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Isaac Adongo replies Kojo Oppong Nkrumah over Bank of Ghana loss claims
The Ranking Member on Parliament’s Finance Committee, Isaac Adongo, has responded to claims by the Minority in Parliament that the Bank of Ghana recorded losses of about GH¢44 million under the National Democratic Congress (NDC) administration.
Mr. Adongo’s response follows a press conference addressed by Kojo Oppong Nkrumah and members of the Minority at Parliament House on Sunday, May 3, 2026.
At the press conference, the Minority accused the Bank of Ghana, Governor Dr. Johnson Asiama and the NDC government of mismanaging the economy and worsening the financial condition of the central bank.
The Minority argued that the reported losses at the Bank of Ghana showed signs of poor economic management under the current administration and questioned the direction of the central bank under Dr. Asiama’s leadership.
But reacting to the accusations in an interview with Edem Mensah-Tsotorme, Online Editor of ghanaiantimes.com.gh , Mr. Adongo said the New Patriotic Party (NPP) had no moral authority to criticize the current management of the central bank because the Bank of Ghana recorded far bigger losses under the previous administration.
“Under the NPP, the Bank of Ghana suffered its worst ever loss of GH¢55 billion in one year,” he said.
According to the Bolgatanga Central MP, the 2022 financial statements published in 2023 showed that the central bank recorded losses of about GH¢55 billion, while its negative net worth stood at about GH¢61 billion when the NDC government assumed office.
He further alleged that additional costs linked to the financial sector cleanup were transferred to the central government budget to conceal the actual financial state of the Bank of Ghana.
“If we were to add all of that, we really would have been around close to GH¢90 billion in negative net worth by the time we took over office,” he stated.
Mr. Adongo also accused the previous administration of hiding the real fiscal burden of the banking sector cleanup through accounting arrangements in the national budget.
According to him, the current administration and the Bank of Ghana have instead focused on stabilizing the economy through policies aimed at increasing foreign exchange inflows and reducing pressure on the cedi.
He explained that government used gold exports through the Gold Board to generate foreign exchange for the economy.
According to him, the initiative brought in an average of one billion dollars every month, helping stabilize the forex market and strengthen the cedi.
He said the improved forex situation reduced speculative demand for dollars and contributed to the appreciation of the local currency.
“We ended up the year with about 40.7 percent strengthening of the cedi,” he stated.
Mr. Adongo added that the stronger cedi had also helped reduce inflation and interest rates, bringing relief to businesses and consumers.
He praised President John Dramani Mahama for appointing Dr. Asiama as Governor of the Bank of Ghana.
According to him, the President identified Dr. Asiama as the right person to manage the central bank after assessing the country’s economic challenges.
“He saw Dr. Asiama as the best and safer hand to manage the bank,” Mr. Adongo added.
By: Jacob Aggrey
The family of Ambassador James Victor Gbeho, a distinguished statesman and diplomat, has paid a courtesy call on President John Dramani Mahama. They officially informed him of his passing.
The delegation, representing the Gbeho family, noted that it was culturally and diplomatically important to formally notify the President of the loss before making a public announcement of his death.
Ambassador Gbeho was a towering figure in Ghanaian and international politics. He served in many diplomatic missions, including New York. He was Ghana’s Minister for Foreign Affairs, a Member of Parliament for the Anlo constituency, and President (formerly Executive Secretary) of the ECOWAS Commission.
He was widely respected for his role in regional integration and his contributions to global diplomacy at the United Nations.
President Mahama expressed his condolences and shared reflections on Ambassador Gbeho’s contributions to the country, West Africa and the world.
Funeral details will be announced later.
The Minister for the Interior, Muntaka Mohammed-Mubarak, has revoked all firearm permits in Ghana with immediate effect and announced a new registration process for all gun owners.
The minister made the announcement on Tuesday, June 23, at the information service department saying all individuals who currently hold licences to own firearms or sidearms must undergo a fresh registration process.
“From this afternoon, all permits that have been granted to any individual that you are holding a sidearm or firearm is hereby revoked,” Mr Muntaka said.
He explained that the government had identified gaps in the country’s firearm registration system and needed to introduce stricter measures to improve public safety.
“We are opening the window where everyone will have to come forward again to register or re-register the gun because we’ve changed the procedure,” he stated.
According to him, the government decided not to wait until the end of the year to make the changes because lives could still be saved within the next six months.
The Interior Minister said one of the new requirements would be mandatory mental health screening for applicants seeking firearm licences.
“We’ve seen that people with mental health have already gone through and have the sidearm. Now we are introducing mental health. Before we give you the sidearm, we have to be sure that you have the mental stability to hold the firearms,” he said.
Mr Muntaka also announced that applicants would be required to undergo drug tests before being granted licences.
“We’ve also realised that people who are on drugs are also holding their arms and they are legitimate because it’s been registered. Now you have to go through drug tests to be sure that you are not on drugs before you can hold sidearms,” he added.
The minister said the new measures form part of efforts by the government to tighten firearm control and prevent legally registered weapons from falling into the wrong hands.
He urged all firearm owners to cooperate with the new registration process once details of the exercise are announced.
By: Jacob Aggrey
