The Minority in Parliament has accused the Bank of Ghana (BoG) and the governing National Democratic Congress (NDC) of plunging the central bank into what it describes as “policy insolvency.”
According to the Caucus, its detailed review of the 136-page report revealed a worsening financial position masked by what it described as accounting manoeuvres and one-off asset sales.
The New Patriotic Party (NPP) addressed a press conference in Parliament on Sunday, May 3, 2026. The briefing was led by the Ranking Member of the Committee on Economy and Development, Kojo Oppong Nkrumah, in response to the BoG’s 2025 audited financial statements.
Also read: The Front pages: Monday, 4th May, 2026 (Newspapers)
The Ofoase Ayirebi MP argued that the BoG’s claim of maintaining a strong policy solvency position in 2025 is misleading. He explained that the reported operational income of GH¢22.2 billion includes a GH¢9.6 billion gain from gold asset sales—an extraordinary, non-recurring item.
Stripping out that figure, he said, leaves operational income at GH¢12.7 billion against open market operation (OMO) costs of GH¢16.7 billion, resulting in a deficit of about GH¢4 billion.
“A central bank that relies on gold sales to remain solvent is operating on borrowed time,” he said, insisting that the BoG is effectively unable to fund its core monetary policy operations from sustainable income sources.
The Minority further rejected the official headline loss of GH¢15.6 billion, arguing that the true financial picture is significantly worse.
Mr. Oppong Nkrumah pointed to an additional GH¢19.3 billion recorded under other comprehensive income, bringing total comprehensive losses to approximately GH¢34.9 billion. When adjusted for proceeds from gold sales, he stressed that the underlying loss could be as high as GH¢44 billion.
According to him, this discrepancy stems partly from deviations from International Financial Reporting Standards (IFRS), with the accounts instead prepared under the BoG’s internal accounting policies.
He cited concerns flagged by auditors KPMG, who noted that the financial statements may not be suitable for purposes beyond their internal framework.
The Minority also criticised the process leading to the publication of the accounts, accusing the NDC of prematurely announcing the figures before formal submission to Parliament by the Finance Minister, as required under the Bank of Ghana Act.
They warned that such actions risk undermining the independence and credibility of the central bank.
“The Bank of Ghana is not a political party,” the Caucus stressed, cautioning against what it described as growing politicisation of monetary policy communication.
Mr. Oppong Nkrumah attributed the rising costs at the central bank to a series of policy reversals under the current administration, pointing specifically to the abandonment of the dynamic cash reserve ratio system, changes to foreign currency reserve requirements, and adjustments to gold purchase arrangements—all of which, he argued, significantly increased the Bank’s operational and sterilisation costs.
These, he said, led to a sharp increase in sterilisation costs, with OMO-related expenses rising to GH¢16.7 billion.
He also claimed that the BoG’s policies resulted in a significant transfer of public funds to commercial banks, citing GH¢14.6 billion paid in interest on central bank bills in 2025. According to him, this contributed to record profits in the banking sector while private-sector lending declined.
“This is not monetary policy; this is a wealth transfer from the public balance sheet to private balance sheets,” he stated.
The Minority further linked these developments to wider economic challenges beyond the central bank’s balance sheet, including slowing private-sector credit growth, a high cost of living, youth unemployment, and constraints on small business financing.
They argued that macroeconomic stability has not translated into improved livelihoods for ordinary Ghanaians.
While acknowledging the seriousness of the situation, Mr. Oppong Nkrumah said the Minority’s intention was not to claim vindication but to alert the public and push for corrective action.
He assured that the Minority would announce policy alternatives in the coming days aimed at restoring the financial health and operational independence of the Bank of Ghana.