{"id":2788,"date":"2026-07-22T19:59:34","date_gmt":"2026-07-22T19:59:34","guid":{"rendered":"https:\/\/parliamentnews360.com\/?p=2788"},"modified":"2026-07-22T19:59:38","modified_gmt":"2026-07-22T19:59:38","slug":"oppong-nkrumah-slams-bog-over-ghs-16bn-sterilization-loss-demands-transparency-on-reserves","status":"publish","type":"post","link":"https:\/\/parliamentnews360.com\/index.php\/oppong-nkrumah-slams-bog-over-ghs-16bn-sterilization-loss-demands-transparency-on-reserves\/","title":{"rendered":"Oppong Nkrumah Slams BoG Over GHS 16bn Sterilization Loss, Demands Transparency on Reserves"},"content":{"rendered":"\n
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By <\/em>Clement Akoloh<\/p>\n\n\n\n

Accra, July 22, 2026<\/em> <\/p>\n\n\n\n

The Minority in Parliament has accused the Bank of Ghana of pursuing \u201cbad policy choices\u201d that cost the country GHS 16 billion in sterilization losses in 2025, warning that the current economic stability is being built on unsustainable foundations. <\/strong><\/p>\n\n\n\n

Contributing to the debate on the Economy and Development Committee Report on the Conduct of Monetary Policy, Microeconomic Review and Banking Sector Developments, Hon. Kojo Oppong Nkrumah, MP for Ofoase-Ayirebi<\/strong>, said BoG\u2019s excessive sterilization of GHS 93 billion<\/strong> from the economy was responsible for the losses and for current liquidity challenges in the market. <\/p>\n\n\n\n

“Cost of Bad Policy, Not Stability”<\/strong> <\/p>\n\n\n\n

Mister Speaker, the sixteen billion Ghana cedis lost by the Bank of Ghana on sterilization is not enough. It is not enough,\u201d<\/em> Hon. Oppong Nkrumah told the House. He explained that sterilization means \u201cBoG has mopped up money from the system so people don’t have liquidity to do business. That is why today traders are telling you: inflation has come down but goods are on the shelf and people don’t have the liquidity to buy.\u201d<\/em> <\/p>\n\n\n\n

The Ofoase-Ayirebi MP rejected claims by the Majority that the GHS 16bn loss was a \u201ccost of stability.\u201d \u201cIn 2022 inflation was 54%… The NPP government reduced inflation from 54% to 23% before it left office. That was a 31-point drop. We didn\u2019t spend GHS 16 billion to do that. You are bringing inflation from 23% to 5% – that\u2019s only 18 points – and you lose GHS 16 billion and you call that cost of stability? What sort of mathematics is this?\u201d<\/em> he asked. <\/p>\n\n\n\n

Hon. Oppong Nkrumah noted that following Minority pressure, the BoG Governor had announced he would no longer use the sterilization strategy. <\/p>\n\n\n\n

Cedi Appreciation Started in Q4 2024, Not 2025 – Oppong Nkrumah<\/strong> <\/p>\n\n\n\n

On the exchange rate, the former Information Minister accused government of taking credit for cedi gains that began under the previous administration. \u201cRead the 2024 Bank of Ghana report published in 2025 under Governor Asiama. Governor Asiama says that the appreciation started in Q4 2024. It didn\u2019t start on your watch,\u201d<\/em> he said. <\/p>\n\n\n\n

He attributed the gains to forex from the Domestic Gold Purchase Program<\/strong>, and accused government of disguising interventions as \u201cintermediation.\u201d<\/em> He cited GHS 10 billion<\/strong> in interventions in 2024 and asked how much had been done between January and July 2026. \u201cWe are relying on high gold prices and high gold volumes. What happens when those prices go back to the 5-year average? We are living on borrowed time,\u201d<\/em> he warned. <\/p>\n\n\n\n

$1.2 Billion Reserves Gone – Where Did It Go?<\/strong> <\/p>\n\n\n\n

Hon. Oppong Nkrumah also raised concerns over a $1.2 billion drop in Ghana\u2019s gross international reserves<\/strong> according to recent BoG data. \u201cWhat have you used it for? Because you have told us that you are not doing intervention and that it is proceeds from the forex market that you are pumping. So where has the $1.2 billion gone?\u201d<\/em> he demanded. <\/p>\n\n\n\n

He further welcomed the Governor\u2019s decision to stop funding the Gold Board, saying it was \u201can admission that everything we have been saying here in this chamber is true.\u201d<\/em> <\/p>\n\n\n\n

Recommendations<\/strong> <\/p>\n\n\n\n

The MP called for two immediate actions: 1. End excessive sterilization<\/strong> and pursue monetary policy without choking liquidity. 2. Full transparency<\/strong> on how reserves are being used and stop \u201cdepleting them under the guise of intermediation.\u201d<\/em> \u201cIf he follows these recommendations it will bode well for him, for the Bank of Ghana and for the Ghanaian economy,\u201d<\/em> he concluded. <\/p>\n\n\n\n

The House is expecting the Minister of Finance to provide further details on BoG interventions and reserve management during the Mid-Year Budget Review on Thursday, July 23, 2026.<\/p>\n\n\n\n

Source: parliamentnews360.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minority in Parliament has accused the Bank of Ghana of pursuing \u201cbad policy choices\u201d that cost the country GHS 16 billion in sterilization losses in 2025, warning that the current economic stability is being built on unsustainable foundations. <\/p>\n","protected":false},"author":2,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51,1],"tags":[982,1660,1661,1584],"class_list":{"0":"post-2788","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news","8":"category-news","9":"tag-bank-of-ghana","10":"tag-bogs-sterilization-loss","11":"tag-domestic-gold-purchase-programme","12":"tag-hon-kojo-oppong-nkrumah"},"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n