The Bank of Ghana (BoG) has strongly refuted claims made by the New Patriotic Party (NPP) Minority Caucus regarding its 2025 audited financial statements, labeling the assertions as misleading and based on a misinterpretation of the audited figures. The central bank’s response comes after the Minority Caucus held a press conference questioning the credibility of the accounts and the bank’s financial health.
Clarifying Reserve Management and Gold Sales
The BoG addressed the Minority’s assertion that a GH¢5.5 billion surplus was artificially created by a GH¢9.6 billion gain from gold sales. The bank explained that this perspective demonstrates a misunderstanding of how central banks manage reserves. Globally, central banks actively manage assets, including gold, and gains realized from such transactions are legitimate income, even if they are non-recurring.
Such rebalancing of gold reserves to realize gains is a standard practice. It aims to strengthen liquidity and bolster macroeconomic stability, particularly when facing external financing constraints and exchange rate pressures.
Addressing Solvency and Reserve Liquidation Claims
The central bank firmly rejected suggestions that it is insolvent. It clarified that the solvency of a central bank is assessed differently from that of commercial banks. The BoG stated that artificially removing the GH¢9.6 billion gold gain to construct a deficit is inconsistent with accepted accounting and central banking frameworks.
Regarding claims that 50% of gold reserves were sold to cover losses, the BoG highlighted that the audited accounts show no evidence of distressed liquidation. Instead, they reflect measured portfolio adjustments.
Furthermore, ongoing domestic gold purchase programs contradict assertions of reserve depletion, the bank noted.
Dissecting Reported Losses and Other Comprehensive Income
The Bank of Ghana clarified the official audited loss for 2025, which stands at GH¢15.63 billion. This figure resulted from total operating income of GH¢22.28 billion against expenses of GH¢37.91 billion.
It dismissed the Minority’s attempt to combine this loss with GH¢19.3 billion recorded as Other Comprehensive Income (OCI) to produce higher
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