Bank of Ghana faces calls for parliamentary probe after GHS 15.63 billion loss

The Chairperson of Ghana’s Public Account Committee, Abena Osei-Asare, has called for an urgent parliamentary investigation into the Bank of Ghana’s financial health. This demand follows the central bank’s reported loss of GHS 15.63 billion in 2025.

This loss represents a significant increase from the GHS 9.49 billion recorded in 2024. The Bank of Ghana’s negative equity, meaning its debts are more than its assets, also widened to GHS 93.82 billion from GHS 58.62 billion a year earlier. Osei-Asare highlighted deepening losses and rising fiscal risks at the central bank as key concerns.

These financial outcomes come at a sensitive time for Ghana's economy, which has been grappling with high inflation and public debt. The central bank plays a crucial role in managing inflation and maintaining the stability of the cedi. Such substantial losses can affect its ability to perform these functions effectively, potentially impacting investor confidence and the country's overall economic outlook.

In a detailed Facebook post, Osei-Asare requested urgent briefings from the Bank of Ghana Governor, the Minister for Finance, external auditors, and relevant Bank of Ghana directors. She called for these briefings before the Parliamentary Finance, Economy, and Public Accounts Committees. Her remarks underscore the importance of transparency in public financial management.

Osei-Asare also demanded full disclosure of the financial implications resulting from the Bank of Ghana's departure from International Financial Reporting Standards. This international accounting framework ensures financial statements are clear and comparable. She also requested the publication of the central bank's recapitalisation framework, which details how it plans to restore its financial stability. This includes any associated fiscal commitments or government guarantees.

A critical area of concern for Osei-Asare is the Bank of Ghana's gold-related transactions. She criticised what she described as policy contradictions between past gold sales and a proposed large-scale gold purchase programme. Osei-Asare stated the Bank of Ghana is increasingly relying on gold sales to contain financial deterioration. She argued that without these disposals, the central bank’s losses would have been significantly higher. She also demanded an independent review of all gold-related transactions and associated policy measures.

The legislator further asserted that Parliament must be fully informed of the costs of any financial interventions undertaken by the Bank of Ghana. This scrutiny aims to ensure accountability and proper oversight of the central bank's operations. The call for a probe signals increased pressure on the Bank of Ghana to provide clarity on its financial strategies and their impact on the national economy.

Moving forward, the parliamentary committees will likely schedule these requested briefings and public hearings. The outcomes of such a probe could influence future legislation governing the Bank of Ghana or lead to changes in its operational policies. Market participants and analysts will closely watch these developments for signals regarding Ghana's financial stability and policy direction. The transparency resulting from this probe is crucial for maintaining public and investor trust.