The Minority in Parliament has rejected the Bank of Ghana’s declared GHS15.6 billion loss for 2025, asserting that the true deficit stands at GHS34.9 billion for the Bank and GHS35 billion for the Group.
Representing the Minority Caucus, the Ranking Member of the Economy and Development Committee, Hon. Kojo Oppong Nkrumah, accused both the NDC and the Bank of employing creative accounting techniques to mask the scale of the financial downturn.
“What we see in the audited financial statements for the year 2025 is not the GHS15.6 billion loss that the NDC has been announcing,” the Ofoase Ayirebi MP remarked.
He clarified that the central bank bifurcated its losses, reporting GHS15.6 billion in the income statement while relegating an additional GHS19.3 billion to the statement of other comprehensive income.
“If you add the two together, the actual loss for the year is GHS34.9 billion for the Bank and GHS35 billion for the Group,” Hon. Oppong Nkrumah stated.
The Minority further contended that the GHS34.9 billion figure remains an understatement as it incorporates GHS9 billion in non-recurring revenue generated from the sale of half of Ghana’s gold reserves.
“When you add back this artificial revenue, the true loss position of the Bank for 2025 is about GHS44 billion,” he said. Hon. Oppong Nkrumah characterised the gold liquidation as a desperate measure to “cover up policy insolvency,” adding that “a central bank that needs to sell gold assets to cover up its policy insolvency is operating on borrowed time.”
Concerns were also raised regarding the Bank’s departure from standard International Financial Reporting Standards in favour of internal accounting frameworks.
“The Bank and the NDC have changed the accounting standards and have used their own accounting policies to prepare these accounts,” he said, noting that the directors’ own responsibility statement concedes that IFRS was not utilised.
Hon. Oppong Nkrumah dismissed the NDC’s recent briefing as a calculated effort to deflect from the gravity of the situation.
“The government and the Bank, knowing the implications of this, have thus resorted to this clever attempt to spin it away and bury it in an NDC press conference.”
Consequently, the Minority insists the Bank is now policy insolvent and in immediate need of a bailout.
By: Rainbowradioonline.com/Ghana