The Director of Communications for Dr Mahamudu Bawumia’s campaign team, Edward Dennis Miracles Aboagye, has accused the government of hypocrisy over the Bank of Ghana’s losses, questioning claims that recent policies have stabilised the economy.
Speaking on Metro Tv’s Good Morning Ghana on 5th May, Mr Aboagye said the governing NDC party had sharply criticised central bank losses while in opposition but was now presiding over even larger deficits.
He said: “You cannot come in 2026 and run bigger losses than 2024 and say you did it to save the economy. Which economy did you save?”
His comments follow ongoing debate about the recent Bank of Ghana’s losses and the role of central bank interventions in stabilising the economy.
Mr Aboagye argued that the National Democratic Congress had previously condemned losses at the central bank, including staging protests and demanding the governor’s resignation over reported losses of about 9 billion cedis.
He said the same party was now justifying higher losses on the basis of economic recovery, a position he described as inconsistent.
He also questioned the government’s focus on macroeconomic indicators such as inflation, arguing that they do not reflect the daily reality of citizens.
“Inflation coming down is only a means, not an end,” he said. “What matters is the living conditions of the people.”
Mr Aboagye claimed that while inflation had fallen from about 23 percent to around 5.4 percent by the end of 2025, it had come at a high cost, which he put at tens of billions of cedis.
He contrasted this with what he described as a more efficient reduction in inflation under the previous administration, from above 50 percent to 23 percent.
Beyond macroeconomic data, he pointed to rising living costs, including increases in transport fares, utility bills and university fees, as evidence that many Ghanaians were struggling.
He cited examples of higher accommodation costs at the University of Ghana, rising electricity and water tariffs, and increased transport fares between major cities.
He also raised concerns about delays in payments to cocoa farmers and public sector workers, including teachers, as well as reported challenges in the health and education sectors.
According to him, these issues undermine claims that the economy has improved.
Mr Aboagye further alleged that the government had relied on gold reserves accumulated under the previous administration to stabilise the central bank’s finances.
He claimed that without those reserves, the Bank of Ghana would have faced more severe financial difficulties.
The government has not yet responded to these specific claims, but has previously defended its economic policies, pointing to falling inflation and exchange rate stability as signs of recovery.
