Gideon Boako vindicated as BoG announces huge operational losses
Gideon Boako has been vindicated following the Bank of Ghana's announcement of operational losses exceeding GH¢15.6 billion. Dr. Boako warned in January 2026 that the Bank of Ghana's audited accounts would reveal deeper losses linked to the GoldBod programme than the $214 million already flagged by the International Monetary Fund. The Bank of Ghana's 2025 accounts, published on Thursday, April 30, 2026, showed that the institution recorded another substantial operating loss for the year.
The IMF's Fifth Review report highlighted $214 million in GoldBod-related trading losses up to the third quarter of 2025. Dr. Boako argued that a second and larger stream of losses would emerge. He said, "The losses are coming from two streams. The $214 million loss is from GoldBod's trading activities. But there is another leg of the loss that will come up in the BoG's audited accounts, and it will be higher." He explained that the Bank of Ghana was operating a multiple exchange rate system where reserve gold was acquired at Bloomberg market rates but held at a lower internal valuation.
Following the release of the report, Dr. Boako wrote on his X page: "I hear the long-awaited Bank of Ghana something something is out but the PR is championed by the NDC Majority in Parliament rather. Ah! Why? Do you remember my prediction on the BoG loss a few months ago?"
Quick Summary
Dr. Gideon Boako, MP for Tano North, previously raised concerns about the Bank of Ghana's financial dealings- specifically regarding the GoldBod program. The central bank has now released its delayed 2025 audited financial statements, but what do they reveal?
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