The Majority in Parliament has firmly rejected allegations by the Minority that the Bank of Ghana (BoG) understated its 2025 financial losses, insisting that the central bank’s audited statements are accurate, transparent, and prepared in line with accepted accounting standards.
The dispute follows claims by the Minority that the BoG’s reported GH¢15.6 billion loss does not reflect the full picture of the Bank’s financial position.
According to the Minority, when other comprehensive income is included, the loss rises to GH¢34.9 billion, and when gains from gold transactions are adjusted, the figure could approach GH¢44 billion.
But responding to the claims, Atta Issah, Member of Parliament for Sagnarigu and a member of the Finance Committee, said the arguments being advanced by the Minority misrepresent basic accounting principles.
He stressed that the audited financial statements clearly show a loss of GH¢15.63 billion for the year, derived from total operating income of GH¢22.28 billion against operating expenses of GH¢37.91 billion.
“This is the official audited loss. It is not a political figure. It is presented in accordance with applicable accounting standards,” he said.
The Majority further dismissed the Minority’s attempt to merge the reported loss with other comprehensive income, describing it as a fundamental misunderstanding of financial reporting.
It explained that items captured under other comprehensive income—such as exchange rate movements, reserve revaluations and unrealised valuation changes—do not represent cash losses or operating performance.
“These are non-cash items. They are not distributable losses and cannot be added to the profit or loss statement,” the response noted.
On the controversial gold sale, the Majority defended the GH¢9.57 billion gain recorded, insisting it was a legitimate and properly disclosed transaction.
“This is not artificial revenue. It is a realised gain from asset reallocation,” it said, adding that central banks routinely adjust reserve holdings, including gold, as part of standard monetary management.
The Majority also rejected the Minority’s estimated GH¢44 billion “true loss,” describing it as methodologically flawed and inconsistent with recognised accounting frameworks.
“There is no audited concept of ‘underlying loss’ constructed in that manner,” it stated, accusing the Minority of double counting valuation effects and excluding legitimate realised income.
On concerns about the Bank’s rising negative equity—now estimated at about GH¢93 billion—the Majority clarified that the figure reflects cumulative effects over several years rather than a single-year operational loss.
It attributed the trend to factors including the Domestic Debt Exchange Programme, exchange rate valuation changes, and monetary policy operations.
“These are the costs of stabilising the economy. They reflect policy decisions, not misreporting,” the statement added.
The Majority concluded that the Bank of Ghana’s accounts are fully transparent, urging critics to focus on proper interpretation rather than selective analysis.
“The audited accounts are clear. The disclosures are complete. What is needed is careful reading, not misrepresentation,” it said.
