Bank of Ghana Faces 'Policy Insolvency' Claims as Minority Disputes GH¢15.6 Billion Reported Loss

The Bank of Ghana (BoG) has come under intense fire following the release of its 2025 audited financial statements, which reported an operational loss of GH¢15.6 billion. While the central bank attributes the deficit to strict monetary policies aimed at taming inflation, the Minority Caucus in Parliament, led by Kojo Oppong Nkrumah, has declared the institution 'policy insolvent.' The Caucus alleges that the reported figures significantly understate the true gravity of the situation, claiming the actual loss could be as high as GH¢44 billion when accounting for hidden deficits and the controversial sale of 50% of the nation's gold reserves to manage financial distress.

At the center of the dispute is a challenge to the BoG’s accounting transparency and its reliance on non-recurring gains. Critics argue that a reported operational surplus of GH¢5.5 billion was artificially bolstered by one-time gold sales, masking what would otherwise be a GH¢4 billion deficit. Gideon Boako, Member of Parliament for Tano North, linked these financial struggles to 'politically motivated policy decisions,' noting that the 2025 loss is the second-highest since 2008. The Minority further criticized the central bank's communication process, alleging that the accounts were politicized by being shared through the National Democratic Congress (NDC) rather than being presented first to the Finance Minister.

The economic debate has also sparked friction within the mining sector. The Ghana Chamber of Mines recently moved to debunk claims made by Ghana Gold Board (GoldBod) CEO Sammy Gyamfi, who suggested that large-scale miners repatriate less than 20% of their export proceeds. The Chamber clarified that when including inflows through commercial banks, approximately 70% of mineral export revenue is returned to Ghana. They cautioned against 'materially misleading' claims that could skew public understanding of the mining sector's contribution to the national economy during this period of financial volatility.

As the political fallout continues, concerns are mounting regarding the real-world implications of the Bank’s financial health on the Ghanaian populace. The Minority warns that the current 'policy insolvency' is resulting in tight liquidity and reduced credit for the private sector, which in turn drives up unemployment and the cost of living. There are now urgent calls for systemic reforms to restore the Bank of Ghana’s operational independence and financial stability. The coming months will be critical as stakeholders demand more transparent reporting to ensure that macroeconomic indicators eventually translate into improved living conditions for all citizens.