Dr. Mohammed Amin Adam, former Finance Minister and Member of Parliament for Karaga, has questioned the Bank of Ghana's (BoG) accounting for a GHS 9.05 billion loss. This loss is linked to Ghana’s gold purchase programme in 2025, raising concerns about the central bank's financial reporting.
Dr. Adam highlighted a significant discrepancy between the BoG's reported loss and the International Monetary Fund's (IMF) estimated full economic cost of GHS 22 billion. He identified two main factors explaining this gap: a GHS 5 billion recapitalisation bond and GHS 7.99 billion in 'paper gains' recognised as income. These 'paper gains' were unrealised profits from gold bought in 2023 and 2024 under the previous government.
This scrutiny of the Bank of Ghana's financial statements comes at a critical time for Ghana's economy. The nation is working to restore macroeconomic stability and investor confidence following a period of high inflation and debt. Transparent and accurate financial reporting from key institutions like the central bank is essential for these efforts. The BoG's financial health directly impacts its ability to manage monetary policy and support the government's economic agenda.
Dr. Amin Adam stated that the GHS 7.99 billion represented unrealised gains accumulated on gold purchased earlier. He explained that these gains were released and recognised as income when the Bank sold 22.24 tonnes of reserve gold in October 2025 for US$3.02 billion. He further noted that the Bank's gold-related losses would have been much larger without this GHS 9.57 billion gain from gold sales, which was its largest income source that year.
The implications of this accounting method are substantial for the Bank of Ghana's financial standing. Dr. Adam argued that removing this GHS 7.99 billion accounting reclassification would drastically alter the central bank's solvency. He calculated that the BoG's preferred measure of financial strength would shift from a positive GHS 5.50 billion to a negative GHS 2.49 billion. This change would also worsen total equity from a negative GHS 61.32 billion to a negative GHS 96.28 billion.
Dr. Adam firmly rejected any attempts to dismiss these concerns as mere valuation effects. He stressed that if a valuation gain is considered real enough to reduce a loss, then a valuation loss cannot be simply ignored as unreal. This perspective underscores the importance of consistent and transparent accounting principles, especially for a central bank. Stakeholders, including the IMF and financial markets, will closely monitor how the Bank of Ghana addresses these questions. The central bank's response will be crucial for maintaining trust in its financial reporting and overall economic management. This situation highlights the ongoing need for robust oversight and clear communication regarding public financial institutions.