In the early hours of May 1, 2026, the Bank of Ghana released its 2025 financial statements, hours after the NDC Majority Caucus preempted the release by publicly disclosing portions of the accounts in a press briefing on April 30, 2026.

Following the release, JoyNews Research Analyst, Caleb Ziblim, reviewed the statements and produced a preliminary analysis explaining how the Bank’s sale of nearly half of Ghana’s gold reserves in November and December 2025 significantly reduced the loss position.

Without the roughly ¢9.5 billion profit from the gold sale, the Bank’s losses could likely have exceeded ¢25 billion, further weakening its balance sheet and deepening concerns about its ability to sustainably absorb the cost of open market operations.

The analysis also points to what appears to be a frontloading of stabilization and intervention costs into the 2025 financial year, potentially creating some room for the central bank to stabilize its books in subsequent years.

Watch Caleb break down the numbers: