By Daniel Bampoe
Fresh controversy has emerged over the financial position of the Bank of Ghana after Dr. Gideon Boako, Deputy Ranking Member on Parliament’s Finance Committee, disputed claims that the central bank’s losses for 2025 stand at GH¢15.63 billion, insisting the actual figure is significantly higher.
In a detailed statement, Dr. Boako argued that the widely publicised figure represents only part of the Bank’s financial performance and does not capture the full extent of losses recorded in its accounts.
Breaking Down The Numbers
According to him, when losses captured under Other Comprehensive Income (OCI) are included, the total loss rises sharply. He stated that the Bank recorded an additional GH¢19.32 billion loss under OCI, bringing the combined total to approximately GH¢34.95 billion.
“Do not buy the propaganda that the loss BoG made is only GH¢15.63 billion. It is more than that,” he said, stressing that the focus on operating loss alone presents an incomplete picture of the Bank’s financial health.
Dr. Boako explained that this broader loss figure helps to account for the worsening of the Bank’s negative equity position, which he said deteriorated from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025.
Concerns Over Accounting Treatment
The Tano North MP further argued that even the GH¢34.95 billion figure may understate the Bank’s actual financial strain.
He pointed to income generated from gold sales, estimated at GH¢9.57 billion, which he believes artificially reduces the reported losses.
According to him, if this gold-related income is excluded, the total loss would rise to approximately GH¢44.52 billion.
“This is the true loss made by the Bank of Ghana, and this is even after reflecting income from gold sales,” he noted.
Dr. Boako questioned the treatment of proceeds from the sale of about 18 tonnes of gold, arguing that such income should not be considered part of the Bank’s core operational performance.
“Why is it important to exclude income from gold sales? Because that is not operations; it was clearly an accounting gimmick to hide the policy insolvency of the Bank,” he asserted.
Comparisons With Previous Year
The MP also drew comparisons with the Bank’s 2024 financial performance, noting that while the Bank recorded a gain of about GH¢4 billion under OCI in 2024, the situation reversed in 2025 with a substantial loss of GH¢19.32 billion in the same category.
He described this shift as significant and indicative of deeper financial pressures within the central bank’s operations and policy decisions.
Wider Political Debate
Dr. Boako’s comments come amid an intensifying political debate over the Bank of Ghana’s financial performance and the broader management of the economy.
While the Majority in Parliament has defended the reported losses as the cost of stabilising the economy—citing improvements in inflation, exchange rate stability, and reserves—opposition figures argue that the full financial implications have not been transparently communicated.
The Minority has consistently called for a comprehensive breakdown of the Bank’s accounts, including all components of losses, to enable proper scrutiny by Parliament and the public.
Call For Transparency
Dr. Boako urged Ghanaians to critically examine the full financial statements once officially released, warning against what he described as selective presentation of data.
“They quietly pushed away the huge loss sitting in OCI and focused only on the operating loss,” he said.
He concluded with a call for greater transparency and accountability in the management of the central bank’s finances, emphasizing the need for honest reporting in order to build public trust and ensure sound economic governance.
“God save Ghana,” he added.
