Oppong Nkrumah warns BoG is on "borrowed time" without urgent recapitalisation

Kojo Oppong Nkrumah warned that the Bank of Ghana (BoG) could be operating on "borrowed time" if urgent steps are not taken to recapitalise the central bank. He spoke on Joy News' The Pulse on Wednesday, May 13. His remarks follow the Bank's reported GH¢15.6 billion loss in the previous financial year.

Mr. Oppong Nkrumah expressed concern over what he described as severe financial stress within the central bank, noting that its balance sheet shows signs of deep vulnerability with a negative capital position of about GH¢96 billion. He said the Bank's current negative net equity places it in a financially unstable position that requires immediate intervention to restore confidence and stability. He also questioned the Bank's reliance on extraordinary measures, including gold sales, which he suggested were being used to support its financial position. He added that recent improvements in the Bank's reported position were driven by one-off transactions rather than sustained operational performance.

Mr. Oppong Nkrumah criticised what he described as inadequate parliamentary scrutiny of key financial interventions, including gold purchase and sale arrangements, which he said have contributed to the reported losses. He maintained that the financial figures point to deeper structural challenges that require urgent and decisive action, adding that the central bank must be stabilised to safeguard economic confidence.