The Majority in Parliament has justified the financial losses recorded by the Bank of Ghana in its 2025 Financial Statement.
At a press conference in Parliament, Member of Parliament for Amenfi West and Chairman of Parliament’s Economic and Development Committee, Eric Afful described them as a necessary outcome of deliberate policy interventions aimed at stabilising the economy during a period of severe macroeconomic distress.
According to the Majority, the central bank recorded cumulative losses of approximately GH¢80.85 billion between 2022 and 2024, with GH¢60.81 billion in 2022, GH¢10.55 billion in 2023, and GH¢9.49 billion in 2024.
These losses, they noted, occurred under the previous NPP government at the height of one of Ghana’s most severe economic crises.
“Between 2022 to 2024, the Bank of Ghana recorded cumulative losses of approximately GHC80.85 billion in the era of the NPP. For instance, in 2022 the Bank of Ghana incurred the loss of GHC60.81 billion, GHC10.55 billion in 2023 and in 2024 GHC9.49 billion,” he stated.
The Caucus said this period was characterised by soaring inflation, which peaked at 54.13 percent in 2022 before declining significantly to 23.84 percent by 2024.
Additionally, they noted that the Ghana cedi experienced substantial depreciation in 2024, trading at about GH¢17 to the US dollar by December 2024, representing a depreciation rate of approximately 19.7 percent.
The Majority further pointed out that Gross International Reserves stood at about $9.3 billion in 2024, providing roughly four months of import cover for goods and services.
However, these pressures also impacted the Bank’s balance sheet, with its equity position deteriorating to negative GH¢64.34 billion in 2023 before improving slightly to negative GH¢61 billion in 2024.
The Majority maintains that the Bank of Ghana’s actions were critical in mitigating the economic crisis and restoring stability.
“Given these considerations, the 2025 financial outcome must be understood as the continuation of a deliberate and necessary policy intervention,” the Majority emphasised.
The Majority insists that the central bank’s financial position should not be viewed in isolation but rather within the broader context of efforts to stabilise inflation, support the currency and protect the overall economy during a turbulent period.
