Minority Caucus in Parliament has raised serious concerns about the financial health of the Bank of Ghana (BoG), claiming the central bank is “policy insolvent” based on its newly released 2025 audited financial statements.

Addressing a press conference in Parliament on Sunday, Minority members, led by Kojo Oppong Nkrumah, argued that the official figures published by the BoG do not fully reflect the institution’s underlying financial position.

The Caucus challenged the BoG’s assertion that it remained policy solvent in 2025. While the central bank reported an operational surplus of GH¢5.5 billion, the Minority contends this figure was artificially boosted by a one-off gain of GH¢9.6 billion from gold sales.

According to them, excluding this non-recurring income would result in an operational deficit of about GH¢4 billion, indicating that the central bank cannot sustainably finance its monetary policy operations from internal income.

They further alleged that up to 50% of Ghana’s gold reserves were sold in 2025 to offset this deficit, describing the move as unsustainable and a sign of deeper financial distress.

The Minority also disputed the BoG’s reported headline loss of GH¢15.6 billion for 2025. They argued that when additional losses classified under “Other Comprehensive Income” are included, the total loss rises to approximately GH¢34.9 billion.

They further claimed that if proceeds from gold sales are factored back in, the central bank’s underlying loss could reach GH¢44 billion.

“This is the figure the government does not want Ghanaians to see,” the Caucus stated, accusing authorities of using accounting adjustments to present a more favorable picture.

Citing the external auditors, KPMG, the Minority noted that the BoG’s financial statements were not prepared fully in line with International Financial Reporting Standards (IFRS), but rather based on the bank’s internal accounting policies.

They argued this approach allowed significant losses — particularly those related to foreign exchange and gold revaluation — to be excluded from the main income statement and instead recorded in equity reserves.

The Minority attributed the BoG’s rising costs—particularly GH¢16.7 billion spent on open market operations—to recent policy reversals. These include:

- The scrapping of a dynamic cash reserve ratio system

- Changes to foreign currency reserve requirements

- Adjustments to gold purchase arrangements

They claim these decisions significantly increased interest payments to commercial banks, which rose to over GH¢14 billion in 2025.

According to the Caucus, these developments have had broader economic consequences, including reduced lending to the private sector and tighter liquidity conditions.

They argued that while macroeconomic indicators may show signs of stabilization, many Ghanaians continue to face high living costs, limited access to credit, and rising unemployment.

The Minority also criticized what it described as the politicisation of the central bank, alleging that members of the ruling National Democratic Congress (NDC) publicly discussed the financial statements before they were formally presented to Parliament, contrary to provisions of the Bank of Ghana Act.

They warned that such actions could undermine the independence and credibility of the central bank.

The Caucus called for urgent reforms to restore the financial stability and operational independence of the BoG, indicating that detailed policy recommendations will be presented later in the week.

They emphasized that their intervention was not to claim political victory but to highlight risks facing the central bank and the broader economy.

“There is no triumph in being right when your country is bleeding,” the statement concluded.