The Minority in Parliament is calling for urgent structural reforms at the Bank of Ghana, following renewed concerns over what they describe as a significantly understated financial loss for the 2025 fiscal year.
The call comes after the Minority projected the central bank’s total financial shortfall at approximately GH¢44 billion, far above the officially reported operating loss.
Warning Signs Raised Since 2023
At a press briefing on Sunday, Minority representatives said the current situation reflects years of ignored warnings about the central bank’s financial health.
They referenced the 2023 financial year, when the Bank of Ghana reportedly recorded a loss of about GH¢13 billion, which they previously described as a sign of “near policy insolvency.”
According to them, the latest figures now suggest what they term “actual policy insolvency,” arguing that earlier signals were not adequately addressed.
Calls for Leadership Accountability
The Minority also revisited earlier demands for changes in leadership at the central bank, including calls for the resignation of Governor Ernest Addison, which they say were dismissed at the time.
They maintain that continued deterioration in the bank’s financial position underscores the need for accountability and stronger parliamentary oversight.
“There is no triumph in being right when your country is bleeding,” one Minority spokesperson said, adding that preventive action could have mitigated the current situation.
Criticism of Policy Decisions
The Minority further accused the governing administration and its economic managers of failing to act on early warning signals.
They also criticised recent sterilisation measures introduced by the central bank since January 2026, arguing that such interventions demonstrate the scale of underlying financial pressures.
According to the group, these policy responses reinforce their view that stronger reforms are necessary to restore confidence in the institution.
Call for Institutional Reform
Reaffirming their position, the Minority stressed the need for comprehensive reforms at the Bank of Ghana, particularly around governance and accountability frameworks.
They pointed to provisions under Section 58 of the Bank of Ghana Act, which they say must be strictly enforced to prevent further institutional strain.
The Minority insists that reforms should focus on:
- Strengthening oversight mechanisms
- Improving transparency in financial reporting
- Ensuring adherence to legal and fiscal safeguards
Bank of Ghana Yet to Respond
The Bank of Ghana has not yet issued a formal response to the latest allegations.
However, the central bank has previously attributed its financial challenges to:
- Global economic pressures
- The impact of domestic debt restructuring programmes
- Wider macroeconomic instability
Conclusion
As debate intensifies over the true scale of the central bank’s losses, the issue has once again become a focal point of political and economic discussion.
While the Minority is pushing for immediate reforms, attention is now on whether the central bank and government will provide further clarification on the disputed figures and address growing concerns over institutional stability.
Story by Sheila Otuo – Baffour