The Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has claimed that losses at the Bank of Ghana could be significantly higher than officially reported if not for proceeds from gold sales.
According to him, the central bank’s financial position would have been worse, estimating that the real loss could be around GH₵44 billion.
Speaking on Asempa FM’s Ekosii Sen show, Mr Oppong Nkrumah alleged that the Bank of Ghana became “policy insolvent” based on its internal management accounts compiled in September 2025.
He claimed that the subsequent sale of gold in November and December was a one-off measure intended to improve the bank’s financial position rather than a routine portfolio rebalancing exercise.
“If you take away the gold sales, the Bank of Ghana would be policy insolvent,” he stated.
The lawmaker further argued that the gold transactions helped reduce the reported losses, which he insists stand at GH₵34.9 billion rather than the GH₵15 billion figure being cited by the National Democratic Congress.
He also questioned the transparency of the central bank’s communication, suggesting that public briefings on the matter did not fully reflect the extent of the losses.
Mr Oppong Nkrumah reiterated concerns about what he described as attempts to downplay the financial situation, urging a more transparent presentation of the Bank of Ghana’s accounts to the public.
“The press conference was aimed at obscuring the actual financial loss. The official loss of the Bank of Ghana is GH₵34.9 billion, not the GH₵15 billion that was presented to the Ghanaian public. The GH₵15 billion figure quoted by the NDC is pure propaganda and should be disregarded,” he said.
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