Kojo Oppong Nkrumah (M) flanked by other Minority MPs
The Minority in Parliament has alleged that the Bank of Ghana (BoG) recorded a far higher loss of about GH¢44 billion in 2025, disputing the officially reported figure of GH¢15.6 billion contained in the central bank’s audited financial statements.
Addressing a press conference in Parliament yesterday, the Ranking Member of the Economy and Development Committee, Kojo Oppong Nkrumah, said a detailed review of the 136-page audited accounts revealed what he described as “a deliberate attempt” to mask the true financial position of the central bank.
According to him, the Minority’s analysis shows that the BoG’s underlying operating loss stood at GH¢34.9 billion, but rises to approximately GH¢44 billion when proceeds from gold asset sales are factored back into the accounts.
“The Bank made an underlying loss of approximately GH¢44 billion in 2025,” he stated, arguing that the headline figure of GH¢15.6 billion was achieved through accounting adjustments and reclassifications.
He explained that the central bank realised about GH¢9.6 billion from the sale of gold reserves, which was used to cushion the reported loss, while an additional GH¢19.3 billion was moved into “Other Comprehensive Income,” thereby reducing the headline deficit.
The Minority further accused the central bank of abandoning internationally accepted accounting standards. Citing the auditor’s report by KPMG, Mr. Oppong Nkrumah said the financial statements were prepared using the Bank’s internal accounting policies rather than full International Financial Reporting Standards (IFRS).
He noted that both the auditors and directors acknowledged that IFRS recognition and measurement criteria were not fully applied, which raises concerns about transparency and comparability of the figures.
BoG Insolvency
Beyond the accounting concerns, the Minority also claimed that the BoG has become “policy insolvent,” arguing that it can no longer finance its core monetary operations from internally generated income.
They attributed this to rising costs of open market operations, which stood at GH¢16.7 billion in 2025.
The caucus further alleged that the sale of nearly half of the country’s gold reserves was not merely a portfolio adjustment, as previously communicated, but a move to generate artificial income to offset losses.
In addition, the Minority criticised recent policy reversals by the central bank, including changes to reserve requirements, which they said significantly increased liquidity management costs and led to higher interest payments to commercial banks.
According to the Minority, the BoG paid about GH¢14.6 billion in interest to banks in 2025, a development Mr. Oppong Nkrumah described as a “wealth transfer” from the public sector to private financial institutions, while credit to the private sector declined.
The caucus also accused the government of politicising the central bank, arguing that the process leading to the publication of the accounts breached provisions of the Bank of Ghana Act and undermined institutional independence.
They warned that the financial position of the central bank could necessitate a bailout if urgent corrective measures are not taken.
The Minority indicated that it would, in the coming days, outline policy proposals aimed at restoring stability and credibility to the central bank’s operations.
By Ernest Kofi Adu, Parliament House