Atta Issa, Member, Finance Committee of Parliament, has defended the 15 billion Cedis loss by the Bank of Ghana in 2025.
He said that the losses being registered by the BoG today cannot be compared to what we all witnessed in the past.
“The losses being registered by the BoG today cannot be compared to what we all witnessed in the past. We must recognize the interventions the Bank made to ensure stability of the Cedi and inflationary rates,” he said on the News Central on TV3 Friday May 1.
Prior to his comment, Ofoasi Ayirebi lawmaker Kojo Oppong Nkrumah had said that the true loss of the Bank of Ghana in 2025 was 44 billion Cedis, not the 15 billion Cedis being reported.
He says that he is going to prove to Ghanaians why the loss is 44 billion Cedis.
“The true loss incurred by the Bank of Ghana for the 2025 financial year is actually 44 billion cedis and we will prove this to Ghanaians in the coming days,” the Ranking, Economy and Development Committee, also said on the News Central on TV3 Friday May 1.
Oppong Nkrumah further accused the Majority in Parliament of engaging propaganda and public relations gimmick to conceal the truth about the Bank of Ghana’s losses from Ghanaians.
He w ondered why the Majority would hold a press conference on the BoG’s losses when the central bank was yet to publish its accounts.
“So what has happened is that the Bank of Ghana’s accounts have not been published, but the Majority has been invited to do a press conference, ostensibly to try and shift people’s minds before the accounts themselves are published,” he said.
“That should tell you they are in an exercise of propaganda and PR, trying to hide the real facts from Ghanaians,” he added.
He argued that the same actors who previously criticised central bank losses are now defending even larger deficits.
“Yesterday’s critics have become today’s defenders. The cosmetics with which they were managing things are beginning to wear off,” he spoke on the News Central on Friday.
Similarly, Former Finance Minister and Member of Parliament for Karaga, Mohammed Amin Adam, alleged that the Bank of Ghana used proceeds from gold sales to mask the true extent of its financial losses in 2025.
In a Facebook post on Friday, May 1, Dr Amin Adam claimed the central bank’s reported net loss of GHS15.6 billion would have been significantly higher if gains from gold sales had not been recognised in its profit and loss account.
According to him, the Bank reportedly sold about 18 tonnes of Ghana’s gold reserves accumulated under the previous New Patriotic Party administration, generating approximately GHS40.3 billion in proceeds and a net gain of GHS9.57 billion.
He argued that although the Bank had explained the transaction as a reserve portfolio rebalancing exercise, the published financial statements raised doubts about that justification.
“There was no obvious macroeconomic need for such rebalancing, especially under a policy framework that had previously been approved to build—not reduce—gold reserves,” he wrote.
Dr Amin Adam further claimed that the GHS9.57 billion gain from the gold sale was reclassified from equity and recognised as realised income.
“This is critical,” he stated.
“Therefore, the GHS15.6 billion net loss reported in 2025 must be interpreted in context. If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GHS25 billion.”
He added that the Bank’s monetary operations remained expensive, citing sterilisation costs of GHS16.73 billion in 2025.
“The financial report notes that the Bank’s ‘strong policy solvency position’ in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,” he said.
According to him, without the gold sales, the Bank’s operating income would have been insufficient to cover the sterilisation costs.
Dr Amin Adam also defended the Domestic Gold Purchase Programme introduced under former Vice President Mahamudu Bawumia, describing it as a major buffer for the central bank.
“One policy by Dr Bawumia — the Domestic Gold Purchase Programme — has clearly been a major buffer for the Bank of Ghana,” he stated.
He accused the current management of the central bank of prioritising “optics over sound balance sheet management”, warning that using gold reserves to offset operational losses only concealed deeper policy challenges.
“The losses — driven largely by costly monetary interventions — raise serious questions about policy efficiency,” he added.
