The Majority in Parliament has criticised the Akufo-Addo administration for what it describes as its failure to achieve macroeconomic stability, despite the Bank of Ghana recording cumulative losses of over GH₵80 billion between 2022 and 2024.
Speaking to journalists, the Chairman of Parliament’s Economy and Development Committee and Member of Parliament for Amenfi West, Eric Afful, outlined the economic conditions that, in his view, explain the Bank of Ghana’s GH₵15.6 billion loss recorded in 2025.
According to him, the substantial operational losses during the period did not translate into stronger economic fundamentals, as inflation remained elevated, the cedi continued to depreciate, and international reserves were only sufficient to cover about four months of imports.
“Inflation surged at the peak of 54.13 % in 2022 before declining to 23.84 % by the end of 2024. The Ghana cedi experienced significant depreciation, reaching approximately GH₵14 to a dollar by December 2024, representing a depreciation of about 19.7%.
“Gross international reserves stood at about $9.3 billion in 2024, covering four months of import cover of goods and services. At the same time, the bank’s equity position weakened. We recorded a negative GH₵64.34 billion in 2023, improved slightly to a negative GH₵61 billion in 2024,” he explained.
He argued that, in this context, the 2025 financial outcome should be seen as part of ongoing policy interventions aimed at stabilising the economy rather than an isolated performance issue.
“Given these considerations, the 2025 outcomes must be understood as the continuation of a deliberate and necessary policy intervention,” he added.
BoG: Cost of printing currency reduces by 72% as cash in circulation jumps to ¢83.8bn
