The delayed release of the 2025 annual accounts by the Bank of Ghana is drawing increased scrutiny from investors, analysts and development partners, despite assurances from the central bank that publication is imminent.
Governor Johnson Asiama has indicated that the accounts are “well advanced” and will be released soon. However, the delay—now extending beyond the institution’s typical reporting window—has sparked questions about transparency at a time when confidence in Ghana’s economic recovery remains fragile.
Historically, the central bank has maintained a consistent reporting schedule, often publishing its annual accounts between late March and early May. In recent years, including the period of Ghana’s domestic debt restructuring, the accounts were released within this timeframe. The current delay therefore marks a notable departure and has fueled speculation about the central bank’s financial position.
Market participants say timely disclosure is critical, particularly given expectations that the accounts will reveal another year of significant losses linked to policy interventions aimed at stabilizing the economy.
Central bank losses are not unusual, especially during periods of economic stress. Globally, institutions such as the European Central Bank and the Federal Reserve have reported similar outcomes following aggressive monetary tightening and market support measures.
In Ghana’s case, anticipated losses are likely to stem from liquidity support to banks, exchange rate interventions to stabilize the cedi, and the lingering effects of the domestic debt restructuring programme. Interest rate dynamics—where the central bank pays more on its liabilities than it earns on assets—are also expected to contribute.
The issue, analysts say, is less about the losses themselves and more about how they are communicated.
“The numbers matter, but transparency matters more,” said a treasury manager at a commercial bank in Accra. “Delays create uncertainty, and uncertainty affects investor confidence.”
The International Monetary Fund programme adds another layer of sensitivity. Ghana’s fiscal consolidation efforts depend heavily on maintaining credibility with external partners, making timely and clear financial reporting essential.
While the central bank insists the delay is due to ongoing audit processes, the episode highlights the importance of consistent disclosure practices in sustaining trust.
Investors and analysts will be watching closely when the accounts are released, not only for the scale of the losses but also for the clarity of the narrative explaining them.
By: Toma Imirhe / businesspostonline
