It’s more than GHS15billion – Godfred Bokpin exposes BoG over losses

Economist, Professor Godfred Bokpin has stated that the headline figures around the Bank of Ghana’s losses don’t tell the full story, and the real burden will eventually land on taxpayers.

“It’s actually more than the GH¢15 billion being discussed,” he said on TV3.

He further explained that additional losses are captured in other parts of the financial statements.

He stressed that when viewed holistically, the impact spreads beyond the central bank. “All these losses sit on the public sector balance sheet. In the end, it is the taxpayer who carries it,” he noted.

Bokpin also questioned the celebration of fiscal gains, arguing that they may be misleading. “If the fiscal side had absorbed more of the stabilisation cost, the deficit would have looked much higher,” he explained.

He warned that recapitalising the central bank will come at a significant cost. “That money will have to come from somewhere, and it could have been used for schools, roads, or hospitals,” he added.

Background
The Bank of Ghana reported a GH¢15.63 billion operating loss in 2025, largely due to expensive interventions like Open Market Operations.

This follows years of heavy deficits, GH¢60.9 billion in 2022, GH¢10.5 billion in 2023, and GH¢9.48 billion in 2024, raising concerns about long-term fiscal sustainability.

-mynewsgh