The Minority Caucus in Parliament has escalated pressure on the government and the Bank of Ghana over the central bank’s worsening financial position,
The Minority Caucus in Parliament has escalated pressure on the government and the Bank of Ghana over the central bank’s worsening financial position, calling for urgent reforms and a comprehensive rescue strategy to prevent what it describes as a deepening institutional crisis.
In a press statement issued on May 7, 2026, the Minority said recent disclosures by the Bank itself have vindicated concerns earlier raised by the Caucus regarding the true scale of the central bank’s losses.
The statement follows a major press conference held by the Minority on May 3, during which opposition MPs argued that the Bank’s actual loss for 2025 stood at GH¢34.9 billion, rather than the GH¢15.6 billion headline operating loss initially highlighted publicly.
According to the Minority, the figure could rise to GH¢44 billion if proceeds from gold sales are excluded from the calculations.
The Caucus noted that after initially disputing the Minority’s interpretation of the accounts, the Bank of Ghana later acknowledged in a series of Frequently Asked Questions issued on May 5 that the broader loss figure amounted to GH¢34.9 billion.
The Minority described the clarification as an important admission and thanked the Bank for what it called its “candor.”
Against that backdrop, the opposition says it is now moving beyond criticism to propose what it describes as practical and immediate solutions to stabilise the central bank and restore public confidence in the financial governance framework.
Central to the Minority’s recommendations is a call for a transparent recapitalisation programme between the Ministry of Finance and the Bank of Ghana.
According to the Caucus, the government must publish the full details of the recapitalisation arrangement, including the total amount required, timelines for annual injections, instrument types, maturity structures, coupon arrangements, parliamentary approvals, and the projected roadmap for restoring the Bank to positive equity.
The opposition further demanded that the Bank’s deteriorating balance sheet be fully incorporated into the fiscal-risk framework, warning that the central bank’s negative equity represents either a direct or contingent liability for the state.
The Minority also proposed the creation of a new “policy solvency” measure that excludes one-off revenues such as gains from gold sales, asset revaluations, and exceptional accounting adjustments.
According to the statement, such a measure would give Ghanaians and investors a more accurate picture of the Bank’s operational health.
Another major concern raised relates to what the Minority describes as insufficient transparency around quasi-fiscal operations carried out by the central bank.
The Caucus argued that programmes involving gold purchases, foreign exchange support operations, open market operation costs, and government-related receivables should be disclosed in greater detail to allow Parliament, investors, and the public to distinguish between monetary policy actions and fiscal interventions.
Particular attention was given to the controversial sale of 18 tonnes of Ghana’s gold reserves. The Minority called for a full review of the governance structure surrounding gold transactions and urged the Bank to publish clearer details on the purpose of the sales, approval procedures, counterparties involved, settlement processes, risk management systems, and the ultimate financial impact of the transactions.
“The secrecy that surrounded the sale of 18 tons of gold reserves remains a matter of grave concern,” the statement said.
The Caucus further called for clarity on how the effects of the Domestic Debt Exchange Programme (DDEP) are being treated in the Bank’s financial statements, public debt records, and fiscal accounts, insisting that inconsistencies in accounting treatment could undermine confidence in the debt sustainability framework.
In addition, the Minority advocated an independent review of certain accounting treatments used by the central bank, particularly with respect to foreign exchange gains and losses, monetary gold accounting, IMF-related off-balance-sheet arrangements, and government receivable recognition practices.
The statement also renewed criticism of moves to amend the Bank of Ghana Act to allow monetary financing of government spending.
According to the Minority, permitting central bank financing of government budgets could pose long-term risks to economic stability and inflation control.
As part of its reform agenda, the opposition proposed the establishment of a quarterly fiscal-risk dashboard to provide regular public updates on the Bank’s equity position, open market operation liabilities, government deposits, recapitalisation progress, gold-related receivables, and contingent liabilities.
The Minority said the recommendations have already been formally submitted to the International Monetary Fund review team currently in Ghana as part of the country’s programme assessment.
The Caucus concluded by urging the government to “stop the unnecessary politicization” of the crisis and instead focus on implementing reforms capable of restoring stability and credibility at the central bank.
COMMENTS