The Minority Caucus in Parliament has called on the government to immediately implement a series of measures aimed at addressing what it describes as the worsening financial crisis at the Bank of Ghana.
In a statement issued after a press conference held on May 3, 2026, the Minority said the central bank’s actual loss for the 2025 financial year stood at GHS34.9 billion, contrary to earlier denials by the Majority Caucus.
According to the Minority, a proper assessment excluding proceeds from gold sales would push the operating loss to about GHS44 billion.
The caucus noted that the Bank of Ghana later confirmed the GHS34.9 billion loss figure in a set of frequently asked questions released on May 5, 2026.
“We thank the Bank for its candour,” the statement said.
The Minority said it was moving the discussion beyond criticism by offering practical recommendations to restore confidence and stability at the central bank.
Among the key proposals is a demand for a transparent recapitalisation plan based on the memorandum of understanding signed between the Ministry of Finance and the Bank of Ghana. The caucus wants the plan to clearly outline the total recapitalisation amount, annual funding tranches, repayment terms, parliamentary approval requirements, and the strategy for restoring positive equity.
The Minority also urged the government to include the Bank of Ghana’s negative equity position in the country’s medium-term fiscal risk framework, arguing that the issue constitutes either a direct or contingent fiscal obligation.
Another recommendation calls for the publication of a recurring policy solvency measure that excludes one-off gains such as refined gold sales, asset revaluations, and exceptional transactions.
The caucus further demanded stronger disclosure of quasi-fiscal operations, including gold programmes, foreign exchange support interventions, open market operation costs, and government-related receivables.
It also raised concerns over the handling of gold transactions by the central bank, particularly the reported sale of 18 tonnes of gold reserves.
“The secrecy that surrounded the sale of 18 tons of gold reserves remains a matter of grave concern,” the statement stressed.
The Minority additionally called for consistency in the treatment of the Domestic Debt Exchange Programme’s impact on the Bank of Ghana across public debt statistics, fiscal accounts, and the central bank’s financial statements.
It further recommended an independent technical review of what it described as non-standard accounting treatments involving foreign exchange gains and losses, monetary gold accounting, IMF-related off-balance-sheet treatment, and government receivable recognition.
The caucus also cautioned against any move to weaken restrictions on central bank financing of government expenditure.
According to the statement, advice by the International Monetary Fund for amendments to the Bank of Ghana Act to permit monetary financing could have damaging consequences for the economy if left unchecked.
The Minority further proposed the creation of a quarterly fiscal-risk dashboard to track central bank equity, government liabilities, recapitalisation progress, gold-related receivables, and contingent liabilities.
It urged the government to stop politicising the issue and focus on implementing the recommendations to stabilise the Bank of Ghana.
The caucus added that its recommendations had already been submitted to the IMF review team currently in Ghana for the country’s programme assessment.
