets to cover losses and then plan to spend almost a quarter of a trillion cedis to rebuild the same reserves,” she said.
Madam Osei-Asare also raised concerns about accounting practices in the 2025 statements that may not fully comply with International Financial Reporting Standards (IFRS).
She called for a full briefing of Parliament on the financial implications of the Bank’s decisions, requesting the BoG Governor, the finance minister, external auditors, and senior Bank officials appear before the Parliamentary Finance, Economy, and Public Accounts Committees to provide detailed explanations.
In addition, Madam Osei-Asare urged an independent review of gold-related transactions, including Gold-for-Oil deals, associated exit costs, and the valuation of gold in the 2025 accounts.
She said that although the BoG could continue operating despite negative equity, the situation could ultimately translate into fiscal pressures for taxpayers through future budgetary support.
GNA
Edited by Kenneth Sackey