Member of Parliament for Sagnerigu has hit back at the minority caucus over claims that the Bank of Ghana’s 2025 loss is being understated and that the Central Bank is on the verge of policy insolvency. According to the member of the Finance Committee of Parliament the GH¢15.6 billion put is not a “political figure” but grounded in accounting principles. The minority through its spokesperson on Economy and Development Kojo Oppong Nkrumah at a press conference on Sunday May 3, 2026 argued the true loss is not GH¢15.6 billion as put out my the Majority but rather GH¢34.9 billion when other comprehensive income is added, and up to GH¢44 billion when gold gains are reversed. The NPP MPs further allege the Bank used gold sales and accounting adjustments to conceal the real loss and mislead the public.
However in a sharp rebuttal Atta Issah described interpretation the minority placed on the audited financial statements as inaccurate, technically unsound, and inconsistent with established accounting standards.
“The audited financial statements clearly report a loss for the year of GH¢15.63 billion. This is derived from total operating income of GH¢22.28 billion and total operating expenses of GH¢37.91 billion. This is the official, audited loss. It is not a political figure. It is the figure presented in accordance with applicable accounting standards. Second, on the treatment of Other Comprehensive Income. The Minority’s claim that GH¢15.6 billion plus GH¢19.3 billion equals a “true loss” is incorrect.”
According to the majority Profit or loss and other comprehensive income are distinct components. Other comprehensive income includes:
• unrealised valuation changes
• exchange rate differences
• reserve remeasurements Page 4 Bank of Ghana 2025 Financial Results· These are non-cash. They do not reflect operating performance. They are not distributable losses. Under standard accounting practice, the loss for the year is the GH¢15.6 billion. Other comprehensive income is reported separately and cannot be added to construct a different loss figure. This distinction is fundamental. Ignoring it leads to misleading conclusions.
On the gold transaction Atta Issah argued the GH¢9.57 billion gain from the sale of refined gold is fully disclosed in the financial statements. It is audited and properly recognised. “This is not artificial revenue. It is a realised gain from asset reallocation. Central banks manage reserves. That includes gold. Rebalancing assets and realising gains is standard practice. You cannot remove a legitimate transaction and then claim the accounts are misleading. Fourth, on the GH¢44 billion claim.
Below are excerpts of the statement from the majority:
The assertion that adding back gold gains and combining them with other comprehensive income produces a “true loss” of GH¢44 billion is methodologically flawed.” He stated.
It involves:
• double counting of valuation effects already captured in OCI
• removal of legitimate realised income
• construction of a metric not recognised under any accounting framework There is no audited or recognised figure called “underlying loss” constructed in this way. Fifth, on negative equity. It is accurate that negative equity increased from about GH¢61 billion to about GH¢93 billion. But this is not a single-year operating loss.
It reflects cumulative balance sheet effects, including:
• the Domestic Debt Exchange Programme
• monetary policy operations
• exchange rate valuation changes Presenting this as evidence of concealment is misleading. Sixth, on the source of losses. Page 5 Bank of Ghana 2025 Financial Results · The financial statements clearly explain the drivers:
• GH¢16.7 billion in open market operation costs
• exchange rate and revaluation effects
• gold-related valuation impacts These arise from policy actions taken to stabilize the economy. They are not evidence of misreporting. They are the cost of policy. Seventh, on allegations of accounting manipulation. There is no evidence in the audited statements of: • breach of accounting standards
• concealment of income or losses
• improper disclosure The accounts were externally audited. They contain full disclosures, including detailed notes on all major items. Eighth, on transparency. All the figures cited by the Minority are explicitly disclosed:
• GH¢15.6 billion loss
• GH¢19.3 billion in other comprehensive income
• GH¢9.57 billion gold gain Nothing is hidden. The issue is not transparency. The issue is interpretation. Final point. The Minority’s argument relies on:
• combining separate accounting categories
• removing legitimate income
• constructing figures that are not recognised under any standard. That is not rigorous analysis. The audited accounts are clear. The disclosures are complete. The numbers speak for themselves. What is required is careful reading, not selective interpretation.
Atta Issah concluded by placing the Bank’s actions in broader context. “The Bank has been operating in a challenging macroeconomic environment marked by debt restructuring, exchange rate pressures, and global financial tightening. In such conditions, active balance sheet management, including asset reallocation, is not a sign of weakness. It is a necessary tool of stabilisation. This is not evidence of collapse. It is evidence of management under pressure,” he added.
