The Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has urged the government to “pull the brakes” on certain fiscal and monetary interventions he says are contributing to rising financial pressures at the Bank of Ghana (BoG).
Speaking on Joy News’ The Pulse on Wednesday, May 13, he said attention must now shift from diagnosing challenges at the central bank to stopping policy actions that, in his view, are worsening its financial position.
He specifically cited the structure of the gold purchase programme, arguing that its design, rather than its intent, is responsible for the reported losses.
Mr Oppong Nkrumah said discussions around where the losses are being recorded remain critical, noting that changes in accounting treatment do not eliminate the underlying financial impact.
He also raised concerns about liquidity sterilisation operations used for inflation control, which he said have reached significant levels.
According to him, about US$19 billion has already been recorded in sterilisation activities this year, compared with about US$93 billion last year, describing the trend as potentially unsustainable if not addressed.
He warned that continued reliance on such measures could deepen fiscal strain if corrective steps are not taken.
Mr Oppong Nkrumah stressed that policy responses should not only identify problems but also present workable alternatives, insisting that opposition proposals should be given due consideration.
His comments follow the Bank of Ghana’s report of an operating loss of GH¢15.6 billion for 2025, up from GH¢9.4 billion in 2024. The increase represents about GH¢6.2 billion, according to the Bank’s 2025 audited financial statements. Negative equity also worsened, rising from GH¢58.62 billion to GH¢93.82 billion.
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