The Minority in Parliament claims the Bank of Ghana (BoG) recorded an approximately GHS 44 billion loss in 2025. This figure is significantly higher than the GHS 15.6 billion officially reported in the central bank’s audited financial statements.
Kojo Oppong Nkrumah, Ranking Member of the Economy and Development Committee, stated that a detailed review of the 136-page audited accounts revealed a deliberate attempt to mask the true financial position. The Minority's analysis indicates an underlying operating loss of GHS 34.9 billion, which rises to GHS 44 billion when gold asset sales are re-included. Gold sales of GHS 9.6 billion and a reclassification of GHS 19.3 billion to “Other Comprehensive Income” artificially reduced the reported loss.
This discrepancy fits into a broader narrative of concerns regarding public finance transparency and central bank independence in Ghana. Previous discussions have highlighted the BoG's increasing reliance on unconventional methods to manage liquidity and support government financing. Ghana’s economic stability depends heavily on the central bank’s credibility and adherence to international best practices.
Mr. Oppong Nkrumah stated, “The Bank made an underlying loss of approximately GH¢44 billion in 2025.” He further articulated concerns that the BoG achieved the GHS 15.6 billion headline figure through specific accounting adjustments and reclassifications. The Minority also cited the auditor’s report by KPMG, which noted that the financial statements were prepared using the BoG's internal accounting policies rather than full International Financial Reporting Standards (IFRS). IFRS are global rules for how financial data is prepared and presented, ensuring statements are transparent and comparable across different organisations.
The BoG’s accounting practices raise questions about the accuracy and comparability of its financial disclosures. This situation could further erode market confidence in Ghana's financial reporting mechanisms and impact investor perceptions. Policy makers and financial markets will closely watch how the central bank and government respond to these allegations. Any further clarification or denial from the BoG will be crucial in addressing these concerns.
Beyond the accounting issues, the Minority also claimed the BoG is “policy insolvent,” meaning it cannot finance its core monetary operations from its own income. They attributed this to rising costs of open market operations, which totaled GHS 16.7 billion in 2025. The caucus alleged that the sale of nearly half of Ghana’s gold reserves aimed to generate artificial income, not just for portfolio adjustment. The Minority also criticised recent policy reversals by the central bank, such as changes to reserve requirements, which increased liquidity management costs and led to higher interest payments to commercial banks. In 2025, the BoG paid approximately GHS 14.6 billion in interest to banks, which Mr. Oppong Nkrumah called a “wealth transfer.”
The Minority further accused the government of politicising the central bank. They argued that the process of publishing the accounts violated the Bank of Ghana Act, undermining its institutional independence. They warned that the central bank’s financial state could require a bailout if corrective measures are not promptly taken. The Minority indicated plans to propose policies soon to restore stability and credibility to the central bank's operations.