BoG

Tano North MP Dr. Gideon Boako has denied claims about the Bank of Ghana's (BoG) 2024 losses. He is also the Deputy Ranking Member of Parliament’s Finance Committee.

Dr. Boako stated that the losses are mainly due to operational functions. He highlighted issues with Open Market Operations (OMO) and a change in accounting policy approved by the BoG board.

In a statement on Thursday, he explained this accounting shift. It moved exchange losses, gold revaluation, and asset movements from operating accounts to Other Comprehensive Income (OCI). He described this change as politically motivated.

“The new board was unwilling to acknowledge a profit,” he said. They reported an operating loss but showed a gain in OCI.

Dr. Boako argued that despite reporting a loss, BoG's negative equity has decreased. This suggests financial recovery rather than failure.

“In 2023, BoG incurred a loss that added to negative equity,” he noted. “However, in 2024, although there was another loss, negative equity decreased.” He believes this narrative of ongoing mismanagement is misleading.

He cautioned against politicized interpretations of financial data. He called for consistency in accounting principles moving forward.

“This change in accounting policy must apply to 2025,” he concluded. Dr. Boako urged for transparency and professionalism in future reports from the Bank.