Accra, Ghana – The Majority in Parliament has sharply criticized the administration of President Nana Akufo-Addo for failing to achieve macroeconomic stability, despite the Bank of Ghana (BoG) recording cumulative losses exceeding GH₵80 billion between 2022 and 2024.
Speaking to journalists on Monday, Chairman of Parliament’s Economy and Development Committee and MP for Amenfi West,Eric Afful, outlined the economic challenges that, in his view, explain the BoG’s GH₵15.6 billion loss in 2025.
Afful noted that these operational losses did not translate into stronger economic fundamentals. Inflation remained elevated, the Ghana cedi continued to weaken, and international reserves were only sufficient to cover about four months of imports.
“Inflation surged to a peak of 54.13% in 2022 before declining to 23.84% by the end of 2024. The cedi experienced significant depreciation, reaching approximately GH₵14 to a dollar by December 2024, representing a 19.7% drop. Gross international reserves stood at about $9.3 billion, covering four months of imports. Meanwhile, the bank’s equity position weakened, recording a negative GH₵64.34 billion in 2023, improving slightly to negative GH₵61 billion in 2024,” he explained.
Afful emphasized that the 2025 financial outcome should be viewed as part of ongoing policy interventions rather than an isolated performance issue. “Given these considerations, the 2025 outcomes must be understood as the continuation of deliberate and necessary policy interventions aimed at stabilizing the economy,” he added.
