The Member of Parliament for Tano North, Gideon Boako, has cautioned against describing the Bank of Ghana as a loss-generating institution, stressing that although the central bank is not established to make profits, it must also not be allowed to run unsustainable losses.

Speaking on The Point of View on Channel One on Wednesday, May 6, 2026, Boako said the growing losses of the central bank should be a concern for all Ghanaians.

“The BoG is not a regular bank. People have said it is not profit-making. We must also admit that it is not a loss-making machine,” he stated.

BoG statement lends credence to Oppong Nkrumah's GH¢34bn loss claim

According to him, the fact that central banks are not primarily set up to make profits does not mean they are meant to consistently record losses.

“The fact that the central bank’s core mandate is not to make profit is not also to suggest that the central bank is supposed to make losses,” he reiterated.

He warned that efforts to address the country’s economic challenges should not weaken the central bank to the point where it is unable to perform its critical functions.

“In our attempt to solve the problems of the country, we must not get the central bank on its knees. If we do that, tomorrow the central bank will not be in existence to address the challenges we want it to address,” he cautioned.

“That is why the magnitude of the losses should be of concern to all of us,” he added.

Boako further emphasised the need to ensure that the Bank of Ghana remains financially and operationally strong enough to carry out its mandate effectively.

SO/MA