Ghana: PAC report on the Auditor-General's report on Bank of Ghana foreign exchange receipts and payments for 2024 (2026)
- Committee
- Public Accounts Committee 1
- Report
- Report of the Public Accounts Committee on the Report of the Auditor-General on the Statement of Foreign Exchange Receipts and Payments of the Bank of Ghana for the Year Ended 31st December 2024 1
- Audit report laid
- 3 July 2025, by Majority Leader Mahama Ayariga, under Article 184(3) of the 1992 Constitution 1
- Recommendations
- Observations 10.1 to 10.9 and one recommendation in the conclusion, section 11.0 1
- Government response
- Bank of Ghana replies recorded in the report 1. No separate executive response found as of 22 October 2026
- Outcome status
- Pending. Adoption not confirmed. No public record of follow-up found as of 22 October 2026
What the Auditor-General reported
The Auditor-General's report was laid on 3 July 2025 and referred to the committee under Order 229 of the Standing Orders, according to the committee 1. As summarised by the committee, total foreign exchange inflows in 2024 were US$11,996,058,801.11, against US$8,411,303,953.54 in 2023 1. Total outflows were US$9,562,711,555.52, against US$9,804,863,214.83 1. The net position was a surplus of US$2,433,347,245.60, against a deficit of US$1,393,559,261.30 in 2023 1.
Reserve assets were US$8,630,307,946.20 at the end of 2024, an increase of 46.93% 1. Payments for services and works were US$1,771,961,226.31 against a projection of US$1,267,230,000.00 1. Management and technical services rose 18.31% to US$49,199,790.12 1. This page did not open the Auditor-General's report itself, so these figures are as the committee states them.
The observations as numbered in the report
The report does not number separate recommendations. Its observations are numbered 10.1 to 10.9 1.
| No. | Subject | Committee observation (summary, with committee wording) |
|---|---|---|
| 10.1 | Export receipts | 2025 surrender figures "are yet to be audited". Receipts rose about US$3.6 billion (42.6%) 1 |
| 10.2 | Services and works | Noted the overrun against projection and a 48.59% rise on 2023 1 |
| 10.3 | Management and technical services | Queried the 18.31% increase and accepted a further appearance by the Bank 1 |
| 10.4 | Unearned salaries | Asked the Bank to help pay recovered salaries into the Auditor-General's Recovery Account "without problems or challenges" 1 |
| 10.5 | Export promotion | Noted the Bank is "effectively monitoring" commercial banks 1 |
| 10.6 | IMF benchmarks | Was told "no queries were raised by the Team from IMF" at the last review 1 |
| 10.7 | Gold programmes | Received loss figures and reform plans, and asked to revisit 2025 data after audit 1 |
| 10.8 | Gold smuggling | Noted the Bank's efforts to close leakage gaps 1 |
| 10.9 | Reserves | Noted the reserve figures, including the Bank's December 2025 figure 1 |
The recommendation and the Bank's replies
In its conclusion, section 11.0, the committee "urges the Bank of Ghana to strengthen its internal and supervisory control systems" and "recommends to the House to adopt this Report" 1. It says the statement should be "devoid of errors, omissions and wrongful treatment of transactions" to be reliable 1.
The report records the Governor's replies. On gold programmes, the Governor gave losses on gold-for-oil of about GH¢74.44m in 2022 and GH¢1.8bn in 2024, and on gold-for-reserves of GH¢1.54bn in 2023 and GH¢3.8bn in 2024 1. These figures come from the Governor, not the Auditor-General's report, according to the committee's text 1. He said the schemes need reform and that gold-for-reserves was kept as it builds reserves 1. He said the Bank would publish its financials by March 2026 1.
On services and works, the Bank said it verifies completion and documentation before paying and that value for money is not its responsibility 1. On reserves, the Governor said they stood at US$13.829bn at the end of December 2025 1.
Outcome as of 22 October 2026
- Adoption of the report by the House: No public record found as of 22 October 2026. The repository record gives the date as June 2026 2.
- Strengthening of internal and supervisory controls: No public record found as of 22 October 2026.
- Publication of 2025 financials: The Bank reported a net loss of GH¢15.6 billion for 2025, as reported by Jibril Abdul Mumuni of the Ghana News Agency on 1 May 2026 3. The exact publication date of the statements was not confirmed.
- Return of the Bank on 2025 data and management and technical services (10.3, 10.7): No public record found as of 22 October 2026.
Common questions
What did the Ghana PAC recommend?
That the House adopt the report, and it urged the Bank of Ghana to strengthen internal and supervisory controls 1.
What were the Bank of Ghana's gold programme losses?
The Governor told the committee GH¢1.8bn on gold-for-oil and GH¢3.8bn on gold-for-reserves in 2024 1.
How large were the Bank's reserves?
US$8.63 billion at the end of 2024 per the audit as summarised by the committee, and US$13.829bn at the end of December 2025 per the Governor 1.
Is this a finding of wrongdoing?
No. The committee made observations and one recommendation on controls 1. A recommendation is not a finding of wrongdoing.
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Sources
- Parliament of Ghana: Report of the Public Accounts Committee on the Report of the Auditor-General on the Statement of Foreign Exchange Receipts and Payments of the Bank of Ghana for 2024 (June 2026)
- Parliament of Ghana repository: record for the PAC report on the Bank of Ghana forex statement for 2024 (June 2026)
- Ghana News Agency: BoG records GH¢25bn joint loss from reserve revaluations, monetary policy costs, as reported by Jibril Abdul Mumuni (1 May 2026)
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