Political Tensions Rise Over Bank of Ghana’s Financial Stability and Economic Transparency

Ghana’s political landscape is currently dominated by a heated debate over the financial health of the Bank of Ghana (BoG) following the release of its 2025 financial statements. The central bank reported a significant operating loss of GH‥15.63 billion and a total comprehensive loss of GH‥34.9 billion, a figure that includes GH‥19.32 billion in other comprehensive income losses. These disclosures have sparked alarm within the Minority Caucus and among opposition figures, who point to the bank’s ballooning negative equity—now estimated between GH‥93.82 billion and GH‥96.28 billion—as a sign of potential insolvency. While the BoG maintains that it remains ‘policy solvent’ and capable of fulfilling its mandate, the scale of the deficit has intensified calls for a rigorous recapitalization plan and greater fiscal discipline.

Critiques from the opposition have been sharp, with Tano North MP Dr. Gideon Boako accusing the central bank of employing ‘accounting gimmicks’ to misrepresent its solvency. Dr. Boako argued that the bank artificially inflated its income by treating one-off gains from gold sales as recurring revenue, a practice he claims is intended to mask the severity of its financial distress from international evaluators like the IMF. This sentiment is echoed by the Centre for Economic Research and Policy Analysis (CERPA), which warned that the BoG’s high exposure to government debt and involvement in quasi-fiscal operations are compromising its independence. Social commentators have also voiced concerns that excessive money printing and debt cancellations to finance government expenditures have fundamentally weakened the bank’s balance sheet beyond easy recovery.

In response, the National Democratic Congress (NDC) and government supporters have mounted a vigorous defense of the central bank’s strategies. Isaac Adongo, Chairman of Parliament’s Finance Committee, defended the government’s recapitalization roadmap, asserting it is legally grounded and essential for restoring the bank’s health after strategic investments were made to stabilize the cedi and curb inflation. To further counter opposition narratives, the NDC relaunched its ‘Setting the Records Straight’ platform. Deputy Communications Officer Godwin Ako Gunn dismissed claims that the BoG suffered a GH‥44 billion loss as propaganda and refuted allegations that the government diverted cocoa funds to purchase presidential aircraft or engaged in improper procurement at GoldBod.

Beyond the central bank, the government faces additional scrutiny over transparency in the energy sector and market regulations. A fact-check by JoyNews recently debunked claims made by Energy Minister John Abdulai Jinapor regarding the commissioning of a new Bulk Supply Point (BSP) in Kumasi, revealing that the project lacks funding and construction has not yet begun. Simultaneously, Paul Apreku Twum Barimah, MP for Dormaa East, has called for more aggressive reforms in petroleum pricing, urging the National Petroleum Authority to scrap the fuel floor price policy entirely to allow for true market competition and consumer relief. As Ghana navigates these economic challenges, the focus for 2025 remains on stabilizing macroeconomic indicators and transitioning toward a production-led growth model.