Tano North MP Dr Gideon Boako has criticised the Governor of the Bank of Ghana, accusing him of political posturing over the institution’s recently published 2024 financial results.
In a strongly worded Facebook post, Dr Boako, a former presidential economic adviser and Member of Parliament for Tano North, took on the Bank of Ghana Governor Johnson Asiamah, as he questioned the Bank’s GH¢9.49 billion operating loss for 2024, describing them as “disingenuous” and “needlessly politicised.”
The Bank of Ghana had attributed part of its financial difficulties to the government’s Gold-for-Oil programme, citing exchange rate losses of GH¢1.82 billion.
However, Dr Boako argued that central banks globally are not structured to make profits and that blaming government programmes was a misrepresentation of standard central banking functions.
“It is not out of place for a central bank to record losses, especially when those are tied to operations,” Dr Boako wrote. “Central banks provide public goods—currency, price, and financial stability. These services aren’t billed to the public, yet they require financing.”
OMO to Blame?
Dr Boako pointed to Open Market Operations (OMO)—the central bank’s tool for managing liquidity and inflation—as the principal source of the losses. He said data suggests nearly 91% of the Bank’s reported losses stem from OMO-related costs.
“These functions are critical for macroeconomic stability. Once we appreciate that, the losses become less controversial,” he added.
Accounting shifts
He also raised concerns about changes to the Bank’s accounting practices, noting that the board had reversed previous International Monetary Fund (IMF)-recommended safeguards by shifting foreign exchange gains and other revaluation items out of the operating account and into Other Comprehensive Income (OCI), in line with the Bank of Ghana Act.
“This change means that while the BoG reported an operating loss, it actually recorded a GH¢4 billion net gain,” Dr Boako said. “Yet the board seemed determined to frame the year’s results as another loss.”
Accountability, not politics
According to the MP, the decision to emphasise the operating loss while sidelining the net gain indicates a deliberate effort to shape public perception against the current management.
He stressed that although the Central Bank still had negative equity—first recorded after the 2022 domestic debt exchange—the 2024 result marked an improvement.
Dr Boako urged the Bank’s leadership to maintain its independence and avoid partisan messaging.
“The negative equity has reduced, which only happens when a profit is made,” he explained.
“The Governor should speak like a central bank governor and not a politician. The facts and accounting identities will always reveal the truth.”
