Ghana’s Parliament Clashes Over Bank of Ghana’s Financial Health and 2025 Audited Reports

A sharp political divide has emerged in Ghana’s Parliament following the release of the Bank of Ghana’s (BoG) 2025 audited financial statements. The Minority Caucus, led by Ranking Member on the Economy and Development Committee Kojo Oppong Nkrumah, has accused the central bank of 'policy insolvency' and underreporting its financial distress. The Minority alleges that the BoG’s true losses for the year could be as high as GH¢44 billion, far exceeding the GH¢15.6 billion officially reported. They argue that the central bank utilized misleading accounting practices, such as incorporating a one-time GH¢9.6 billion gain from gold sales, to obscure a deeper deficit. Oppong Nkrumah further criticized the handling of the 2025 report, claiming its presentation bypassed proper legal channels and risked politicizing the institution.

In response, the Majority Caucus and members of the Finance Committee, including Sagnarigu MP Atta Issah, have vigorously defended the central bank’s performance and reporting standards. They maintain that the GH¢15.6 billion loss is accurate, fully audited, and reflective of a global trend where central banks prioritize macroeconomic stability over profitability. The Majority clarified that the bank’s negative equity position, which has widened to approximately GH¢93.8 billion, is a cumulative result of essential stabilization measures—including the Domestic Debt Exchange Programme and efforts to curb inflation—rather than operational mismanagement. They dismissed the Minority's claims of 'wealth transfer' regarding interest payments to commercial banks, asserting that these are standard monetary policy tools necessary for maintaining economic liquidity and stability.

Amidst this heated debate, the government is also advancing several fiscal and sector-specific initiatives aimed at bolstering the national economy. Finance Minister Dr. Cassiel Ato Forson has been engaging with large-scale mining companies to implement the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which seeks to strengthen foreign reserves and stabilize the cedi through reformed gold acquisition processes. Additionally, in a move to boost public confidence in the tax system, Dr. Forson and his deputy recently filed their personal tax returns, highlighting the importance of domestic revenue mobilization to reduce the country’s reliance on external borrowing.

However, the government faces external and internal pressures regarding its broader fiscal policies. The Economic Community of West African States (ECOWAS) has formally objected to Ghana’s new aviation-related taxes, warning that levies such as the $100 Airport Infrastructure Development Levy conflict with regional agreements to reduce air travel costs. Domestically, there are also calls from former officials like Paul Apreku Twum Barimah to scrap the fuel price floor policy to allow for better market competition and consumer relief. As Parliament continues to debate the BoG’s financial trajectory, the outcome will likely hinge on whether the central bank can successfully transition from its current stabilization phase back to a position of positive equity without further political or economic fallout.