@talkSPORT@Chelsearory You couldn’t even beat Ghana and you’d “smash” Argentina?? You guys are just overrated and you don’t even realize it. Thanks to their mediocre press.
1. Bank of Ghana dropped a bombshell into the polarised political atmosphere this week: its delayed 2025 financials.
2. Delayed because by law the audited statement should have been approved by the Board and submitted to the Minister by end-March 2026.
3. The statements was not ready by end-March. They were approved and audited at end-April and published on May 1.
4. Meaning the BoG barely met the second legal deadline: publication by June.
5. Clearly, the BoG wrestled with a lot in the financials. Some even say that the change from Deloitte to KPMG was abrupt. Let's just leave that at gossip.
6. I have many substantive things to say. For now, I will sum them up in the attached infographics and a leave a few short notes here.
7. The ruling NDC really criticised the BoG when it was in opposition for the capital hole of ~$4.3 billion. The current Opposition, which was in government then, now gets to pay them back for the capital hole widening to ~$7.4 billion+. Central Bank independence? Ghanaian politicos have never believed in that theory.
8. Tossing the partisanship aside, there are some grave issues that need better explanation.
9. The BoG's losses and negative equity position (benchmarked against GDP) are some of the worst any central bank anywhere has reported. And for successive years. Unlike Czech Republic, which also reported negative equity for successive years, the BoG's losses include massive quasi-fiscal items.
9. The gold programs are far costlier than they were made to look. Nearly a billion dollars in losses.
10. The BoG would like us to believe that it is "policy-solvent", i.e. its income is enough to cover the costs of its mandate, but it seems to be relying a lot on accounting gymnastics.
11. It announced a surplus of $436 million on the operating income ledger. But that is only because it booked $760m in a one-off gold reserves sale. Without that it would have reported a $323 million operating loss.
12. Likewise, its "other income" jacked up from $31m in 2024 to nearly $170m+ in 2025 because it got reimbursed by the Finance Ministry for IMF SDR allocation costs. The problem is that the SDR allocation cost doesn't tally for 2025. The cost should have been about $35m. So, how does the Ministry refund $170m+?
13. "Other assets" have also seen a big jump because apparently commercial banks took a bunch of dollars from the Gold-for-Reserves program and, as at year end, was yet to settle. Because of that "other assets" jumped from ~$900m to ~$2.1 billion.
14. Meanwhile, the costs associated with the aggressive cedi management (OMO) has hit nearly $7.5bn (OMO liabilities).
15. That said, the BoG has broad national support to stay the course so I don't see the NPP succeeding in reaping a lot of political benefits from attacking it. Unless the cedi starts to slump. And, to be fair, some of this year's losses stem from the Cedi's sharp rally leading to the BoG's dollar assets losing value.
Much to chew on, so more later.
Los alto al fuego siempre son una buena noticia. Sobre todo si conducen a una paz justa y duradera. Pero el alivio momentáneo no puede hacernos olvidar el caos, la destrucción y las vidas perdidas.
El Gobierno de España no aplaudirá a quienes incendian el mundo porque se presenten con un cubo.
Lo que toca ahora: diplomacia, legalidad internacional y PAZ.
Bro, understand the game isn’t about eliminating opponents. It’s about rising above them. My brother always said a man doesn’t measure himself against others, he measures himself against what he was yesterday.
Focus on building something they *have* to acknowledge. Don’t waste energy reacting. Let your success be the response.
Control your narrative, control your outcome.
Ghana: With a strong local currency, it becomes difficult to question the level of attribution and the losses incurred by the Bank of Ghana under its Domestic Gold Purchase Programme in the public square.
Raising concerns is not about winning an argument, but about ensuring that someone listens in time to reexamine the credibility of the policy and its ability to deliver sustainable outcomes. Read more 👇
https://t.co/JtIyFQe5Fh
When the task ahead is enormous, the leader must-think carefully, consult widely but act fast; ensure those in charge focus on the vision and not personal agenda; spot the genuine ones from the many wolves who appear in sheep's clothing...it takes ingenuity to achieve all three.
Thank you, all Ghanaians, for all the support you gave me as Vice President of the Republic from 2017-2025.
God bless our homeland Ghana🙏
#ThankYouGhana
It gives me great joy to learn that my learned friend and senior at the Bar, Marietta Brew, who is also a former Attorney-General of the Republic, has been appointed as the incoming Legal Counsel to the President. As the first and youngest person to hold this position, I am happy that the incoming administration is retaining this office and will be occupied by a lawyer of great repute. I wish her all the very best!