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May 2, 2026
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The Bank of Ghana has not made any losses that should be a topic for discussion — Sammy Gyamfi
Money
Policy
Key Points
- Ghana Gold Board CEO Sammy Gyamfi has downplayed the Bank of Ghana's (BoG) GH¢15.6 billion operational loss in 2025, stating it's not significant enough to cause national alarm.
- The reported loss, the second highest since the 2008 cedi redenomination, has intensified political exchanges between the governing NDC and opposition NPP, with the latter blaming policy missteps.
- BoG attributes the loss primarily to monetary policy operations, the gold accumulation programme (GH¢9 billion accounting cost), and exchange rate-related accounting adjustments (GH¢19.32 billion charge due to 41% cedi appreciation).
- Officials argue the gold programme cost is not a realised loss as 111 tonnes of gold are held as reserve assets, and the cedi's appreciation reduced the cedi value of foreign-denominated reserves.
- Sammy Gyamfi defended BoG's Governor and distinguished BoG's losses from the Ghana Gold Board's profitability, while the NDC links BoG's negative equity to the 2022 Domestic Debt Exchange Programme, maintaining the bank's operational soundness.
Why This Matters
The Bank of Ghana's reported GH¢15.6 billion operational loss in 2025 is a critical issue for Ghana, sparking intense political debate and raising questions about the central bank's financial health and the government's economic management. The controversy, despite explanations attributing costs to policy choices like the gold accumulation program and cedi appreciation, can impact investor confidence and public trust in Ghana's financial stability and economic direction.
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