The Member of Parliament for Sagnerigu, Atta Issah
The Member of Parliament for Sagnerigu, Atta Issah, has defended the Bank of Ghana’s (BoG) 2025 financial results, debunking claims by the Minority that the central bank manipulated its accounts and concealed losses.
Addressing the media on April 30, 2026, the MP said the criticisms levelled against the BoG stem from a misunderstanding of central banking operations and accounting principles.
“The purpose of this release is to restore clarity, credibility, and truth to the public discourse surrounding the 2025 audited financial statements of the Bank of Ghana,” he stated.
He added that although the Minority had raised concerns with “confidence” and “strong language,” their interpretation of the figures was flawed.
“What we have seen is a flawed interpretation of a technical document, presented in a way that risks misleading the Ghanaian public,” he said.
On the back of the Bank’s reported income, he further dismissed claims that gains from gold transactions were artificial, insisting they were legitimate.
“The audited financial statements clearly report a loss for the year of GH¢15.63 billion… This is the official, audited loss. It is not a political figure,” he noted.
He rejected attempts to inflate the loss figure by combining it with other comprehensive income, describing such calculations as misleading.
“Profit or loss and other comprehensive income are distinct components… Ignoring this distinction leads to misleading conclusions,” he said.
The MP maintained that this was not unusual for central banks and does not imply insolvency.
“Central banks can operate effectively with negative equity… The Bank remains operational due to its statutory backing and sovereign guarantee,” he explained.
He also defended the GH¢16.7 billion cost incurred through open market operations, describing it as necessary for stabilizing inflation.
“These are not arbitrary losses. They are the transmission cost of tight monetary policy,” he said, adding that “there is no credible scenario where large-scale sterilization occurs without cost under high interest rates.”
He further dismissed allegations that interest payments to commercial banks amounted to a transfer of public funds, arguing that such payments are part of standard monetary policy tools.
“Interest paid on central bank instruments is not a transfer. It is the mechanism through which monetary policy operates,” he stated.
He also noted that the Bank’s financial position reflects the cost of stabilizing the economy after a period of severe stress.
“The GH¢14.6 billion reflects the cost of stabilizing the economy… It is not a diversion of resources. It is the foundation upon which sustainable growth, jobs, and improved living conditions can be built,” he said.
SO/MA
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