The Member of Parliament for Tano North, Dr. Gideon Boako, has been vindicated following the Bank of Ghana’s announcement of operational losses exceeding GH¢15.6 billion.
When Dr. Boako, who also serves on Parliament’s Finance Committee, warned in January 2026 that the Bank of Ghana’s audited accounts would reveal deeper losses linked to the GoldBod programme than the $214 million already flagged by the International Monetary Fund, some critics dismissed his comments as politically motivated.
However, with the release of the central bank’s delayed 2025 audited financial statements, those warnings appear to have been confirmed.
The Bank of Ghana’s 2025 accounts, published on Thursday, April 30, 2026, after securing a statutory deadline extension from Finance Minister Dr. Cassiel Ato Forson, showed that the institution recorded another substantial operating loss for the year.
The development came as Dr. Boako had earlier predicted, reinforcing his claims about the central bank’s financial exposure to the Ghana Gold Board gold-for-reserves initiative.
In January 2026, while the IMF’s Fifth Review report under Ghana’s Extended Credit Facility programme had already highlighted $214 million in GoldBod-related trading losses up to the third quarter of 2025, Dr. Boako argued that a second and larger stream of losses would emerge.
“The losses are coming from two streams. The $214 million loss is from GoldBod’s trading activities. But there is another leg of the loss that will come up in the BoG’s audited accounts, and it will be higher,” he said at the time.
He further explained that the Bank of Ghana was operating what he described as a multiple exchange rate system — a practice criticised by the IMF — where reserve gold was acquired at Bloomberg market rates but held at a lower internal valuation.
According to him, once auditors reassessed those holdings, exchange losses would reflect on the balance sheet.
He maintained that the losses were structural and linked to exchange rate policy rather than GoldBod’s operational model.
Months later, following the release of the report, the lawmaker reacted on his X page, writing:
“I hear the long-awaited Bank of Ghana something something is out but the PR is championed by the NDC Majority in Parliament rather. Ah! Why? Do you remember my prediction on the BoG loss a few months ago?”
