The Member of Parliament for Tano North, Dr. Gideon Boako, has once again been vindicated following recent announcement by the Bank of Ghana about its operational losses amounting to over GH¢15.6 billion.
When Dr. Gideon Boako, who is also a member of Parliament’s Finance Committee, warned in January 2026 that the Bank of Ghana’s audited accounts would reveal deeper losses from the GoldBod programme than the $214 million already flagged by the IMF, he was dismissed in certain quarters as politically motivated.
Today, with the BoG’s long-delayed 2025 audited financial statements released, those warnings have been starkly confirmed.
The Bank of Ghana’s 2025 accounts published on Thursday April 30, 2026, after the central bank secured a statutory deadline extension from Finance Minister Dr. Cassiel Ato Forson, show that the institution posted another significant operating loss for the year.
The disclosure arrives exactly as Dr. Boako had publicly predicted, validating his forensic analysis of the central bank’s structural financial exposure to the Ghana Gold Board’s (GoldBod) gold-for-reserves programme.
In early January 2026, when the IMF’s Fifth Review report under Ghana’s Extended Credit Facility programme was already circulating, Dr. Boako went beyond what the Fund had disclosed.
While the IMF had reported $214 million in GoldBod-linked trading losses through the end of the third quarter of 2025, the NPP legislator insisted there was a second, larger stream of losses yet to surface.
“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 predicted.
He explained that the Bank of Ghana was operating what he described as a multiple exchange rate system, a practice directly criticised by the IMF whereby the central bank acquires reserve gold at Bloomberg market rates but holds that gold in its vault at an artificially appreciated rate some 10 percent lower.
When auditors value those holdings at the lower rate, exchange losses crystallise on the balance sheet.
“The IMF report has said this is not good and will continue to cause more losses,” he stated at the time.
Furthermore, Dr. Boako was explicit that the losses were structural in nature rooted in exchange rate policy,rather than a failure of GoldBod’s operational design.
“This is not something coming from the Minority in Parliament but from the IMF report,” he said, citing the Fund’s own characterisation.
He further argued there was no sugarcoating or explanation that could change the narrative, stressing that the loss is real, and was bound to occur.
Few months down the line, the young economic progeny stands vindicated following the report released by The BoG on Thursday.
The NPP MP took to his X page and posted: “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?”