The Majority called BoG losses criminal in opposition and call them stability costs in government.
In Ghana's ongoing negotiation between political power and institutional accountability, former Deputy Finance Minister Abena Osei-Asare has raised a question older than any single party: do the standards we demand of others apply equally to ourselves when we hold the reins? The Bank of Ghana's 2025 loss of GH¢15.63 billion — worse than the figures that once drew protest marches and resignation ultimatums from the now-governing NDC — has become a mirror in which the distance between opposition rhetoric and governing conduct is plainly visible. What is at stake is not merely a central bank's balance sheet, but the credibility of accountability itself as a principle rather than a weapon.
- The Bank of Ghana's losses have deepened sharply — from GH¢9.49bn in 2024 to GH¢15.63bn in 2025 — while negative equity has surged past GH¢93bn, signaling a worsening crisis at the institution meant to anchor Ghana's monetary system.
- Osei-Asare's accusation cuts to the bone: the NDC once demanded resignations within 21 days over smaller losses, launched an 'Occupy BoG' campaign, and called the central bank mismanaged — now, holding power, they call the same kind of losses a 'cost of stability.'
- The fiscal consequences are not abstract — taxpayers face a government-funded recapitalization of the central bank stretching from 2026 to 2032, meaning today's losses are quietly becoming tomorrow's public burden.
- Osei-Asare is pushing for urgent parliamentary briefings from the BoG Governor, the Finance Minister, external auditors, and senior Bank officials, insisting that operational continuity cannot serve as a shield against financial scrutiny.
- The story is now landing as a test of institutional integrity — whether Ghana's accountability standards are principles that endure across governments, or tools that parties wield only when convenient.
Abena Osei-Asare, former Deputy Finance Minister and current chair of Parliament's Public Accounts Committee, has accused the governing NDC of applying one standard to Bank of Ghana losses in opposition and an entirely different one in power.
The occasion is the central bank's 2025 financial results, which show a loss of GH¢15.63 billion — up from GH¢9.49 billion the year before — and negative equity that has ballooned from GH¢58.62 billion to GH¢93.82 billion. These are not marginal shifts; they represent a deepening crisis at the institution responsible for Ghana's monetary stability.
Osei-Asare's case rests on a stark contrast. When the Bank of Ghana disclosed a GH¢60.8 billion loss for 2022, NDC leaders called it mismanagement, demanded resignations within 21 days, and sustained public pressure through an 'Occupy BoG' campaign. Now, with larger losses on the books and the NDC in government, party figures are framing the GH¢15.63 billion figure as a 'cost of stability' — routine, not alarming. 'The Majority called BoG losses criminal in opposition and call them stability costs in government,' Osei-Asare wrote, distilling the reversal into a single sentence.
She pressed the logical consequence: if GH¢55.1 billion in negative equity warranted nationwide protests three years ago, what does GH¢93.82 billion warrant today? The numbers have moved in the wrong direction. She also grounded her critique in fiscal reality — the Bank's own disclosures confirm that government will need to recapitalize the central bank through a phased program running to 2032, meaning current losses will translate into future taxpayer obligations.
Osei-Asare has called for urgent parliamentary briefings from the BoG Governor, the Finance Minister, external auditors, and senior Bank officials. The deeper question her intervention poses is whether Ghana's institutions can hold accountability to a consistent standard — one that does not bend to the political identity of whoever happens to be governing.
Abena Osei-Asare, who served as Deputy Finance Minister and now chairs Parliament's Public Accounts Committee, has leveled a sharp accusation at the governing National Democratic Congress: the party is applying one standard to Bank of Ghana losses when it sits in opposition and another entirely when it holds power.
The trigger is the central bank's 2025 financial results, released this week. The Bank of Ghana reported a loss of GH¢15.63 billion for last year, a jump from GH¢9.49 billion in 2024. More troubling, its negative equity—the measure of how deeply underwater the institution sits—has ballooned from GH¢58.62 billion to GH¢93.82 billion. These are not small movements. They represent a deteriorating financial position at an institution meant to anchor the country's monetary system.
Osei-Asare's complaint, posted to Facebook on Sunday, May 3, centers on what she sees as naked inconsistency. In 2023, when the Bank of Ghana disclosed a GH¢60.8 billion loss for 2022 and negative equity of GH¢55.1 billion, NDC leaders were unsparing. They called the central bank mismanaged. They demanded resignations—specifically, resignations within 21 days. They framed the matter as a crisis of governance and public accountability. The party even launched what it called an "Occupy BoG" campaign, keeping the pressure public and sustained.
Now, with the NDC in government and fresh losses on the table, the tone has shifted entirely. Party figures are defending the GH¢15.63 billion loss as a "cost of stability"—a necessary expense, in other words, not a failure. The matter is being treated as routine, not as a governance emergency. Osei-Asare finds this indefensible. "The Majority called BoG losses criminal in opposition and call them stability costs in government," she wrote, capturing the reversal in a single sentence.
She pressed the point directly: Does the 21-day resignation standard apply only when the NDC is outside government? If negative equity of GH¢55.1 billion warranted nationwide protests three years ago, why does GH¢93.82 billion warrant a shrug today? The numbers have worsened, not improved. The stakes, if anything, are higher.
Osei-Asare also anchored her critique in fiscal reality. The Bank of Ghana's own disclosures indicate that the government will need to restore the central bank's capital base through a phased recapitalization program running from 2026 to 2032. That means today's losses will eventually become tomorrow's burden on taxpayers—either through direct government spending, new debt instruments, or trade-offs elsewhere in the budget. "Operational continuity is not a defence against financial accountability," she argued, rejecting the implicit suggestion that keeping the central bank running smoothly somehow exempts it from scrutiny over how it lost money.
Osei-Asare has now called for urgent parliamentary briefings from the Bank of Ghana's Governor, the Finance Minister, external auditors, and relevant Bank officials. The question before Parliament's finance committees is whether the standards for accountability shift depending on which party is in power—or whether they hold steady regardless. The answer will say something important about how Ghana's institutions actually function when the stakes are real.
Notable Quotes
Operational continuity is not a defence against financial accountability— Abena Osei-Asare
Does the 21-day resignation test apply only when the NDC is outside government?— Abena Osei-Asare
The Hearth Conversation Another angle on the story
Why does Osei-Asare think this matters now, when the Bank of Ghana has been in trouble for years?
Because the NDC spent years demanding accountability when they were outside power, and now they're defending the same kind of losses as inevitable. That's not about the Bank—it's about whether standards apply equally.
But couldn't the NDC argue that the 2025 loss is genuinely different—maybe a one-time cost of stabilizing the system?
They could argue that. But Osei-Asare's point is that they didn't give the previous government that courtesy. They called it criminal. They demanded resignations in 21 days. You can't flip the standard just because you're now the ones being scrutinized.
What's the actual fiscal consequence here? Does this loss matter to ordinary Ghanaians?
Yes. The Bank needs recapitalization through 2032, which means government money—taxpayer money—will have to go toward fixing this. That's real. It's not abstract accounting.
Is there a chance the current government is right and the losses are just a cost of doing business?
Maybe. But that's exactly the conversation that should happen in Parliament, with full briefings and scrutiny. Osei-Asare isn't saying the losses are wrong—she's saying they deserve the same level of examination they got before.
What happens if Parliament doesn't push back?
Then you've established that accountability standards depend on which party is in power. That's a dangerous precedent for any institution trying to maintain credibility.