The Bank of Ghana’s 2025 financial statements have received an unmodified audit opinion, but auditors have flagged key risk areas requiring significant judgement, particularly around investment impairments.
In its independent report, auditing firm KPMG stated that, in its view, the central bank’s financial statements “are prepared, in all material respects, in accordance with the basis of accounting described.”
Despite the clean opinion, auditors identified impairment on investment securities as a major audit focus.
The report revealed that as of December 31, 2025, the Bank’s investments at amortised cost stood at over GH¢116 billion, with an expected credit loss (ECL) allowance of about GH¢17.26 billion.
Auditors explained that the calculation of these losses involves “significant judgement and the use of complex assumptions,” making it a high-risk area for potential misstatement.
These assumptions include estimates of default probabilities, loss given default, and forward-looking macroeconomic indicators such as inflation and exchange rates.
To address these risks, the auditors said they conducted extensive checks on data inputs, models, and assumptions used in calculating expected credit losses.
This included testing internal controls, validating key data against source documents, and independently recalculating impairment estimates for selected samples.
They also assessed whether the Bank’s methodologies align with international financial reporting standards.
The auditors further drew attention to the Bank’s unique accounting framework, which is guided by national legislation.
They noted that while the Bank applies International Financial Reporting Standards (IFRS) as a guide, certain statutory provisions, particularly regarding gold, foreign exchange, and special drawing rights, take precedence.
As a result, “the consolidated and separate financial statements may not be suitable for another purpose,” the report cautioned.
Despite the highlighted risks and complexities, the auditors concluded that there were no material misstatements in the financial statements.
They also indicated that they had “nothing to report” regarding inconsistencies between the audited statements and other accompanying information.
