Independent auditors have called on the Bank of Ghana to speed up financial sector reforms and improve the clarity of its financial reporting in order to strengthen transparency and restore public confidence.
In their review of the Bank’s 2025 financial statements, auditors from KPMG said the central bank must better explain the basis of its accounting practices, especially since existing laws allow approaches that differ from international financial reporting standards.
They noted that clearer disclosures would help stakeholders better understand the Bank’s financial position and reduce possible misinterpretation of its accounts.
KPMG also urged the Bank to adopt a more cautious approach to credit risk management, particularly in assessing the likelihood of repayment on loans and investments.
They recommended regular reviews of key financial assumptions to ensure that potential losses are identified early and properly reflected in the accounts.
While acknowledging that the Bank continues to operate despite negative equity, the auditors stressed the need for greater transparency and continuous assessment of its long-term financial sustainability.
They further advised the Bank and government to strictly follow the agreed recapitalisation roadmap, describing it as crucial for restoring confidence and safeguarding the institution’s independence.
The auditors called for stronger oversight of risks, including closer monitoring of liquidity levels, market fluctuations, and foreign exchange exposures.
They also recommended improved internal audit systems and stronger board-level supervision to enhance accountability within the institution.
In addition, KPMG urged the Bank to expand disclosures on contingent liabilities such as legal cases, guarantees, and other financial obligations to provide a more complete picture of its financial health.
