A brand new coverage overview by the Institute for Financial Analysis and Public Coverage has raised alarm, elevating critical structural considerations in regards to the monetary well being of the Financial institution of Ghana (BoG). The report factors to rising losses, worsening unfavourable fairness, and rising coverage prices that threaten long-term stability.
In its Could 2026 presentation titled “Crucial Evaluation of the 2025 Monetary Statements,” the institute revealed that “The Financial institution of Ghana recorded a internet lack of GH¢15.63 billion in 2025, which was a rise of 64.7% from 2024. Unfavorable fairness now stands at GH¢93.82 billion.”
The report units the tone early on by saying its evaluation “examines what is just not coated within the annual report” earlier than concluding that the central financial institution’s monetary place displays deeper structural weaknesses.
Deterioration of steadiness sheet
IERPP’s overview of the Financial institution’s monetary place reveals a widening imbalance between belongings and liabilities. Based on the report, whole belongings are GH¢237.2 billion, whereas whole liabilities are GH¢333.5 billion.
The report highlights that “whole debt (GH¢333.5 billion) exceeds whole belongings (GH¢237.2 billion) by GH¢96.3 billion. The central financial institution is technically bancrupt by any commonplace business definition.”
The institute went on to say that the 2025 annual report presents a “very worrying image of central banks in persistent monetary disaster,” including that “a important studying reveals systemic failure, coverage losses and steadiness sheet deterioration.”
Value will increase outpace income progress
Though the Financial institution recorded robust progress in working earnings, IERPP argues that this progress was overshadowed by additional accelerating value will increase.
Based on the report, whole working revenue elevated by 136.9% to GHK 22.28 billion, whereas working bills elevated by 100.7% to GH 37.91 billion.
The principle concern raised is the composition of this revenue. The institute factors out that gold gross sales alone contributed GHF9.57 billion, accounting for 43% of whole income.
“Gold gross sales (GH¢9.57 billion) = 43% of whole income. Please take away this one-off merchandise…residual loss → GH¢25.2 billion,” the report mentioned, warning that this income was unsustainable.
Auditor warns of deviations from worldwide requirements
The report additionally highlights considerations raised by the exterior auditor, KPMG, which issued a paragraph highlighting key factors relating to the Financial institution’s monetary reporting framework.
IERPP famous that the auditors famous that the monetary statements have been ready beneath the Ghana Banking Act, which “deviates from IFRS in materials areas”, including that the monetary statements “will not be appropriate for different functions”.
These deviations will have an effect on the revaluation of gold, change features and the remedy of international securities, and finally preclude “direct comparisons with different central banks and worldwide requirements,” the institute claims.
Objecting to the going concern declare
The principle concern within the report is the World Financial institution’s insistence that it stays a going concern.
IERPP disputed this view, stating that “unfavourable fairness of GH¢93.82 billion is just not a going concern state of affairs. IFRS IAS 1 requires a going concern to have belongings in extra of liabilities, which isn’t the case.”
The institute additionally criticized the recapitalization framework as weak and unsure. “The recapitalization plan…doesn’t embrace a legally binding dedication from the federal government to switch precise money or belongings by a particular date,” the report mentioned, including that “the memorandum of understanding is just not an enforceable obligation.”
The report additional notes that the proposed recapitalization car is a “non-tradable zero-coupon bond” and “won’t generate money stream for the Financial institution.”
-Gold program data losses
IERPP has recognized the Home Gold Buy Program as a significant supply of monetary pressure, describing it as a hidden loss middle.
The report reveals that whole losses from gold-related applications amounted to CHF9.05 billion in 2025, characterizing the state of affairs as a “structural program failure”.
The report added that regardless of excessive buying and selling volumes, “the financial institution buys and sells gold at a internet loss on every transaction,” concluding that this system successfully capabilities as “a structural subsidy to gold sellers and mining firms at taxpayer expense.”
Sterilization prices skyrocket
The price of conducting financial coverage additionally emerged as a significant strain level.
Based on a report by IERPP, open market working prices rose to GH¢16.73 billion in 2025, nearly doubling from GH¢8.6 billion the earlier yr.
The report describes this as a “monster within the room” and explains that “business banks earn GH₵16.73 billion in curiosity from these OMO devices… Banks are paying this value, however no corresponding revenue is generated → enormous losses are being incurred.”
The influence on steadiness sheets has been vital, with OMO debt tripling inside a yr and turning into an rising proportion of whole debt.
Mixed strain of international change losses
The depreciation of the Cedi additionally contributed considerably to the Financial institution’s monetary difficulties.
Based on IERPP, the whole international exchange-related losses amounted to roughly Gigawon 29 billion, together with losses recorded within the revenue assertion and losses recorded in different complete revenue.
“The overall change fee influence was roughly GH¢29 billion, reflecting failures in change fee administration,” the report mentioned.
Working prices rise amid report losses
Past policy-related prices, the institute additionally expressed concern about traits in inner spending.
“Regardless of banks struggling report losses, workers numbers elevated by 12.9%…workers prices elevated by 44.4%,” the report mentioned, describing the state of affairs as “a scarcity of value self-discipline through the monetary disaster.”
Stress checks reveal critical vulnerabilities
IERPP’s stress checks counsel that the Financial institution’s monetary place stays extremely susceptible to exterior shocks.
The report warns that additional depreciation of the cedi may lead to “estimated further losses in change alone: GH¢7-10 billion to GH¢10 billion”, including to already excessive annual losses.
It additionally casts doubt on the viability of the financial institution’s restoration path, suggesting that it will require “GH¢13.4 billion per yr for seven years” and a rebuild of GH¢29 billion per yr to realize constructive capitalization, in comparison with its present GH¢15.6 billion annual loss trajectory.
IERPP concludes that it’s “extremely uncertain” that it will occur with out main reforms.
name for pressing reform
The institute recommends a collection of coverage reforms, together with legally binding recapitalization, restructuring the gold program, lowering reliance on expensive monetary manipulation, and adopting worldwide monetary reporting requirements.
It additionally requires a direct finish to the sale of gold reserves to fund enterprise operations, warning that such practices are financially unsustainable.
“Structurally bankrupt funds”
IERPP mentioned: “The Financial institution of Ghana is just not a financial institution in non permanent hassle. It’s a central financial institution with a structurally bankrupt funds. Unfavorable capital of GHF93.82 billion, report losses of GH¢15.63 billion, gold reserves being offered to fund operations, OMO prices doubling yearly, and an formidable restructuring plan that isn’t legally enforceable.”
IERPP additional known as for larger accountability, stressing that “Ghana’s monetary system deserves transparency.” Residents ought to do their accounting truthfully. ”
