A section of Parliament’s Minority Caucus has alleged that the Bank of Ghana (BoG) is downplaying the extent of its 2025 financial losses, insisting that the central bank’s real financial position is significantly weaker than what has been officially reported.
During a press briefing in Accra on Sunday, May 3, 2025, the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, stated that the BoG’s declared loss of GH¢15.6 billion does not reflect the full picture. He argued that a closer review of the audited financial statements suggests total losses could be closer to GH¢44 billion.
The Minority claims the gap arises from accounting treatments and exceptional income items that, in their view, distort the Bank’s underlying financial performance. They maintain that the central bank’s core operations actually recorded a deficit of GH¢34.9 billion, with the reported figure reduced through adjustments such as proceeds from gold-related transactions.
They further contend that GH¢9.6 billion included in operating income came from gold sales, implying that without these gains, the Bank would have remained in a deeper deficit. The caucus also highlighted GH¢19.3 billion classified under other comprehensive income, arguing that it should be factored into any true assessment of financial health.
The Minority also criticised the reversal of earlier monetary policy tools such as the Dynamic Cash Reserve Ratio and cedi-based reserve requirements, saying these changes have increased sterilisation costs. They additionally questioned revisions to the gold purchasing framework, alleging that it has created losses for the Bank while favouring intermediary players.
Another issue raised was the scale of interest payments made by the BoG to commercial banks. The group noted that in 2025 alone, the central bank paid GH¢14.61 billion on its bills, arguing that this boosted profits in the banking sector even as private sector credit declined by 13.9%. They described this as a transfer of resources from the public balance sheet to private financial institutions.
Linking the financial data to the broader economy, the caucus argued that macroeconomic improvements have not translated into better living standards. They pointed to youth unemployment, delays in public sector wages, and weakening industrial activity as evidence of uneven economic recovery. Mr Oppong Nkrumah stressed that “stability of numbers is not the same as stability of livelihoods.”
The group also referenced concerns raised by auditors KPMG, questioning the accounting basis used in preparing the BoG’s financial statements. They argued that relying heavily on internal policies rather than full international standards could weaken confidence in the reported results.
Beyond the figures, the Minority accused the government and the ruling National Democratic Congress of interfering with the independence of the central bank, warning that such influence could further damage institutional credibility.
While the Majority has dismissed the allegations as a misreading of the financial statements, the opposition insists that urgent reforms are necessary. It has pledged to put forward proposals aimed at restoring the Bank’s balance sheet strength, improving transparency, and ensuring monetary policy better supports real economic growth.