The New Patriotic Party (NPP) Minority Caucus in Parliament has intensified pressure on the Bank of Ghana (BoG), accusing the central bank of masking the true scale of its 2025 financial losses and warning that its current financial position is unsustainable.
At a press briefing in Accra on Sunday, Mr Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy and Development Committee and Member of Parliament for Ofoase-Ayirebi, claimed that the Bank’s actual losses were far higher than the officially reported GH¢15.6 billion.
According to the Minority, a detailed review of the BoG’s audited financial statements showed that the central bank recorded an underlying loss of GH¢34.9 billion, which rises to GH¢44 billion when proceeds from the sale of gold reserves are factored in.
The caucus argued that the Bank’s reported financial performance was bolstered by a one-off GH¢9.6 billion gain from the sale of nearly half of Ghana’s gold reserves, describing the move as an unsustainable measure used to mask deeper financial challenges.
Without the gold sale proceeds, the Minority said the Bank would have posted a GH¢4 billion deficit, which it described as evidence that the central bank had become “policy insolvent.”
“A central bank that survives by selling strategic reserves to fund its operations is operating on borrowed time,” Mr Oppong Nkrumah stated.
The caucus further cited an additional GH¢19.3 billion loss captured under other comprehensive income in the BoG’s financial statements, arguing that the figure was excluded from the headline loss to minimise public concern.
The Minority also blamed recent policy decisions for worsening the Bank’s financial position, claiming that the reversal of previous liquidity management tools had significantly increased sterilisation costs.
It said the Bank paid GH¢14.61 billion in interest to commercial banks holding BoG bills in 2025, while credit to the private sector declined by 13.9 per cent.
The caucus described the development as a transfer of public resources to private financial institutions at a time businesses were struggling to access credit.
It further criticised changes to Ghana’s gold purchase framework, alleging that the Bank absorbed losses while intermediary institutions made significant gains.
The Minority referenced concerns raised by external auditors KPMG over the accounting framework used by the Bank, noting that the financial statements were prepared using internal accounting policies instead of International Financial Reporting Standards (IFRS).
According to the caucus, this raises further questions about transparency and credibility.
The Minority also accused the government and the ruling National Democratic Congress (NDC) of politicising the central bank and undermining its independence.
It said it would soon present policy alternatives aimed at restoring the Bank’s financial health, protecting its credibility, and ensuring monetary policy better supports economic growth and job creation.
Mr Oppong Nkrumah stressed that while macroeconomic indicators may appear stable, many Ghanaians were yet to feel any real improvement in their living conditions.
“Stability of numbers is not the same as stability of livelihoods,” he said.
