Isaac Adongo, the ranking member of the Finance Committee of Parliament, has addressed allegations made by the Minority in Parliament that the Bank of Ghana recorded losses of approximately GH¢44 million during the National Democratic Congress (NDC) administration.
Mr. Adongo’s statement comes after Kojo Oppong Nkrumah and members of the Minority spoke at a press conference on Sunday, May 3, 2026, at Parliament House.
During the news conference, the minority accused the NDC government, Governor Dr. Johnson Asiama, and the Bank of Ghana of mismanaging the economy and making the central bank’s financial situation worse.
The minority questioned the central bank’s direction under Dr. Asiama’s leadership and claimed that the reported losses at the Bank of Ghana demonstrated symptoms of weak economic management under the current administration.
In response to the charges, Mr. Adongo stated in an interview with Edem Mensah-Tsotorme, Online Editor of ghanaiantimes.com.gh, that the New Patriotic Party (NPP) lacked the moral right to condemn the central bank’s current management because the Bank of Ghana had suffered much greater losses during the previous administration.
“Under the NPP, the Bank of Ghana suffered its worst ever loss of GH¢55 billion in one year,” he stated.
The Bolgatanga Central MP claims that when the NDC government took power, the central bank’s negative net value was approximately GH¢61 billion, while the 2022 financial accounts released in 2023 revealed losses of roughly GH¢55 billion.
He further claimed that in order to hide the Bank of Ghana’s true financial situation, extra expenses associated with the financial sector cleanup were moved to the central government budget.
“If we were to add all of that, we really would have been around close to GH¢90 billion in negative net worth by the time we took over office,” he said.
Additionally, Mr. Adongo charged that the previous administration exploited accounting methods in the national budget to conceal the true financial cost of the banking sector cleanup.
He argues that instead, the Bank of Ghana and the present administration have concentrated on stabilising the economy through measures meant to boost foreign exchange inflows and lessen pressure on the cedi.
He clarified that the government generated foreign exchange for the economy by exporting gold through the Gold Board.
He claims that the program generated an average of one billion dollars each month, which strengthened the cedi and stabilised the foreign exchange market.
According to him, the improving foreign exchange situation decreased speculative demand for dollars and helped the local currency appreciate.
“We ended up the year with about 40.7 percent strengthening of the cedi,” he said.
According to Mr. Adongo, the stronger cedi has also assisted in lowering borrowing rates and inflation, which has benefited both consumers and companies.
He commended President John Dramani Mahama for designating Dr. Asiama as the Bank of Ghana’s governor.
He claims that after evaluating the nation’s economic difficulties, the President decided that Dr. Asiama was the best candidate to lead the central bank.
Mr. Adongo continued, “He saw Dr. Asiama as the best and safer hand to manage the bank.”
Source: newsthemegh.com