The parliamentary majority has hit again on the minority group’s claims relating to the Financial institution of Ghana’s (BoG) 2025 audited monetary statements.
It has accused opponents of misreading technical paperwork and inflicting pointless social unrest.
The bulk group mentioned in a press release on Sunday, Might 3, that the announcement goals to “restore readability, credibility and reality to the general public debate” concerning the central financial institution’s monetary state of affairs.
The minority argued that the World Financial institution’s reported surplus of GH¢5.5 billion was deceptive. It mentioned this determine was based mostly on income of GH¢22.2 billion and open market working prices of GH¢16.7 billion.
Based on the minority, the excess was largely depending on GH¢9.6 billion in proceeds from the sale of gold.
Excluding this “non permanent achieve”, revenues would fall to GH¢12.7 billion, leaving a deficit of GH¢4 billion, which the World Financial institution claimed would result in a “coverage chapter.” Moreover, the financial institution claimed that it “swiftly offered 50% of its gold reserves to artificially cowl this deficit.”
The bulk rejected that argument outright.
“What we noticed was a flawed interpretation of a technical doc and offered in a fashion that risked deceptive Ghanaians,” the assertion mentioned.
It argued that this assertion displays a “elementary misunderstanding of how the Financial institution of Ghana operates” and “selective studying of accounting and misinterpretation of the central financial institution’s steadiness sheet.”
Based on the bulk, the financial institution actively manages reserve property, together with gold, as a part of its core mission.
“The income from such portfolio administration are respectable revenue. They don’t seem to be repeated yearly, so they don’t seem to be pretend. Extraordinary doesn’t imply unlawful.”
The bulk additionally rejected the minority’s argument that the financial institution “doesn’t commerce in gold,” calling that place an “oversimplification.”
“We’re not speculative merchants, however we’re dedicated to order administration. If the value of gold rises considerably, it’s commonplace central financial institution observe to rebalance our holdings to understand a revenue.”
The report mentioned this was significantly essential at a time when Ghana was going through exterior financing constraints and trade charge pressures, including that changing a few of its gold holdings into liquidity would “strengthen the Financial institution’s operational capability and assist macroeconomic stability.”
Concerning the minority’s calculation of a GH¢4 billion deficit, the bulk mentioned, “The ‘take away’ argument doesn’t mirror how the central financial institution’s solvency is assessed.”
“Eradicating GH¢9.6 billion and constructing a deficit of GH¢4 billion is synthetic,” the report mentioned, stressing that the central financial institution shouldn’t be a industrial establishment and its coverage spending energy will depend on “its complete steadiness sheet, together with reserves, revaluation buffers and authorities assist.”
The bulk additionally rejected the hearth sale argument.
“The audited report doesn’t present distressed liquidations. What the report exhibits is a prudent portfolio adjustment.”
Moreover, Ghana is pursuing insurance policies to extend its gold reserves by way of a home gold buy program, which it mentioned “instantly contradicts the depletion narrative.”
The bulk mentioned the broader financial context couldn’t be ignored.
“The Financial institution has operated in a tough macroeconomic setting characterised by debt restructuring, trade charge pressures and world financial tightening.”
“In these circumstances, energetic steadiness sheet administration, together with reallocation of property, shouldn’t be an indication of weak spot. It’s a essential stabilizing measure. This isn’t proof of collapse. It’s proof that administration is beneath stress.”
