The Minority Caucus in Parliament has accused the Bank of Ghana (BoG) of concealing the true extent of its 2025 financial losses, alleging the central bank’s position is far worse than official figures suggest.
At a press conference in Accra on Sunday, Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, claimed the BoG’s reported loss of GH¢15.6 billion masks a deeper deterioration, which he put at approximately GH¢44 billion.
According to the Minority, the discrepancy arises from accounting adjustments and one-off incomes, including proceeds from gold sales, that obscure the Bank’s underlying performance.
They argued that core operations recorded a deficit of GH¢34.9 billion, with GH¢9.6 billion of reported operating income derived solely from gold transactions.
The caucus also flagged an additional GH¢19.3 billion recorded under “other comprehensive income,” which it said should be considered in any honest assessment of the Bank’s financial health.
The Minority criticised the reversal of monetary policy measures such as the Dynamic Cash Reserve Ratio and cedi-equivalent reserve requirements, saying these had driven up sterilisation costs.
It also questioned changes to the national gold purchase framework, alleging they had inflicted significant losses on the central bank while benefiting intermediaries.
Particular concern was raised over interest payments to commercial banks. The BoG paid GH¢14.61 billion on its bills in 2025, the Minority noted, boosting banking sector profits even as private sector credit contracted by 13.9%.
“Resources are shifting from the public balance sheet to private financial institutions,” Oppong Nkrumah said.
Linking the Bank’s position to broader economic struggles, the Minority argued that macroeconomic improvements had not translated into better living conditions, citing rising youth unemployment, delays in public sector salaries, and declining industrial output.
“Stability of numbers is not the same as stability of livelihoods,” Oppong Nkrumah stressed.
The caucus also noted that auditors KPMG had raised concerns over the accounts’ preparation basis, warning that reliance on internal accounting policies, rather than full International Financial Reporting Standards, could undermine confidence.
Beyond the numbers, the Minority accused the government and the ruling National Democratic Congress of eroding the central bank’s independence through political interference.
While the Majority has dismissed the Minority’s allegations as a misinterpretation of the accounts, the opposition has pledged to propose urgent reforms to restore the BoG’s financial position, strengthen transparency, and ensure monetary policy supports real sector growth.
