Accra, Ghana – The Minority caucus in Ghana’s Parliament has launched a sharp attack on the Bank of Ghana (BoG) following the release of its 2025 audited financial statements. The caucus declared that the central bank’s true financial condition has been deliberately hidden and warned that the institution is now facing what they term “policy insolvency,” meaning it can no longer fund its core monetary operations from its own income.
Context of the Financial Statements
The controversy stems from the Bank of Ghana’s recently published audited financial statements for 2025. These statements detail the financial performance and position of the nation’s central bank. The Minority caucus, led by Kojo Oppong Nkrumah, the Ranking Member on the Economy and Development Committee, held a press conference to present their analysis of the 136-page report.
Minority’s Critique and ‘Policy Insolvency’ Claim
Mr. Oppong Nkrumah stated that their analysis confirms long-standing concerns about the trajectory of the central bank under the current administration. He asserted that the government had attempted to obscure the true financial numbers. The core of the Minority’s argument is the claim of “policy insolvency.” They contend that a reported operational surplus of GH¢22.2 billion against open market operation costs of GH¢16.7 billion is misleading. This figure, they argue, includes a one-off gain of GH¢9.6 billion from gold sales. Stripping out this non-recurring income, the operational income drops to GH¢12.7 billion, resulting in a deficit of approximately GH¢4 billion. “A central bank that needs to sell gold to avoid insolvency is operating on borrowed time,” Oppong Nkrumah warned.
Dispute Over Reported Losses
The Minority caucus further challenged the widely reported headline loss of GH¢15.6 billion. They insist the real loss is significantly higher when all components are considered. They pointed to an additional GH¢19.3 billion recorded under Other Comprehensive Income (OCI), bringing total losses to approximately GH¢34.9 billion. When adjusted for the gold sale proceeds, they estimate the underlying loss could be as high as GH¢44 billion. “This is the figure they did not want Ghanaians to see,” the Minority stated, accusing the government of using accounting treatments and asset sales to reduce the headline loss.
Scrutiny of Accounting Standards
Concerns were also raised about the accounting basis used in the financial statements. According to the Minority, the accounts were not prepared in full accordance with International Financial Reporting Standards (IFRS). Instead, they were prepared under the Bank’s internal accounting policies. This position was flagged by auditors and acknowledged by the Bank’s directors. The Minority argued this allowed significant losses, particularly foreign exchange revaluation losses, to be moved into OCI, thereby reducing the reported headline deficit.
Reversal of Recovery Trend
The caucus highlighted a reversal of a previous recovery trend. They cited official figures showing losses of GH¢13.23 billion in 2023 and GH¢9.49 billion in 2024, followed by the GH¢15.63 billion loss in 2025. “The central bank was healing. Now it is deteriorating,” Mr. Oppong Nkrumah said, indicating a worsening of losses and negative equity in 2025.
Attribution to Policy Decisions
The Minority attributed the deteriorating situation to specific policy reversals. These include the abandonment of a dynamic Cash Reserve Ratio system, changes to foreign currency reserve requirements for banks, and alterations to the gold purchase programme. They claim these decisions shifted costs onto the Bank of Ghana while other entities reported profits, leading to a surge in sterilisation costs and substantial interest payments to commercial banks.
Allegations of ‘Wealth Transfer’ to Banks
A significant claim made by the Minority was that the Bank’s operations facilitated a transfer of public funds to commercial banks. These banks, they alleged, earned record profits primarily from holding central bank instruments. “This is not monetary policy; this is a wealth transfer from the public balance sheet to private balance sheets,” the Minority declared. They warned that this dynamic has constrained credit to the private sector, particularly impacting small businesses and young entrepreneurs.
Impact on the Real Economy
Beyond the financial figures, the Minority argued that macroeconomic stability has not translated into improved living conditions for Ghanaians. They cited tight liquidity, weak private sector credit growth, a high cost of living, and rising youth unemployment. “Stability of numbers is not the same as stability of livelihoods,” Mr. Oppong Nkrumah stressed, highlighting challenges faced by various sectors including farmers, teachers, and healthcare workers.
Political Contrast and Call for Reforms
The Minority caucus also contrasted the current situation with the NDC’s past position. They recalled that in 2023, the then-opposition had labelled the Bank of Ghana a “crime scene” over smaller losses. They questioned what the NDC’s stance should be now. Despite the sharp critique, the Minority stated their intention is to push for urgent reforms to stabilise the central bank. They announced plans to present policy alternatives to restore the Bank’s financial health and safeguard its independence. “There is no triumph in being right when your country is bleeding,” Mr Oppong Nkrumah concluded. “What matters now is that we act to prevent further damage.” This intervention sets the stage for an intensifying national debate on the Bank of Ghana’s financial health and the cost of economic stabilisation.
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