The Majority in Parliament has publicly criticised the Akufo-Addo administration for what it describes as a failure to achieve macroeconomic stability, pointing to the Bank of Ghana’s cumulative losses of over GH₵80 billion between 2022 and 2024 as evidence of persistent economic challenges.
Addressing journalists, Eric Afful, Chairman of Parliament’s Economy and Development Committee and Member of Parliament for Amenfi West, outlined a series of economic hurdles that, in his view, have contributed to the central bank’s reported loss of GH₵15.6 billion in 2025. He argued that despite these significant operational losses, the country’s economic fundamentals remain weak.
“Inflation surged to a peak of 54.13% in 2022 before easing to 23.84% by the end of 2024. The Ghana cedi continued to depreciate, reaching approximately GH₵14 to a dollar by December 2024, a depreciation of about 19.7%,” Afful stated. He further noted that gross international reserves were only sufficient to cover around four months of imports, standing at $9.3 billion in 2024.
Afful also highlighted the central bank’s deteriorating equity position, revealing that negative equity stood at GH₵64.34 billion in 2023, improving only marginally to negative GH₵61 billion in 2024. “Despite all these losses, we have not seen a corresponding improvement in the economy’s fundamentals,” he remarked.
He argued that the losses recorded in 2025 should not be viewed in isolation but rather as part of ongoing policy interventions intended to stabilise the economy. “Given these considerations, the 2025 outcomes must be understood as the continuation of a deliberate and necessary policy intervention,” Afful explained.
The Majority’s critique comes at a time of heightened scrutiny over the government’s economic management, with many stakeholders calling for renewed efforts to address inflation, currency depreciation, and the central bank’s financial health.
Source: Apexnewsgh.com