Dr. Gideon Boako, Member of Parliament for Tano North and former presidential economic adviser, has publicly questioned the narrative presented by the Bank of Ghana regarding its reported GH¢9.49 billion operating loss for the 2024 financial year.
In a pointed Facebook post, Dr. Boako criticized Governor Johnson Asiamah for what he described as “political posturing” over the central bank’s financial results, urging a more accurate understanding of the institution’s role and accounting practices.
While the Bank of Ghana linked part of its losses to exchange rate hits from the government’s Gold-for-Oil programme, Dr. Boako argued this misrepresents the nature of central banking, explaining that central banks worldwide are not designed to generate profits but to provide essential public goods like currency stability and inflation control.
He emphasized that nearly 91% of the losses were tied to Open Market Operations (OMO), a vital monetary policy tool aimed at stabilizing the economy, making such losses a standard part of the bank’s function rather than a sign of mismanagement.
Dr. Boako also pointed out recent accounting adjustments that shifted foreign exchange gains into “Other Comprehensive Income,” resulting in a reported operating loss but an actual net gain of GH¢4 billion for the year—details he says were downplayed by the Bank of Ghana’s leadership.
Calling for the central bank to preserve its independence, Dr. Boako urged the governor to avoid politicizing the financial statements, stressing that transparency and factual clarity are crucial to maintaining public trust.
He concluded by noting that although the Bank of Ghana’s equity remains negative, it has improved compared to previous years, signaling progress rather than decline.
