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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 Ranking Member on Parliament’s Finance Committee and the member of parliament for Bolgotanga Constituency , Isaac Adongo, has defended the Governor of the Bank of Ghana, Dr. Johnson Asiama, describing him as the right person to manage the country’s central bank.
According to Mr. Adongo, Ghana would have faced a difficult situation if the National Democratic Congress (NDC) had not won the 2024 elections and Dr. Asiama had not been appointed governor.
Speaking in an interview with Edem Mensah-Tsotorme, Online Editor for ghanaiantimes.com.gh, Mr.Adongo said the opposition New Patriotic Party (NPP), including Kojo Oppong Nkrumah, only wanted to remain relevant within their party.
“Well, the NPP and Kojo Oppong Nkrumah have a job to do. They want to remain relevant in their party. I don’t begrudge them,” he said.
Mr. Adongo praised President John Dramani Mahama for appointing Dr. Asiama as Governor of the Central Bank after returning to power.
He explained that the President carefully assessed the country’s economic challenges while in opposition and chose Dr. Asiama as the best person for the role.
According to him, the governor has so far shown strong leadership at the central bank.
“I’m not saying this because I work closely with him, but sitting on the board with him, his leadership is on par,” he stated.
The lawmaker further noted that the governor understands the concerns of Ghanaians, especially regarding the rising cost of living and economic pressures.
He said government had already done the “heavy lifting” in stabilizing the economy and would now reassess some of its policies to reduce pressure on public finances.
Mr. Adongo expressed optimism that the country would not witness the same level of government expenditure from 2026 onwards.
“We’ll go back to the drawing board and consider the fiscal implications of some of the actions we have taken. I believe that from 2026, we will not see the same magnitude of expenditures,” he added.
By: Jacob Aggrey
The Ministry of Tourism, Culture and Creative Arts has clarified that it did not approve or endorse the recent Karnival Kingdom Festival held in Accra.
In a statement issued on May 7, 2026, the ministry said it did not receive any proposal, request for approval or official communication concerning the organisation of the event.
According to the ministry, it was also unaware of the processes through which the festival was allegedly approved to take place in Ghana.
“The Ministry wishes to state unequivocally that it neither endorsed, sanctioned nor authorised the staging of the event,” the statement said.
The clarification follows public criticism and discussions on social media over activities associated with the festival, including the circulation of what many described as culturally unacceptable content.
The ministry acknowledged concerns raised by sections of the public and various stakeholders regarding the conduct and nature of the event.
It explained that as the supervisory institution for the tourism, culture and creative arts sector, it expects all organisers of public festivals and entertainment events to follow established regulatory procedures and engage the relevant state institutions before holding such activities.
The ministry therefore urged organisers of tourism, cultural, entertainment and recreational events to obtain the necessary approvals before staging programmes in the country.
According to the statement, the ministry remains committed to promoting tourism and cultural activities that respect Ghana’s laws, values and cultural identity.
It added that the country’s reputation as a safe and culturally respectful destination must be protected at all times.
By: Jacob Aggrey
