By Daniel Bampoe
A fresh controversy has erupted around the finances of the Bank of Ghana after the Majority in Parliament moved ahead of the central bank’s official publication to disclose details of what it describes as GH¢16.7 billion in losses tied to efforts to stabilise the economy.
Addressing a press conference on behalf of the Majority, the Member of Parliament for Sagnarigu and Finance Committee member, Atta Issah, defended the losses as the cost of deliberate policy interventions aimed at restoring macroeconomic stability.
According to him, the central bank’s actions have contributed to a decline in inflation, reduced lending rates, and a more stable cedi, positioning the economy to withstand global pressures.
He argued that despite the headline losses, the broader outcomes have been positive, citing improved economic resilience and renewed confidence in the financial system.
Unusual Timing Raises Questions
However, the timing of the briefing has triggered sharp criticism and raised concerns over transparency.
The Bank of Ghana had not yet released its audited 2025 financial report at the time of the press conference, even though the statutory deadline for submission under the Bank of Ghana Act is within three months after the end of the financial year.
While the central bank is permitted to request an extension, it had formally indicated a new deadline of April 30, fueling expectations that the official report would be made public before any political interpretation or commentary.
Instead, a member of the Finance Committee stepped forward to present key figures and conclusions ahead of the official release—an approach some observers have described as unprecedented.
Questions Over Representation
The composition of the press conference itself has also come under scrutiny. Critics have questioned why the briefing was not led by more senior members of the Finance Committee, such as the Chairman, Isaac Adongo, who also serves on the Bank of Ghana Board, or the Vice Chairman, Richard Acheampong.
Instead, the event featured a mix of committee members and individuals associated with the NDC’s communications machinery, including party communicators and other MPs not directly linked to the committee.
This has led to suggestions that the briefing may have been as much a political exercise as a financial disclosure.
Competing Narratives Over The Loss
The Majority has framed the reported losses as “policy costs”—necessary expenditures incurred in the process of stabilising the economy.
According to their explanation, measures such as liquidity management, interest rate adjustments, and foreign exchange interventions have produced tangible gains.
Among the outcomes highlighted are a decline in inflation, improved exchange rate stability, lower Treasury bill rates, and a reduction in borrowing costs for businesses and individuals.
But critics argue that presenting such conclusions ahead of the official report risks shaping public perception without full disclosure of the underlying data.
Concerns Over Transparency
Opposition voices and analysts say the move undermines due process and raises questions about whether there is an attempt to control the narrative before Ghanaians can independently assess the central bank’s accounts.
They insist that the Bank of Ghana itself—not political actors—should be the first to present and explain its financial position, particularly given the scale of the reported losses.
There are also concerns about whether all components of the losses have been fully disclosed, including costs associated with gold purchase programmes, open market operations, and other monetary policy interventions.
Awaiting The Full Report
As of now, the official audited accounts of the Bank of Ghana remain pending, with stakeholders across the financial and political spectrum awaiting full disclosure.
Analysts note that only a detailed breakdown of the accounts will provide clarity on the composition of the losses, the sustainability of current policies, and the long-term implications for the economy.
A Growing Political Flashpoint
The episode has quickly evolved into a major political flashpoint, reflecting deeper tensions over economic management, accountability, and institutional transparency.
While the Majority maintains that the losses are justified by improved macroeconomic outcomes, critics argue that the approach raises more questions than answers—particularly regarding the timing, messaging, and completeness of the information shared.
With the official Bank of Ghana report still pending, the debate is expected to intensify in the coming days as both sides seek to shape public understanding.
