The Minority NPP in Parliament has launched a scathing critique of the Bank of Ghana’s (BoG) 2025 financial performance, accusing the central bank and the governing NDC of “policy insolvency” and using “clever accounting” to mask a record-breaking economic downturn.
In a press briefing held Sunday afternoon, Member of Parliament for Ofoase Ayirebi and Ranking Member, Economy and Development Committee Kojo Oppong Nkrumah, dissected the 136-page audited report published just before midnight on Thursday. He argued that the current management has reversed the recovery trend seen in 2024, leading to what he described as a “disaster staring the bank in the face.” The Minority outlined seven core criticisms leveled against the central bank.
Allegations of “Policy Insolvency”
The Minority challenged the BoG’s claim of being policy solvent. Oppong Nkrumah argued that the reported GH¢5.5 billion surplus was only achieved by including GH¢9.6 billion from the “one-time” sale of 50% of the nation’s gold reserves. “A central bank that needs gold sales to avoid policy insolvency is operating on borrowed time,” he stated, claiming that stripping away this one-off asset sale reveals a deficit of GH¢4 billion.
Masking a GH¢44 Billion Loss
While the official headline loss was reported at GH¢15.6 billion, the Minority contends the true underlying loss is nearly triple that figure. By adding back the gold sale proceeds and accounting for GH¢19.3 billion hidden in “Other Comprehensive Income” through a change in accounting standards, Oppong Nkrumah claimed the actual operating loss stands at a staggering GH¢44 billion.
Reversal of the 2024 Recovery Path
The NPP pointed out that in 2024, the bank’s losses had narrowed and equity was healing. However, they argue that new management strategies in 2025 caused an exponential surge in losses. “A central bank that was visibly mending is now visibly deteriorating,” the Minority noted, citing a GH¢35 billion deepening of negative equity.
“Emphasis of Matter” on Accounting Standards
The Minority highlighted a specific “Emphasis of Matter” by auditors KPMG, which noted the accounts were prepared using the BoG’s “own accounting policies” rather than full International Financial Reporting Standards (IFRS). They argued this internal framework was used to push massive revaluation losses into equity reserves to make the headline loss look smaller.
Self-Inflicted Costs via Policy Reversals
The briefing identified three specific policy shifts that ballooned costs:
- Abolishing the Dynamic Cash Reserve Ratio: Reverting to expensive OMO bills caused interest payments to double to GH¢14.6 billion.
- Cedi-Equivalent Reserving Reversal: Allowing banks to hold reserves in foreign currency forced the BoG to pay high interest to “mop up” liquidity it had released.
- Gold Purchase Restructuring: Changes led to a GH¢9 billion loss on gold transactions for the BoG while “GoldBod” recorded unprecedented profits.
Mass Wealth Transfer to Commercial Banks
In perhaps the most stinging social critique, the Minority described the GH¢14.6 billion paid in interest to commercial banks as a “wealth transfer from the public balance sheet to private balance sheets.” They noted that while major banks reported record profits of GH¢15 billion, credit to the private sector actually contracted by 13.9% in 2025.
7. Stability of Numbers vs. Stability of Livelihoods
Finally, the Minority argued that the BoG’s “macroeconomic stabilization” has failed to reach the streets. According to Minority, rising youth unemployment (now at 34%), high cost of living, and the “hopelessness” of cocoa farmers are proof that the central bank is prioritizing technical balance sheet indicators over the lived experience of Ghanaians.
