Majority disputes GHS 44 billion Bank of Ghana loss claims

The Majority Caucus in Parliament has strongly defended the Bank of Ghana's (BoG) 2025 audited financial statements. They rejected allegations by the Minority that the central bank manipulated its accounts or concealed losses. The Majority claims the Minority's assertion of a GHS 44 billion “true loss” is misleading.

According to the Majority, the Minority misinterprets technical accounting data and central banking practices. They stated the officially reported loss for 2025 is GHS 15.63 billion, as audited. The Majority cautioned that such claims could mislead the public and weaken confidence in important state institutions. The accusations follow a period of significant economic challenges in Ghana.

This dispute occurs against a backdrop of intensified scrutiny of Ghana's financial health and public debt. The Bank of Ghana's role in supporting the government's economic stabilisation programme has drawn criticism. This ongoing political debate reflects broader concerns about the transparency and accountability of key financial institutions. Ghana's economy has faced high inflation and currency depreciation in recent years, making the central bank's performance a critical national issue.

Atta Issah, MP for Sagnarigu and a Member of the Finance Committee, issued a statement on Monday, May 4, 2026. He explained that other comprehensive income largely reflects unrealised valuation changes, not operating losses. He highlighted that these non-cash changes are due to exchange rate movements and asset price fluctuations. Mr. Issah stressed that these valuation effects cannot be added to profit or loss under recognized accounting rules.

The Majority also addressed concerns about the Bank’s negative equity position, which reached GHS 93 billion. They stated that central banks are not commercial entities and can operate effectively with negative equity. This is possible due to their statutory backing and sovereign support. They attributed the increase to debt restructuring, exchange rate revaluations, and policy measures during the recent economic crisis. This perspective suggests that market reactions to such figures must consider the unique nature of central banks.

Further, the Majority defended the GHS 16.7 billion cost from open market operations in 2025. They described it as an unavoidable cost of controlling inflation in a high-interest-rate environment. They argued that when inflation is high, removing excess money from the economy is expensive. This cost, they added, is necessary for restoring stability. This explanation aims to clarify that the expense is a monetary policy tool, not a sign of failure.

The Majority rejected claims that the Bank's accounts were improperly prepared outside International Financial Reporting Standards (IFRS). They clarified that the financial statements follow a legally mandated accounting framework under the Bank of Ghana Act. This framework modifies IFRS for certain monetary policy items. The external auditors issued an unmodified opinion, confirming the fair presentation of the Bank’s financial position. This confirms adherence to the specified legal and accounting guidelines.

This ongoing disagreement between the Majority and Minority could shape public perception of Ghana's central bank. It may also influence future policy discussions regarding financial reporting standards and central bank independence. Investors and international partners will observe how these debates progress. The stability of Ghana's financial sector and the credibility of its institutions are at stake. The outcome could impact confidence in Ghanaian financial markets and the broader economy.