Majority Caucus Defends Bank of Ghana's GHS 15.6 Billion Loss Figure

Ghana's Majority in Parliament has rejected the Minority's assertion that the Bank of Ghana (BoG) reported an understated financial loss for fiscal year 2025. The central bank officially reported a loss of GHS 15.6 billion. Parliamentary Majority leaders state the figures presented in the audited accounts are accurate.

The Minority coalition had previously claimed the Bank of Ghana's actual financial shortfall was substantially larger. They calculated this by including other comprehensive income, pushing the figure to GHS 34.9 billion. Further adjustments, they alleged, brought the figure closer to GHS 44 billion. The opposition suggested gold sales and accounting methods were used to hide the true scale of the loss.

This disagreement emerges against a backdrop of Ghana's ongoing efforts to stabilize its economy. The nation is working to manage public debt and ensure fiscal discipline. High central bank losses can strain government finances and impact investor confidence. The cumulative negative equity of the Bank of Ghana, rising from GHS 61 billion to GHS 93 billion, is a significant concern. This figure reflects various factors, including the Domestic Debt Exchange Programme and monetary policy actions.

Majority Leader Mahama Ayariga stated that audited financial statements must be interpreted correctly. "The audited financial statements clearly report a loss for the year of GHS 15.63 billion," he explained. He noted this arose from GHS 22.28 billion in total operating income against GHS 37.91 billion in total operating expenses. He emphasized that this is an official, audited figure, not a political one.

The Majority caucus firmly dismissed the Minority's approach of adding the annual loss to other comprehensive income. "The Minority’s claim that GHS 15.6 billion plus GHS 19.3 billion equals a ‘true loss’ is incorrect," they stated. They clarified that profit or loss and other comprehensive income are separate. Other comprehensive income includes temporary changes in asset values and exchange rate fluctuations. These are non-cash items and do not represent operational performance.

Regarding a reported GHS 9.57 billion gain from gold sales, the Majority stated it was properly disclosed. This was described as a realised gain from asset reallocation, a standard practice for central banks managing reserves. They labelled the Minority's GHS 44 billion calculation as "methodologically flawed." This calculation, they argued, involved double-counting and removing legitimate income.

The Majority concluded that the Bank of Ghana's financial statements are transparent. The reported losses are linked to policy actions taken to stabilize the economy. These include GHS 16.7 billion in open market operation costs. "Nothing is hidden. The issue is not transparency. The issue is interpretation," they asserted. Officials stressed the need for careful reading of the audited accounts.