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May 11, 2026
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BoG explanations on losses lack credibility and clarity – Bawumia’s spokesperson
Money
Policy
Growth
Key Points
- A spokesperson for Dr Mahamudu Bawumia (NPP 2028 flagbearer) accused the Bank of Ghana (BoG) of lacking transparency regarding its financial reporting and recent losses.
- Dr Ekua Amoakoh questioned the handling of BoG financial statements, citing inconsistencies and the temporary removal of a report from their website.
- She criticized explanations linking BoG losses to inflation control and suggested a connection to recent changes in the bank's gold purchase programme.
- Amoakoh also highlighted broader unresolved economic challenges in Ghana, including unfinished Agenda 111 projects, delayed payments to public sector workers, and issues in the cocoa sector.
- The NDC defended the BoG, with Julius Kattah stating that the reported losses are a necessary cost of stabilizing the economy, managing inflation, and debt restructuring.
Why This Matters
This article highlights a significant political and economic debate in Ghana concerning the transparency and management of the Bank of Ghana's finances. Allegations of mismanagement and lack of clarity, if not adequately addressed, could erode public trust in key economic institutions and impact investor confidence. The discussion also sheds light on broader economic challenges and the government's efforts to stabilize the economy, which are critical for Ghana's future stability and development.
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August 24, 2026
GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
- The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
- GoldBod asserts it has never taken any loan, overdraft, or debt instrument from the Bank of Ghana or any financial institution since its establishment.
August 24, 2026
GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
- The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
- This commitment was reiterated after Afenyo-Markin met with NPP flagbearer Dr Mahamudu Bawumia in Accra.
- Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
- The reported loss, equivalent to about 1.5% of Ghana’s GDP, will be a key issue for the Minority as Parliament reconvenes.
- The Minority is resolute in pursuing the matter to get answers for the Ghanaian public regarding the circumstances of the loss.
August 23, 2026
Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.