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The Majority in Parliament has criticised the administration of former President Nana Addo Dankwa Akufo-Addo over what it describes as a failure to achieve macroeconomic stability, despite the Bank of Ghana recording cumulative losses exceeding 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 economic conditions that, in his view, help explain the Bank of Ghana’s GH₵15.6 billion loss recorded in 2025.
According to him, the significant operational losses over the period did not translate into improved economic fundamentals. He noted that inflation remained high, the Ghana cedi continued to depreciate, and international reserves were only sufficient to cover about four months of imports.
“Inflation surged to a 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, improving slightly to negative GH₵61 billion in 2024,” he explained.
He argued that within this context, the 2025 financial outcome should be viewed as part of broader policy efforts to stabilise the economy, rather than as 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.