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Isaac Adongo replies Kojo Oppong Nkrumah over Bank of Ghana loss claims
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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
Minister for Education Haruna Iddrisu has questioned why Ghana continues to import toothpicks despite having the resources to produce them locally.
Speaking in Parliament, Mr. Iddrisu, who previously served as Minister for Trade and Industry, said he feels ashamed that the country still depends on imports for such a basic product.
“I have been Minister for Trade and Industry before and I carry the shame. How come that in Ghana we cannot produce toothpicks and we have to import them?” he asked.
According to him, Ghana has enough resources to support local businesses to manufacture products such as toothpicks instead of relying on imports. He said the country should encourage private sector investment in manufacturing to create jobs and reduce dependence on foreign goods.
Mr. Iddrisu alleged that some people who received government support under private sector initiatives failed to use the funds for their intended purpose.
“If you want, Honorable Kojo, because you… I can’t go there. There are people who took money in the name of the private sector and said they were going to farm. That money never went to their farms. You know that,” he told Parliament.
On job creation, the Education Minister said he agreed with the views expressed by a colleague on the need to create more employment opportunities. However, he argued that the One District, One Factory (1D1F) programme did not provide the solution to Ghana’s employment challenges.
Mr. Iddrisu made the remarks during parliamentary proceedings while contributing to discussions on job creation and the country’s industrial development.
By: Jacob Aggrey
New Patriotic Party (NPP) communications officer, Dennis Miracles Aboagye, has dismissed reports linking him to an alleged GH¢55 million case, insisting that no such issue was raised during his detention by the Economic and Organised Crime Office (EOCO).
In a Facebook post after his release from EOCO custody, Mr Aboagye stated that at no point during his detention was he questioned about any GH¢55 million.
“For the records: There was no discussion of any GH¢55 million with me by EOCO. None,” he wrote.
According to him, he was detained for four days, a day after announcing his intention to contest for the position of National Communications Director of the New Patriotic Party.
Mr Aboagye alleged that false narratives were circulated about his arrest but expressed confidence that the truth would eventually prevail.
He thanked NPP supporters who demonstrated and called for his release, saying news of the protests reached him while he was in detention and encouraged him.
Mr Aboagye indicated that the support shown by party faithful strengthened his resolve and reaffirmed his commitment to serve the NPP.
He maintained that his detention had not discouraged him from pursuing his political ambition.
“If the intention was to break me, it has failed. If the intention was to scare me, it has failed spectacularly,” he stated.
Mr Aboagye expressed appreciation to his legal team, the leadership of the NPP and all supporters who stood by him throughout his detention.
He reiterated his determination to lead the party’s Communications Directorate, declaring that he remained “ready to win” and committed to what he described as the party’s mission to “command the narrative.”
By: Jacob Aggrey
