The Centre for Democratic Movement has rejected claims that the Bank of Ghana’s reported losses were largely caused by the gold purchase programme, describing such assertions as factually inaccurate and misleading.

Citing published Bank of Ghana financial statements, CDM explained that the central bank recorded total operational losses of GHS9.49 billion for the 2024 financial year, of which only GHS1.8 billion was attributable to the gold purchase programme.

“Any attempt to collapse total annual operational losses into a single gold programme is factually inaccurate and intellectually dishonest,” CDM stated.

The group added that GHS3.49 billion of the total losses arose from revaluation and exchange-rate differences.

According to CDM, misrepresenting the Bank of Ghana’s financial data distorts public understanding and shields decision-makers from accountability.

“Public debate must be anchored in verifiable facts, not exaggerated figures,” the statement said.

The group warned that continued mischaracterisation of official data could erode confidence in public institutions and weaken Ghana’s economic governance framework.