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April 30, 2026
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2025 BoG GH¢15.7bn loss was a peak, future results expected to improve – Atta Issah
Money
Policy
Growth
Key Points
- The Majority in Parliament anticipates the Bank of Ghana's (BoG) projected GH¢15.7 billion loss for 2025 will be its highest.
- This expectation is based on easing inflation, which fell to 3.2% in March 2026, and a reduced policy rate of 14% by March 2026, lowering liquidity management costs.
- Legislative reforms, including the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) passed in February 2026, are expected to shift gold transaction costs from BoG to the Ministry of Finance.
- These changes are intended to prevent a recurrence of the GH¢9 billion gold-related costs and GH¢19.32 billion revaluation losses recorded in 2025.
- The Majority expresses confidence in a strengthened financial framework and expects a more positive financial outlook for the central bank in future years.
Why This Matters
This analysis is crucial for Ghana as the financial health and operational efficiency of the Bank of Ghana directly impact the nation's economic stability and investor confidence. Reduced central bank losses signal improved macroeconomic management, potentially leading to lower borrowing costs, a more stable cedi, and an environment conducive to sustainable economic growth. It also reflects the government's commitment to fiscal discipline and strengthening key financial institutions.
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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.