'GH¢80 billion BoG losses yet no stability' - Majority fires NPP government

The Majority in Parliament has criticised the Akufo-Addo administration for failing to achieve macroeconomic stability, despite the Bank of Ghana reporting cumulative losses exceeding GH¢80 billion between 2022 and 2024.

Eric Afful, Chairman of Parliament’s Economy and Development Committee and Member of Parliament for Amenfi West, addressed journalists to explain the economic conditions contributing to the Bank of Ghana’s GH¢15.6 billion loss recorded in 2025, as reported by citinewsroom.com on May 5, 2026.

Afful pointed out that the significant operational losses during this period did not translate into improved economic fundamentals.

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Inflation remained high, the cedi continued to depreciate, and the country’s international reserves were only sufficient to cover about four months of imports.

He noted that, “Inflation peaked at 54.13% in 2022 before declining to 23.84% by the end of 2024. The Ghana cedi experienced substantial depreciation, reaching approximately GH¢14 to a dollar by December 2024, reflecting a depreciation of about 19.7%.”

“In 2024, gross international reserves were around $9.3 billion, enough to cover four months’ worth of imports of goods and services. At the same time, the Bank’s equity position weakened, with a negative GH¢64.34 billion in 2023, which improved slightly to a negative GH¢61 billion in 2024,” he added.

Afful argued that the financial outcomes of 2025 should be viewed as part of ongoing policy interventions aimed at stabilising the economy rather than as isolated performance issues.

“Given these considerations, the 2025 outcomes must be understood as a continuation of deliberate and necessary policy interventions,” he concluded.

NAD/MA