Accusations of propaganda and “perception management” have surfaced from Ghana’s Minority in Parliament, who claim the Majority is attempting to sway public opinion before the Bank of Ghana (BoG) releases its financial accounts. These forthcoming accounts are widely anticipated to reveal a substantial net loss of approximately GH¢15 billion for the 2025 financial year.
Context of Accusations
The Minority’s concern stems from the Majority’s decision to hold a press conference prior to the official publication of the Bank of Ghana’s financial statements. They argue this preemptive briefing is a strategic move to “shift public opinion” and mitigate anticipated scrutiny of the central bank’s financial health.
Speaking on Joy FM’s Top Story, Kojo Oppong Nkrumah, the Ranking Member on Parliament’s Economy and Development Committee, highlighted this action as indicative of a pattern of inconsistency in the government’s economic management narrative.
Allegations of Propaganda and Shifting Stances
“So what has happened is that the Bank of Ghana’s accounts have not been published, but the Majority has been invited to do a press conference, ostensibly to try and shift people’s minds before the accounts themselves are published,” Oppong Nkrumah stated. He further asserted, “That should tell you they are in an exercise of propaganda and PR, trying to hide the real facts from Ghanaians.”
The Minority points to a perceived hypocrisy, noting that individuals and parties who were vocal critics of central bank losses in the past are now defending significantly larger deficits. “Yesterday’s critics have become today’s defenders. The cosmetics with which they were managing things are beginning to wear off,” Oppong Nkrumah observed.
He referenced the Bank of Ghana’s reported loss of about GH¢10 billion in 2023. “Back then, the then Minority went on demonstrations and called for accountability, even the resignation of the Governor,” he recalled. “Today, after promising Ghanaians better management, they are defending losses of about GH¢15 billion.”
Policy Contradictions and Financial Burdens
Beyond the differing reactions to central bank losses, the Minority also raised concerns about what they describe as policy contradictions, particularly concerning liquidity management tools like sterilization through open market operations.
“The extent of sterilisation they undertook comes with huge costs to the Bank of Ghana. You can achieve an inflation target, but the cost burden becomes unbearable,” the Ranking Member explained.
He contended that concerns previously voiced by the Minority have now been validated by government explanations. “They dismissed our arguments and even insulted our intelligence. Today, they are admitting that sterilisation through open market operations is one of the largest contributors to the loss,” he added.
Gold Purchasing Framework Under Scrutiny
Further allegations involve changes to Ghana’s gold purchasing framework. The Minority claims that costs associated with a policy shift from large-scale mining purchases to the Gold Board system have negatively impacted the central bank’s finances.
It is alleged that some of these costs were transferred to the Bank of Ghana, even as the Gold Board itself reported a profit. “You’ll recall we called for a parliamentary inquiry into these issues, but it was not done,” he stated. “Now we are being told the cost of the gold transactions is about GH¢9 billion. If you net that against what the Gold Board has reported, you see the full picture.”
Call for Transparency and Independent Scrutiny
The Minority insists on the full and transparent publication of the Bank of Ghana’s accounts to allow for independent scrutiny. They argue that only through such open access can the public gain a comprehensive understanding of the central bank’s financial situation.
The Bank of Ghana has not yet officially released its audited financial statements for the 2025 financial year, leaving the public and parliamentary actors awaiting definitive figures and explanations.
Looking Ahead
The impending release of the Bank of Ghana’s financial statements is now a focal point for economic debate in Ghana. Observers will be watching closely to see how the central bank and the government address the reported losses and the Minority’s allegations. The extent to which the official publication corroborates or refutes these claims, and the subsequent public and parliamentary response, will be critical in shaping economic discourse and policy in the coming months.
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