Minority Alleges GH¢44bn ‘Hidden Loss’ at Bank of Ghana, Warns of Policy Insolvency
ACCRA, May 3, 2026 — The Minority Caucus in Parliament has accused the government and the Bank of Ghana (BoG) of concealing the true extent of the central bank’s financial losses, insisting that the actual figure for 2025 is far higher than the officially communicated GH¢15.6 billion.
Addressing a press conference, Minority members led by Hon. Kojo Oppong Nkrumah said their detailed review of the BoG’s 136-page audited financial statements reveals a GH¢34.9 billion comprehensive loss, which they argue rises to about GH¢44 billion when adjusted for proceeds from gold asset sales.
The Minority further warned that the central bank is now “policy insolvent,” claiming it cannot sustainably finance its core monetary operations without resorting to asset sales or external support. They attributed this to what they described as poor policy decisions and costly reversals by current management.
According to the group, the BoG’s reported surplus is misleading because it includes a one-off GH¢9.6 billion gain from gold sales, which they argue is not part of normal operations. Without this, they say the bank would have recorded a deficit, confirming insolvency concerns.
They also accused authorities of politicising the central bank, alleging that the release and communication of the financial statements bypassed legal procedures outlined in the Bank of Ghana Act. This, they warned, could undermine the bank’s independence and credibility.
On accounting practices, the Minority cited portions of the audited report indicating that the statements were prepared using the Bank’s internal accounting policies rather than full International Financial Reporting Standards (IFRS), which they say contributed to understating the headline loss.
The caucus further linked the losses to expensive monetary policy choices, including increased sterilisation operations, which they claim resulted in over GH¢14 billion in interest payments to commercial banks, while private sector credit growth declined.
They argue this reflects a “transfer of public resources to private banks” at the expense of economic growth, jobs, and social investment.
Despite the sharp criticism, the Minority says it is not seeking to score political points but to highlight risks facing the economy. They indicated that a set of reform proposals will be presented in the coming days to restore stability at the central bank.
The government and the Bank of Ghana are yet to officially respond to the claims.
