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Minority Rejects Bank of Ghana's 2025 Accounts, Claims GH¢44bn Loss Hidden Behind 'Policy Insolvency'

The Minority Caucus in Parliament has formally rejected the Bank of Ghana's 2025 audited financial statements, accusing the central bank of being "policy insolvent" and concealing a true operating loss of GH¢44 billion.

Date Created : 5/4/2026 : Story Author : Ghanadistricts.com

Speaking at a Sunday press conference, Ranking Member on Finance Kojo Oppong Nkrumah said the Minority had scrutinized "all 136 pages" of the accounts since their late-night release on the BoG website Thursday, April 30.

The central bank's reported headline loss stands at GH¢15.6 billion.

'A PR spin'

Oppong Nkrumah accused the government and NDC of attempting "a PR spin about the gradual run-down of the bank" ahead of the official release.

He condemned what the Minority called an "illegal" press conference held by "Non-MP members of the NDC communications team, joined some MPs" on parliamentary grounds to announce the BoG accounts.

Citing Section 58(2) of the Bank of Ghana Act, Oppong Nkrumah stressed that the law requires the Finance Minister — not a political party — to submit the annual report to Parliament within one month.

"The Act does not say that the BoG should hand over the accounts to a political party to announce prior to the minister presenting it to Parliament," he said. "This politicisation of the BoG will create issues for the independence and credibility of the bank going forward."

The policy insolvency dispute

The Minority challenged the BoG's claim of "strong policy solvency" on Page 7 of the accounts.

Policy solvency is measured as the difference between operating income and OMO (Open Market Operations) interest costs. The BoG reported GH¢22.2 billion in income against GH¢16.7 billion in OMO costs — a GH¢5.5 billion surplus.

But Oppong Nkrumah pointed out that the GH¢22.2 billion includes a GH¢9.6 billion "net gain from sale of gold assets" disclosed in Note 9.

"The Bank of Ghana is not in the business of trading gold. Selling off assets to generate income cannot be a sustainable way of running an entity," he said.

Stripping out the gold sale leaves just GH¢12.7 billion in income, he argued. "If you subtract the GH¢16.7 billion from the GH¢12.7 billion, the BoG would have reported a deficit of GH¢4 billion. Minus 4 billion cedis puts the BoG in policy insolvency."

"A central bank that needs gold sales to avoid policy insolvency is operating on borrowed time," he added.

'True loss is GH¢44bn'

The Minority disputed the GH¢15.6 billion headline loss by pointing to Page 16, where the BoG reports an additional GH¢19.3 billion loss in Other Comprehensive Income.

"GH¢15.6 + GH¢19.3 = GH¢34.9 billion. And if you add back the sold gold, it is a GH¢44 billion loss," Oppong Nkrumah said.

He alleged the BoG "moved GH¢19.3 billion of that into Other Comprehensive Income by changing the accounting policy from IFRS to the BoG internal accounting policy."

A KPMG audit note on Page 10 confirms the accounts are "prepared in accordance with the group's own accounting policies" and "may not be suitable for another purpose." Directors admit on Page 4 that IFRS recognition and measurement criteria "have not been applied."

Reversal of recovery

The Minority said the BoG was recovering from 2022-2023 losses before 2025. While the net loss narrowed from GH¢13.23 billion in 2023 to GH¢9.49 billion in 2024, it widened sharply to GH¢15.63 billion in 2025. Negative equity deepened by GH¢35 billion to GH¢93.8 billion.

"That is the reversal of recovery," Oppong Nkrumah said.

He cited three "self-inflicted" policy reversals:

· Dynamic CRR: Abolishing the framework that tied reserves to lending pushed sterilisation bills from GH¢32.68 billion to GH¢93.56 billion.

· Cedi-equivalent reserves: Reversing a May 2025 rule released liquidity that banks redeposited at high interest. "The Bank of Ghana flooded the room and then paid commercial banks to mop it up."

· Gold purchase structure: The new policy means BoG buys via GoldBod, which books profit while the central bank records a GH¢9 billion loss on gold transactions.

'Wealth transfer' to banks

The GH¢14.61 billion in interest paid to commercial banks — confirmed in Note 10 — contributed to record bank profits of GH¢15 billion, Oppong Nkrumah said.

"This is not monetary policy. This is a wealth transfer from the public balance sheet to private balance sheets," he said, noting private-sector credit growth fell to 13.9% in 2025 from 28.8% in 2024.

"Every cedi paid to commercial banks through OMO is a cedi that did not fund a classroom, an apprenticeship, a youth skills programme."

While acknowledging lower inflation at 5.4% and a stronger cedi, the Minority said "stability of numbers is not the same as stability of livelihoods." Oppong Nkrumah cited tight liquidity, weak manufacturer order books, high living costs, unpaid teachers and nurses, and youth unemployment rising from 30% to 34%.

The Minority says it will outline "immediate measures" later this week to restore "true policy solvency."

"The NDC in 2023 claimed that the Bank of Ghana was a crime scene," Oppong Nkrumah said. "Today, with the worsened situation and using the NDC's own standards, what should be said now?"

POLITICS

Minority Rejects Bank of Ghana's 2025 Accounts, Claims GH¢44bn Loss Hidden Behind 'Policy Insolvency'

Date Created : 5/4/2026 : Story Author : Ghanadistricts.com

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