Dr. Gideon Boako, spokesperson for Vice President Dr. Mahamudu Bawumia, has raised concerns over the Bank of Ghana’s (BoG) accounting and reporting approach, which led to the declaration of significant losses for the 2024 financial year.
In a recent statement, Dr. Boako questioned the methodology used by the central bank, suggesting that the reported losses may not accurately reflect its true financial position. He argued that the BoG’s approach deviates from standard accounting practices, potentially misleading the public about the institution's fiscal health.
The BoG had earlier reported substantial losses, attributing them to factors such as currency depreciation, high operational costs, and impairments on government debts. However, Dr. Boako contends that alternative accounting treatments could have presented a more favorable outcome.
“The basis for declaring such losses needs further scrutiny,” he stated. “If the BoG had applied different accounting principles, the results might have told a different story.”
Dr. Boako’s remarks come amid ongoing debates over the central bank’s financial management and transparency. Critics have called for a review of its policies, while supporters maintain that the reported losses reflect genuine economic challenges.
The Bank of Ghana has yet to respond to Dr. Boako’s comments. Analysts await further clarification on the accounting standards used in its financial reporting.
This development adds to the broader discussion on Ghana’s economic governance as stakeholders seek accountability and improved fiscal oversight.
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