Minority Accuses Government of Concealing BoG Crisis as GH¢44bn “Hidden Loss” Claim Sparks Debate
Opposition alleges accounting adjustments and policy decisions are masking deeper losses at the central bank
- Kojo Oppong Nkrumah and the Minority accuse the Bank of Ghana of downplaying its true financial position.
- They claim reported losses could be far higher—up to GH¢44 billion after adjustments and exclusions
- The Minority links the situation to policy decisions and calls for urgent reforms to restore stability and transparency
The Minority in Parliament has raised serious concerns over the financial health of the Bank of Ghana following the release of its 2025 audited accounts, accusing authorities of downplaying what they describe as a deepening “policy insolvency” crisis.
At a press briefing in Parliament, Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, said the caucus’s review of the 136-page report confirms long-standing fears about the central bank’s financial direction.
He alleged that the government is not being fully transparent with the public about the true state of the institution’s finances.
According to the Minority, earlier explanations provided by the Majority before the official publication of the accounts were premature and politically motivated, arguing that such actions attempted to shape public perception without the full facts.
The caucus further claimed that while the Bank of Ghana reported operational income of GH¢22.2 billion against expenses of GH¢16.7 billion, the figures are misleading due to a one-off GH¢9.6 billion gain from gold sales.
Without that adjustment, they argue the bank would have recorded a significant operational shortfall.
They also disputed the reported GH¢15.6 billion loss, insisting that broader accounting adjustments—including figures under Other Comprehensive Income—push the total losses closer to GH¢34.9 billion, and potentially as high as GH¢44 billion when further adjustments are considered.
The Minority further questioned the accounting framework used, arguing that deviations from international reporting standards allowed some losses, particularly foreign exchange-related ones, to be shifted away from headline figures.
They warned that the central bank’s reliance on asset sales, including gold, to support operations signals deeper structural challenges.
The caucus also linked the situation to policy decisions such as reserve requirement changes and foreign currency interventions, which they say have increased costs and placed pressure on liquidity within the banking system.
They cautioned that the current trajectory is affecting credit growth, employment, and living conditions nationwide.
Despite their criticism, the Minority said its intention is to propose reforms rather than merely assign blame, stressing the need to restore confidence in the central bank’s independence and financial stability.
