Kojo Oppong Nkrumah attributes Bank of Ghana's billions in losses to flawed policy decisions
via GhanaWeb2 min read
Kojo Oppong Nkrumah, a leading member of the New Patriotic Party NPP and Member of Parliament for Ofoase-Ayirebi, has attributed the Bank of Ghana's BoG reported billions of cedis in losses to flawed policy decisions, calling for greater transparency and accountability. He stated that the central bank's financial position has not been fully disclosed to the public, noting that losses recorded in 2025 follow a pattern observed in previous years. Oppong Nkrumah highlighted two key factors contributing to the losses: attempts to control inflation through sterilization, which he claims authorities now acknowledge contributed to financial setbacks, and the gold purchase program involving the Bank of Ghana, which he says has led to admitted losses of about GH¢9 billion. He criticized earlier claims of profitability from the gold program, stating current disclosures indicate otherwise. Oppong Nkrumah argued that the NPP's experience in government positions them to offer guidance and expressed concern over attempts to shift the burden of losses away from the central bank. He noted that authorities have begun scaling back some criticized policies, but warned that failure to discontinue these actions could lead to further losses.
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