The Bank of Ghana recorded an operating loss of GHS 15.63 billion in 2025. This figure is part of an ongoing debate with Member of Parliament (MP) Kojo Oppong Nkrumah, who asserts the central bank's actual comprehensive loss is GHS 34.9 billion.
Mr. Oppong Nkrumah, representing Ofoase-Ayirebi, argues that the Bank of Ghana's own documents confirm a broader financial impact. He points to an additional GHS 19.32 billion recorded under Other Comprehensive Income (OCI). Combining this with the operating loss suggests a total loss of approximately GHS 34.95 billion for the central bank.
This financial discussion occurs amidst Ghana's broader economic narrative of navigating inflation and currency stability. The central bank's performance is crucial for public finance and investor confidence. Previous reports have highlighted the pressure on state institutions to manage expenditures and maintain fiscal discipline.
Mr. Oppong Nkrumah stated, “The Government and its spin doctors are trying to convince the people of Ghana that the loss is GH¢15.6 billion. We regret to tell Ghanaians that this is not true.” The Bank of Ghana, however, clarifies that the GHS 19.32 billion OCI loss is a translation effect. It arises from the cedi's appreciation from GHS 14.70 to the dollar in 2024 to GHS 10.45 in 2025. This appreciation reduced the cedi value of foreign currency assets, gold reserves, and Special Drawing Rights (SDRs).
This financial accounting disagreement carries implications for public perception and economic policy. The distinction between an operating loss and an OCI loss affects how the public views the central bank's financial health. Decision-makers will need to clearly communicate the long-term effects of these figures. The financial markets will also closely watch how these discussions influence future monetary policy and fiscal strategies.
The Bank of Ghana explained that its operating loss resulted mainly from Open Market Operations (OMO). These operations were conducted to manage excess liquidity and stabilize inflation and the cedi. Costs associated with the Domestic Gold Purchase Programme also contributed, specifically exchange rate differences from gold acquisitions. The central bank maintains that it remains “policy solvent” despite these losses. It reiterates its ability to fulfill its primary duties.
Furthermore, the Bank of Ghana pointed to positive macroeconomic indicators in 2025. Inflation decreased significantly from 23.8 per cent to 5.4 per cent. The cedi appreciated by over 40 per cent against major currencies. Gross international reserves also increased, rising from US$9.11 billion to US$13.83 billion. These improvements suggest a complex financial picture where operational losses coexist with broader economic gains.
The debate highlights the intricacies of central bank accounting and its political interpretation. Future financial reports and clarifications from the Bank of Ghana will be critical. They will help resolve these discrepancies and provide a clearer understanding of the nation's economic progress. The public deserves transparent communication regarding the institutions managing Ghana's financial stability.