By Clement Akoloh
The Majority Caucus has rejected the Minority’s GHS 44bn “collapse” narrative, saying BoG’s 2025 results are “the cost of stabilisation” and the benefits are already in the market.
“Don’t Just Debate — Go Verify the Prices”
Responding to claims that “stability of numbers doesn’t match stability of livelihoods,” the Majority spokesperson on Economy and Development, Dr. Eric Afful said at a press conference in Parliament on Tuesday, May 5, 2026:
“Please take your time and go to various markets in the country… Go and do your own research. Go and compare the prices. In 2024 especially the food basket. Go there. You see the difference. Go to a construction industry. You see the difference.”
He pointed out the sustained disinflation from 23.8% → 5.4% → 3.2% by March 2026 is real and visible in food and construction costs. “You can’t just throw this into the public… Go there. Take your pen and paper… objectively.”
On Sterilization & “Wealth Transfer to Banks”
Minority argued GHS 16.7bn OMO and GHS 14.6bn interest paid to banks killed private credit. Majority countered this when Hon. Dr. Eric Afful, the Chairman of the Economy and Development Committee, Hon.Dr. Eric Afful said:
“They’re talking about liquidity… The government is even ready to inject more liquidity into the system. Now go to the commercial. With fifteen percent interest rate. What does it mean? It means that the government is not borrowing.”[banks]
“The commercial banks are holding their money. They don’t know where to invest. So they’ll like to come to you. Your businesses. See areas which is free from risk. They’ll come to you and give you the loan… put you more liquidity. And the more money get the hands of people, business will grow into increased employment.”
His argument is that Sterilization worked. Inflation fell, cedi strengthened 42%, and now lending rates are down to ∼15%. Gov’t borrowing less so banks are forced to lend to private sector. Credit should rise, not fall.
“Loss = Cost of Stabilisation, Not Insolvency”
Sammy Gyamfi, GoldBod CEO, on Newsfile May 2:
“The Bank of Ghana has not made any losses. What has been described as a GHS 15.6bn loss is largely the cost of stabilisation.”
Reason: Cedi appreciation in 2025 reduced value of FX assets in cedi terms → accounting losses. In 2024 when cedi weakened, BoG booked gains. “Without this revaluation effect, the central bank’s losses would have remained closer to the previous year’s figure of about GHS 9 billion.”
Atta Issah, MP Sagnarigu, added: Combining GHS 15.6bn operating loss + GHS 19.3bn “other comprehensive income” + GHS 9.6bn gold to get GHS 44bn is “incorrect accounting.” Negative equity of GHS 93bn dates to 2022 DDEP, not 2025. “Central bank solvency is not commercial bank.”
On Process & Politicisation
Kojo Oppong Nkrumah had accused NDC of bypassing Parliament by announcing BoG’s accounts politically: “That is why we are warning the governor and the president that the involvement of politics in the dealings of BoG could collapse the bank.”
Majority counters that BoG’s statements were “externally audited, fully disclosed, compliant.” Prof. Peter Quartey commended BoG for “being open about its financial position.”
Results Majority Is Pointing To:
- Inflation: 23.8% → 5.4% → 3.2% by March 2026
- Cedi: 42% appreciation, strongest performer globally
- Reserves: 111 tonnes gold accumulated vs <1 tonne in 2021
- Lending rates: Falling toward ∼15% as gov’t reduces domestic borrowing
- Policy solvency margin: Positive GHS 5.5bn
Source: parliamentnews360.com
