The Chairperson of Parliament’s Public Accounts Committee (PAC) has referred to as for an pressing parliamentary scrutiny of the Financial institution of Ghana’s (BoG) funds, demanding a proper clarification from the Governor of the Financial institution of Ghana, the Minister of Finance, exterior auditors and related BoG administrators explaining what she calls the Financial institution of Ghana’s deepening monetary deterioration.
Atiwa East Member of Parliament and PAC Chairman Abena Osei Asare made the request in an in depth Fb submit on Sunday, calling on the Parliamentary Finance, Financial and Public Accounts Committee to summon key financial officers for a proper accounting of the central financial institution’s monetary state of affairs.
He mentioned that in response to the central financial institution’s 2025 audited monetary statements, the financial institution recorded a lack of GHS 15.63 billion in 2025, in comparison with GHS 9.49 billion in 2024, whereas detrimental fairness sharply elevated from GHS 58.62 billion to GHS 93.82 billion in the identical interval. She mentioned the central financial institution’s personal 2025 accounts acknowledged the federal government’s obligation to revive the central financial institution’s capital base by way of a phased recapitalization program from 2026 to 2032, a dedication that will imply “in the present day’s losses change into tomorrow’s taxpayer prices, debt devices or fiscal trade-offs”.
Gold gross sales on the heart of the battle
Osei-Asare argued that the general loss determine didn’t mirror the underlying seriousness of the financial institution’s monetary state of affairs, arguing that the reported outcomes had been underpinned by the liquidation of gold belongings fairly than operational restoration. “Central banks are more and more counting on gold gross sales to restrict fiscal deterioration,” he mentioned, warning that with out these disposals losses would have widened considerably.
She pointed to tensions between previous gold gross sales and the federal government’s proposed Ghana Nationwide Gold Buy Program (GANRAP), figuring out what she described as elementary coverage contradictions. The GANRAP doc targets to accumulate 242.68 tonnes of gold at a base worth of $4,000 per ounce, with an estimated price range of GHS242.67 billion. “You can not liquidate belongings to cowl losses, name it stabilization after which suggest a quarter-trillion cedi program to rebuild the identical reserves,” she mentioned.
Broad opposition in Congress echoes and amplifies these issues. The minority caucus of the New Patriotic Social gathering (NPP) claimed that the BOG’s true underlying loss was GHS44 billion, considerably larger than the headline determine, and that accounting changes and the sale of about half of Ghana’s gold reserves introduced the determine decrease. The BoG rejected these characterizations, citing a misunderstanding of the accounts being audited.
Particular requests for Osei Asare
The PAC Chair outlined some particular necessities. He referred to as for full disclosure of the prices of the central financial institution’s withdrawal from Worldwide Monetary Reporting Requirements (IFRS), publication of a full recapitalization memorandum (MoU), together with debt, money injections and amortization, and an unbiased evaluation of gold-related transactions and associated coverage measures.
He careworn that recapitalization offers that require public funds needs to be topic to parliamentary scrutiny and clear monetary reporting, and that parliament should be comprehensively knowledgeable of the prices of all monetary interventions undertaken by the central financial institution. “A central financial institution functioning with a detrimental capital gap of GHS93.82 billion stays a monetary downside, no matter its operational continuity,” she mentioned.
