Ahiagbah, Bank of Ghana is policy-insolvent

The Director of Communications of the New Patriotic Party, Richard Ahiagbah, has stated that the Bank of Ghana is now policy-insolvent due to its growing financial losses. According to him, the central bank can no longer finance its core monetary operations from its own income. In a post on X, he contrasted past and current figures, noting that while a GH¢9 billion loss under Nana Akufo-Addo was heavily criticised, losses under John Dramani Mahama have reportedly risen to about GH¢44 billion, with negative equity exceeding GH¢90 billion. His comments come as the Bank of Ghana reported an operational loss of GH¢15.6 billion in its latest financial statement, the second-highest since the cedi redenomination in 2008. The report also revealed a GH¢9.05 billion loss from the Domestic Gold Purchase Programme in 2025, up from GH¢5.66 billion in 2024. The losses were attributed to differences between acquisition costs and sale proceeds of gold, along with related operational expenses. During the year, the central bank purchased over 2.9 million fine ounces of doré gold and sold nearly the same amount, leaving a closing balance of 9,283 fine ounces by the end of December 2025. Interest earned on gold deposits stood at GH¢0.047 billion. Under the Gold-for-Oil programme, gold sales recorded a net loss of GH¢0.544 billion, although oil trading activities generated a net gain of GH¢0.341 billion. The report noted that overall outcomes were influenced by market prices, trading margins, and operational costs. The Gold-for-Oil programme was discontinued in March 2025.