A growing public debate has emerged over the financial position of the Bank of Ghana (BoG), following differing interpretations of its 2025 financial statements and recent commentary by economic analysts.
Speaking on the issue at Kessben TV’s Maakye show, Dr. Kwasi Nyame Baafi, an expert in public policy, addressed claims surrounding an alleged GH₵15.6 billion loss recorded by the central bank.
According to him, while the BoG’s 2025 financial report indicates a loss of GH₵15.6 billion, alternative interpretations, particularly from political minority group, NPP, suggest the figure could be as high as GH₵44 billion when broader financial components are considered.
Dr. Baafi explained that discussions with the central bank’s communications director revealed that the GH₵15.6 billion figure reflects losses captured in the income statement. However, an additional GH₵19.3 billion recorded under “other comprehensive income” contributes to the discrepancies in public discourse.
He acknowledged that these represent different accounting treatments of losses, noting that some analysts and media outlets have drawn comparisons with previous figures, including a GH₵60.8 billion loss reported in 2022, which has since declined in subsequent years.
According to him, the methodology used in calculating the 2025 losses is based on the BoG’s internal accounting approach. He added that auditors have indicated the statements may not be fully aligned with International Financial Reporting Standards (IFRS), further complicating interpretation.
Dr. Baafi argued that a more comprehensive assessment would require combining both income statement losses and other comprehensive losses, which could bring the total closer to GH₵34 billion—still below the GH₵44 billion figure being cited by some political actors.
He also emphasized that the core mandate of the central bank is not profit-making, but rather maintaining economic stability. Nonetheless, he pointed out that the BoG reportedly made a profit of about GH₵9.4 billion from the sale of some reserves, which may explain attempts to aggregate figures to suggest higher losses.
The analyst criticized what he described as inconsistencies among some economists, noting that individuals who previously condemned a GH₵9.4 billion loss in 2024 are now offering different interpretations of current figures.
Dr. Baafi further referenced a pledge by BoG Governor Dr. Johnson Asiama upon assuming office, in which he reportedly assured that the central bank would not record losses during his tenure. He questioned how that commitment aligns with the current financial disclosures.
The debate continues to fuel political and economic discussions, with calls for greater transparency and clarity in the presentation of the central bank’s financial statements.
