Member of Parliament for Tano North, Gideon Boako, says recent financial disclosures by the Bank of Ghana have vindicated his earlier warnings about the central bank’s exposure to losses linked to the Ghana Gold Board (GoldBod) programme.
The Bank of Ghana’s 2025 audited financial statements, released on Thursday, April 30, reportedly showed operational losses exceeding GH¢15.6 billion after the central bank secured an extension to its statutory reporting deadline from Finance Minister Cassiel Ato Forson.
Dr Boako, who also serves on Parliament’s Finance Committee, had argued in January 2026 that the central bank’s audited accounts would reveal losses beyond the US$214 million already highlighted by the International Monetary Fund (IMF) in relation to GoldBod’s gold-for-reserves programme.
At the time, the lawmaker maintained that the losses were emerging from two separate streams. “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 stated.
He further claimed that the Bank of Ghana’s reserve management approach was contributing to the problem, alleging that the central bank was operating a multiple exchange rate system. According to him, gold purchased at international market rates was being held at an artificially lower valuation, resulting in exchange losses when audited. “The IMF report has said this is not good and will continue to cause more losses,” he said.
Dr Boako argued that the losses were structural rather than operational failures of GoldBod itself, insisting they were tied to exchange rate policy decisions. He stressed at the time that the issue had been flagged directly in the IMF review and was not merely a political argument from the Minority.
Following the release of the financial statements, the NPP legislator took to social media to reiterate his position.
“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?” he questioned in a post on X.
