Former Finance Minister Dr Amin Adam has rejected claims that the Bank of Ghana’s GH¢22 billion losses were accounting costs rather than actual financial losses.
The International Monetary Fund (IMF) reported that the Bank of Ghana recorded GH¢22 billion in losses in connection with its Domestic Gold Exchange Programme (DGEP) in 2025. The report attributed part of the losses to valuation effects.
Dr Amin Adam, however, says the argument that the valuation component represents a cashless cost should be reconsidered.
The Karaga Member of Parliament referenced a valuation effect recorded in 2025 which, according to him, worked in favour of the Bank of Ghana.
“In 2025, valuation effects worked in favour of Bank of Ghana. If a valuation gain is real enough to reduce a loss, why do we now think that a valuation loss is irrelevant because Ghana did not lose money?” he asked.
The former Finance Minister also said the IMF was “charitable” to the government in describing part of the losses as valuation costs.
He argued that while some losses arising from exchange-rate movements could legitimately be classified as valuation effects, losses arising from the difference between the rate at which gold was purchased and the rate at which it was subsequently sold should be treated differently.
Dr Amin Adam said the Bank of Ghana purchased gold at market exchange rates but subsequently sold it at a Bank of Ghana reference rate that was below the market rate.
“But while you chose to buy gold at market exchange rates then sell it at the Bank of Ghana reference rate, which is below the market rate, you have occasioned a cash loss. Because if you sold it at the price you bought it, you would not have recorded a loss. This is a cash loss,” he said.