New Patriotic Party (NPP) lawmaker Gideon Boako has sharply criticised the Bank of Ghana over its 2025 financial results, describing the central bank\u2019s losses as \u201cthe cost of policy failure\u201d rather than necessary measures to maintain economic stability.<\/p>\n
In a reaction to the Bank\u2019s audited accounts, Boako said the reported operating loss of 15.63 billion cedis and widening negative equity to 93.82 billion cedis pointed to what he called \u201cavoidable and poorly justified policy decisions.\u201d<\/p>\n
\u201cThese are not rumours; they are the Bank\u2019s own disclosures,\u201d he said, adding that when losses captured under other comprehensive income are considered, the total impact could exceed 34 billion cedis.<\/p>\n
The criticism follows the central bank\u2019s release of its 2025 financial statements, which showed a sharp deterioration from 2024, when losses had narrowed and broader balance sheet indicators had begun to stabilise.<\/p>\n
Boako questioned why losses surged in what he described as a non-crisis year, arguing that earlier signs of recovery had been reversed under current policy management.<\/p>\n
\u201cThe question is not whether losses can occur in central banking. They can. The question is why a central bank that had begun to recover suddenly plunged into the largest non-crisis loss in its history,\u201d he said.<\/p>\n
He attributed the losses to a series of policy decisions, including increased reliance on costly open market operations, which he said drove liquidity management expenses significantly higher.<\/p>\n
According to the Bank\u2019s report, open market operations rose sharply in 2025, contributing to the overall loss position.<\/p>\n
Boako also criticised foreign exchange and gold-related operations, alleging that pricing and valuation practices contributed to financial losses, including those linked to the central bank\u2019s gold purchase programme.<\/p>\n
He further argued that high interest payments on monetary policy instruments had effectively transferred income to commercial banks, which reported strong profits during the same period.<\/p>\n
\u201cIn other words, the central bank booked the losses while commercial banks booked the profits,\u201d he said.<\/p>\n
The lawmaker also raised concerns about oversight, questioning the role of the International Monetary Fund in monitoring central bank operations under Ghana\u2019s ongoing programme.<\/p>\n
The central bank has previously attributed its losses to the cost of monetary policy interventions, exchange rate movements and the impact of Ghana\u2019s domestic debt restructuring, while maintaining that it remains operational and expects improvements in macroeconomic conditions to ease pressures going forward.<\/p>\n
Boako, however, called for greater accountability and a shift toward what he described as \u201cdata-driven and evidence-based policymaking,\u201d warning that credibility risks could undermine confidence if left unaddressed.<\/p>\n
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