Dr Gideon Boako, the member of parliament for Tano North, has punched holes in the Bank of Ghana (BoG) official figures, which claimed a GH¢15.6 billion loss.
The member of parliament for Tano North urged Ghanaians not to buy the propaganda that the loss BoG made is only GH¢15.6 billion.
According to Dr Gideon Boako, the BoG loss is more than GH¢15.6 billion, adding that the loss in Other Comprehensive Income (OCI) of GHC19.32 billion gives a total loss of GHC34.95 billion.
In a post shared on Facebook, Dr Gideon Boako detailed, “Do not buy the propaganda that the loss BoG made is only GHc15.63 billion. It is more than that.
Adding the loss in Other Comprehensive Income (OCI) of GHC19.32 billion gives a total loss of GHC34.95 billion. This explains why the negative equity deteriorated from GHC58.62 billion in 2024 to GHC93.82 billion in 2025”.
He further detailed, “This is the true loss made by the BoG. And this is even after reflecting income from gold sales. So, excluding the income from gold sales of GHC9.57 billion, the total loss would have been GHC44. 52 billion.
Why is it important to exclude income from the 18 tons of gold sales? Because that is not operations, it was clearly an accounting gimmick to hide the policy insolvency of the Bank”.
This is way beyond the Majority propaganda- by announcing an operating loss of GHc15.6 billion. They quietly pushed away the huge loss of GHC19.32 billion sitting in OCI. Just note that in 2024, there was a gain of GHC4 billion in OCI and not a loss.
God save Ghana”, his post concluded.
However, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has clarified the over GH¢15 billion loss made by the Bank of Ghana (BoG).
According to Sammy Gyamfi, the Bank of Ghana has not made any losses, adding that the GH¢15.6 billion loss was largely the cost of stabilisation.
He disclosed that the central bank’s financial position has been significantly influenced by the performance of the Ghana cedi.
Speaking on Newsfile on May 2, 2026, Gyamfi argued, “Issue number one: the Bank of Ghana has not made any losses. What has been described as a GH¢15.6 billion loss is largely the cost of stabilisation”.
“If the cedi had depreciated as it did previously, the Bank would have recorded revaluation gains and likely posted profits,” he noted.
He explained, “What it means is that because the cedi appreciated, foreign currency assets lost value in cedi terms, leading to what is being reported as a loss”.
Sammy Gyamfi added that without the revaluation effect, the central bank’s losses would have remained closer to the previous year’s figure of about GH¢9 billion.
The GoldBod CEO highlighted that the BoG had to mop up excess liquidity in the system, a standard central banking practice to curb rising prices.
Sammy Gyamfi added, “When there is too much money in circulation chasing fewer goods, the central bank must act to reduce that liquidity. That process comes at a cost because interest must be paid to commercial banks”.
He further refuted suggestions that alternative strategies, such as reducing production costs or taxes, would have delivered faster results in lowering inflation.
“If we had not adopted these measures, how quickly would inflation have dropped from over 23 per cent to about 3.4 per cent?” he questioned.
“The Bank of Ghana should be commended, not criticised,” Sammy Gyamfi added.
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