Minority NPP accuses BoG of concealing true scale of 2025 financial losses
The Minority Caucus of the New Patriotic Party (NPP) in Parliament has accused the Bank of Ghana (BoG) of concealing the full scale of its 2025 financial losses, claiming the central bank is now “policy insolvent” and operating on “borrowed time.”
Addressing the Parliamentary Press Corps in Accra on Sunday, Mr Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy and Development Committee and Member of Parliament for Ofoase-Ayirebi, said the BoG’s audited financial statements point to an underlying loss of GHS 44 billion, significantly higher than the publicly reported figure of GHS 15.6 billion.
According to the Minority, the Bank’s actual operating loss stood at GHS 34.9 billion, arguing that the lower headline figure was achieved through accounting adjustments and the sale of about half of Ghana’s gold reserves.
The Caucus explained that GHS 9.6 billion of the reported operating income came from the gold sale, noting that without this, the Bank would have recorded a deficit of about GHS 4 billion.
They further cited Page 16 of the BoG’s accounts, which reportedly shows an additional loss of GHS 19.3 billion under other comprehensive income. When combined with the headline figure, the Minority said the total loss reaches GHS 34.9 billion, and rises to GHS 44 billion when the gold sale is included.
The Caucus also accused the Bank of reversing key policies introduced under the previous NPP administration, including the Dynamic Cash Reserve Ratio and the Cedi Equivalent Reserve requirement, which they said contributed to rising sterilisation costs.
Additionally, they criticised changes to the gold purchase structure, alleging that these resulted in losses of GHS 9 billion for the Bank, while the Ghana Gold Board recorded a profit of GHS 900 million.
In 2025, the BoG is reported to have paid GHS 14.61 billion in interest to commercial banks holding its bills, a development the Minority described as a “wealth transfer from the public balance sheet to private balance sheets.” They noted that this occurred alongside a 13.9 percent contraction in private sector lending.
The Caucus argued that improvements in macroeconomic indicators have not translated into better living conditions, pointing to rising youth unemployment, delays in salary payments to teachers and nurses, and declining industrial output.
“Stability of numbers is not the same as stability of livelihoods,” Mr Oppong Nkrumah stated.
The Minority also raised concerns over issues flagged by auditors KPMG, particularly the use of the Bank’s internal accounting policies instead of International Financial Reporting Standards (IFRS), which they said undermines the credibility of the financial statements.
They further criticised the government and the ruling National Democratic Congress (NDC) for allegedly politicising the central bank, warning that such actions could threaten its independence.