BoG Statement Confirms GHS34bn Loss Claim by Oppong Nkrumah

Accra: The Bank of Ghana (BoG) has, through its latest financial statement explanation, effectively confirmed claims by the Ranking Member on Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, that the central bank's total losses for 2025 amount to about GHS34 billion. According to Ghana Web, the central bank released an official document titled '2025 Financial Statements: Questions and Answers' in May 2026. The document disclosed that the BoG recorded an operating loss of GHS15.63 billion for the 2025 financial year. The Bank attributed this mainly to the cost of monetary policy interventions, which aimed to stabilize the economy, reduce excess liquidity, and strengthen Ghana's foreign reserves through the Domestic Gold Purchase Programme. Furthermore, the BoG statement revealed an Other Comprehensive Income (OCI) loss of GHS19.32 billion during the same period. Together, these figures total approximately GHS34.95 billion, supporting Kojo Oppong Nkrumah's assertions that the Bank of Ghan a's losses were more significant than publicly emphasized. The former Information Minister, Ahmed Ibrahim, had previously raised concerns about the actual state of the Bank's finances. He questioned attempts by government communicators and Majority Caucus members to portray the central bank's performance as wholly positive. The BoG's latest disclosure is expected to intensify debates regarding the interpretation of its financial position, especially after members of the NDC Majority Caucus praised the central bank for its monetary policy management. The BoG explained that the operating loss was primarily driven by the cost of open market operations designed to absorb excess cedi liquidity. The GHS19.32 billion OCI loss was attributed to the impact of the cedi's sharp appreciation on the cedi-equivalent value of its foreign currency reserve assets. Despite these losses, the central bank maintained that the figures do not indicate institutional distress or depletion of reserves. 'The figures record the finan cial reflection of the policy operations that produced these outcomes. They do not represent a cash loss, a depletion of reserves, nor a sign of institutional distress,' stated the BoG. The central bank further argued that its policy interventions contributed to significant macroeconomic gains, including reducing inflation from 23.8% in December 2024 to 5.4% by December 2025 and a 40.7% appreciation of the cedi against the US dollar. The Bank also cited increases in Gross International Reserves from US$9.11 billion to US$13.83 billion and improvements in private sector credit growth as evidence of positive economic outcomes from its policy measures. Despite these gains, the fresh disclosures are likely to fuel political and economic discussions regarding the true cost of Ghana's macroeconomic stabilisation programme and whether the central bank's financial position should be seen as a necessary sacrifice or a sign of deeper fiscal strain.