Minority Slams BoG’s 2025 Accounts, Claims ‘Policy Insolvency’ and GH¢44bn True Loss

The Minority Caucus in Parliament has accused the Bank of Ghana of “policy insolvency” and alleged that the central bank’s true operating loss for 2025 stands at GH¢44 billion, not the GH¢15.6 billion reported in its audited financial statements.

Addressing a press conference on Sunday, May 3, MP for Ofoase Ayirebi Kojo Oppong Nkrumah said the Minority had reviewed all 136 pages of the Bank’s 2025 audited accounts, published on the BoG website on April 30.

“We are here to share with the Ghanaian people the numbers that the Government wanted to hide, the worrying implication of those numbers and a host of other troubling developments,” Nkrumah said.

‘4Policy Insolvent’ Claim

Citing Page 7 of the accounts, the Minority disputed BoG’s assertion of a “strong policy solvency position.” Nkrumah argued that the Bank’s GH¢5.5 billion surplus was only possible because of a one-time GH¢9.6 billion net gain from gold sales, disclosed in Note 9.

“The Bank of Ghana is not in the business of trading Gold,” he said. “If you strip out that one-off cushion, Income from operations would have been GHS 12.7 billion. And if you subtract the GHS 16.7 billion cost of OMO from the GHS 12.7 billion the BOG would have reported a deficit of GHS 4 billion.”

He added: “Minus 4 billion Cedis puts the BOG in Policy Insolvency. This is the sad truth.”

According to the Minority, the gold sale involved 50% of Ghana’s reserves and was done in October 2025 to “generate artificial revenue to try and cover that deficit position.”

“A central bank that needs gold sales to avoid policy insolvency is operating on borrowed time,” Nkrumah said.

Loss Figure Disputed

The Minority further claimed the BoG’s actual 2025 loss was GH¢34.9 billion, and GH¢44 billion if the GH¢9.6 billion gold proceeds are added back.

The Caucus pointed to Page 16 of the accounts, which shows an additional GH¢19.3 billion loss in “other comprehensive income.”

“GHS 15.6 + GHS 19.3 = GHS 34.9. And if you add back the sold Gold it is GHS 44 billion loss,” Nkrumah said.

He alleged that the Bank used “artificial revenue recognition” and its own internal accounting policies, rather than full International Financial Reporting Standards, to reduce the headline figure. He cited KPMG’s “Emphasis of matter” note on Page 10 and Directors’ disclosures on Page 4.

Policy Reversals and Costs

The Minority blamed three policy reversals for BoG’s rising costs:

1. Abolishing the dynamic Cash Reserve Ratio, which it said led sterilization bills to triple from GH¢32.68 billion in 2024 to GH¢93.56 billion in 2025, and interest paid to banks to rise from GH¢6.26 billion to GH¢14.61 billion.
2. Reversing the cedi-equivalent reserving requirement* for foreign-currency deposits in May 2025, which it said released liquidity that was then mopped up at high cost.
3. Changes to the Gold Purchase program*, with purchases now routed through GoldBod, leading to a GH¢9 billion loss on gold transactions in BoG’s books.

“These are the costs of policy reversals, poor policy choices and politicisation of monetary policy decisions,” Nkrumah said.

‘Transfer to Commercial Banks’

The Minority said BoG paid GH¢14.61 billion in cash interest to commercial banks holding BoG bills in 2025, citing Note 10 and Page 18 of the accounts.

“This is not monetary policy. This is a wealth transfer from the public balance sheet to private balance sheets,” Nkrumah said. He argued that banks posted record GH¢15 billion profits while credit to the private sector declined by 13.9% in 2025.

Procedural Concerns

Nkrumah also criticized the NDC for holding a press conference on BoG’s accounts before they were submitted to Parliament, calling it a violation of Section 58(2) of the Bank of Ghana Act.

“The Bank of Ghana is not a political party. The audited statements of the central bank cannot be reduced to a political party’s press release,” he said. “Politicisation of the work of the Bank is corrosive and should not happen again.”

Call for Reforms

The Minority said it would outline “immediate measures” to restore policy solvency later this week. Nkrumah stressed the press conference was not to “gloat” but to push for change “so that we avoid the disaster that is staring the bank in the face.”