Economist and Director at the Institute of Economic Research and Public Policy, Dr Kwasi Nyame-Baafi
Economist and Director at the Institute of Economic Research and Public Policy (IERPP), Dr Kwasi Nyame-Baafi, has called on the Governor of the Bank of Ghana, Dr Johnson Asiama, to apologise to Ghanaians over the potential huge losses the Central Bank could record in 2025.
In a post on Facebook, Dr Nyame-Baafi questioned why Governor Dr Asiama remains in office after reportedly admitting that the Bank of Ghana would record unprecedented losses under his leadership if not for the sale of Ghana’s gold reserves, describing the situation as “shameful.”
“Isn’t Governor Asiama ashamed? He should be apologising to Ghanaians by now. The Central Bank will record unprecedented losses under his leadership,” his post partly reads.
He added, “Now critical gold reserves, assets he did not help accumulate, are reportedly being sold to cover those losses. In many serious jurisdictions, this would have led to his removal.”
Speaking at the 129th Monetary Policy Committee press briefing on March 19, 2026, Governor Johnson Asiama confirmed that the sale of over 19 tonnes of gold generated a profit.
According to him, the transaction made a profit of over $1.3 billion, all within Ghana’s international reserves.
He noted that without these sales, the Central Bank would have reported losses far exceeding what has been disclosed.
“How can we record such huge losses and the Governor is still at post? Unbelievable! We can only imagine what the actual numbers would look like when they come out. Asiama should lose his job,” one finance expert remarked.
Dr Nyame-Baafi also highlighted the role of Ghana’s strengthened gold reserves.
“Consider, for a moment, if Dr Bawumia had not strengthened Ghana’s gold reserves. What would Governor Asiama have relied on to cover these unprecedented losses?,” he asked.
