Tano North MP Dr Gideon Boako has questioned the role of the International Monetary Fund (IMF) in relation to the Bank of Ghana’s mounting financial losses, arguing that the Bretton Woods institution has failed to address what he described as unsustainable quasi-fiscal operations.
Reacting to the Bank of Ghana’s 2025 financial statements, Dr Boako said the IMF’s safeguards assessments were supposed to prevent “quasi-fiscal leakage”, yet the Fund continued to endorse the Bank’s foreign exchange intermediation framework.
“The IMF continues to endorse the Bank’s FX intermediation framework while simultaneously warning that the losses are unsustainable,” he stated.
The MP questioned whether the IMF’s continued support for the framework affected the institution’s credibility.
“What is the IMF doing here? Waiting for BoG to come back to the IMF again for the 18th time?” he asked.
Dr Boako argued that Ghana did not need what he termed “crisis-management partnership” with the IMF, but rather a “policy-discipline partnership” that would strengthen economic resilience.
He also accused the Bank of Ghana of becoming increasingly politicised, alleging that policy choices were being driven by “optics over solvency” and “narrative-management over transparency”.
According to him, the Bank’s 2025 financial statements amounted to “a confession” that revealed a central bank abandoning its own recovery path.
He listed what he described as key concerns, including a weakened balance sheet, a liquidity strategy that subsidised banks instead of stabilising markets, and foreign exchange and gold operations that generated losses.
“A central bank that loses GH¢36 billion in a non-crisis year, and would have lost GH¢44 billion without selling gold, cannot credibly claim that it is being attacked,” he stated.
Dr Boako maintained that the BoG should focus on accountability rather than political defence.
“It should be answering questions, not deflecting them,” he said.
The MP concluded by calling on Ghanaians to demand greater transparency and discipline from the central bank, warning that the country could not afford to treat financial credibility lightly.
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