The Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has warned that Ghana’s financial stability could be at risk if urgent steps are not taken to address challenges facing the Bank of Ghana.
Speaking on Asempa FM’s Ekosii Sen show, Mr Oppong Nkrumah called for an end to political debates over the central bank’s finances and urged stakeholders to focus on solutions.
“We are only living on borrowed time. We should stop the politics. We have to acknowledge that there is a problem and fix it once and for all,” he stated.
The lawmaker reiterated his claims that the central bank is facing serious financial difficulties, alleging that it has become “policy insolvent” and had to rely on proceeds from gold sales to stabilise its position.
He further disputed claims by the National Democratic Congress that the Bank’s losses stand at GH₵15 billion, insisting that a closer reading of the audited accounts indicates total losses of about GH₵34.9 billion.
According to him, the figure includes both core operational losses and additional losses captured under other comprehensive income.
Mr Oppong Nkrumah accused the government of downplaying the severity of the situation, describing the lower figure being circulated as misleading.
He stressed the need for transparency and decisive action to restore confidence in the central bank, warning that failure to act could worsen the situation.
“The narrative from the NDC is that there has been a loss of 15 billion Ghana cedis, but they claim there are some benefits to show for it. This is the propaganda they want to spread. If you look closely at the accounts, the actual loss amounts to no less than 35 billion Ghana cedis. The core loss is 15.6 billion Ghana cedis, while the hidden comprehensive income shows an additional loss of 19.8 billion Ghana cedis for the group, and 19.32 billion Ghana cedis for the bank alone. Therefore, to determine the true loss for the central bank, you need to add 15.6 billion cedis and 19.3 billion cedis, which totals 34.9 billion cedis,” he stated.
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