The Chief Executive Officer (CEO) of the National Petroleum Authority (NPA), Godwin Edudzi Kudzo Tameklo, has defended the Bank of Ghana’s (BoG) losses incurred in keeping the economy afloat.
He says although the central bank made those losses in the 2025 fiscal year, it was necessary to sustain the economy to relieve the citizens from economic hardship.
According to him, the state of the economy inherited by the government was so bad that the BoG needed to fix it to ensure some stability.
Speaking on the BigIssue segment on the NewDay morning show on TV3 Monday, May 4, 2026, the NPA CEO explained that the state of an economy determines how much would be invested in bringing it back to life.
“The economy that the NDC administration inherited was an economy in intensive care, admitted by you. The prescription in treating somebody in intensive care cannot be the same prescription in treating a man who just walked into a hospital,” he stated.
His comments come on the back of the Minority’s criticism of the losses incurred by the BoG in stabilising the economy.
The caucus has disputed the central bank’s GH¢15.6 billion operating loss for the 2025 financial year.
The 2025 Annual Report and Financial Statements of the BoG reveal a deepening deficit, rising from GH¢9.48 billion in 2024. This represents the BoG’s fourth straight year of losses, following deficits of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.
The Minority alleges that the central bank employed “artificial recognition” and “clever accounting” to move portions of the deficit into “other comprehensive income,” effectively downplaying the scale of the operating loss.
At a press conference on Sunday, May 3, Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi, disputed the official figures, asserting that the “true operating loss” is closer to GH¢34.9 billion.
He further suggested that once gold sale proceeds are factored in, the total comprehensive loss nears GH¢44 billion.
“The government says the loss is GHC15.6 billion. The true operating loss of the Bank is actually GHC34.9 billion cedis. Infact if you add back the 9.6 billion cedis proceeds from the Gold sales, the recalculated loss is actually GHC44 billion.”
‘It is official, not a political figure’ – Majority caucus fires back at Minority over BoG loss
