The government has been urged by the Minority Caucus in Parliament to take a number of steps right away to address what it claims is the Bank of Ghana’s deteriorating financial situation.
Contrary to prior claims by the Majority Caucus, the Minority claimed that the central bank’s true loss for the 2025 fiscal year was GHS34.9 billion in a statement released following a press conference on May 3, 2026.
The Minority claims that an accurate evaluation that does not include the earnings from the sale of gold would increase the operational deficit to almost GHS44 billion.
The caucus pointed out that in a series of frequently asked questions published on May 5, 2026, the Bank of Ghana subsequently verified the GHS34.9 billion loss number.
“We thank the Bank for its candour,” the statement said.
The Minority asserted that by making useful suggestions to rebuild trust and stability at the central bank, it was taking the conversation beyond criticism.
A transparent recapitalisation strategy based on the memorandum of understanding between the Ministry of Finance and the Bank of Ghana is one of the main recommendations.
The caucus requests that the proposal specify the entire amount of recapitalisation, yearly financing tranches, terms of repayment, criteria for legislative approval, and the plan for re-establishing positive equity.
The Minority also argued that the problem is either a direct or contingent fiscal obligation and urged the government to incorporate the Bank of Ghana’s negative equity position into the nation’s medium-term fiscal risk framework.
A periodic policy solvency measure that eliminates one-time gains such refined gold sales, asset revaluations, and unusual transactions is another recommendation.
The caucus also called for greater disclosure of quasi-fiscal activities, including as government-related receivables, open market operation expenses, foreign exchange assistance interventions, and gold programs.
Concerns were also raised about how the central bank handled gold transactions, including the purported sale of 18 tonnes of gold reserves.
The statement emphasised that “the secrecy surrounding the sale of 18 tonnes of gold reserves remains a matter of grave concern.”
The Minority further demanded that the impact of the Domestic Debt Exchange Program on the Bank of Ghana be treated consistently in fiscal accounts, public debt data, and the financial statements of the central bank.
It also suggested an independent technical evaluation of what it called “non-standard accounting treatments,” which included government receivable recognition, foreign exchange profits and losses, monetary gold accounting, and off-balance-sheet treatment relating to the IMF.
Additionally, the caucus warned against any attempt to loosen regulations governing the financing of government spending by central banks.
The statement claims that if the International Monetary Fund’s recommendations for changes to the Bank of Ghana Act to allow monetary funding are ignored, the economy may suffer.
A quarterly fiscal-risk dashboard to monitor central bank equity, government liabilities, recapitalisation progress, gold-related receivables, and contingency liabilities was also suggested by the minority.
It called on the government to refrain from politicising the matter and concentrate on putting the suggestions into practice in order to stabilise the Bank of Ghana.
The caucus also stated that the IMF review team, which is presently in Ghana, has already received its recommendations for the program evaluation of the nation.
Source: newsthemegh.com