Ghana is currently grappling with two significant national issues: persistent power challenges, colloquially known as 'dumsor,' and the Bank of Ghana's substantial financial losses for the 2025 fiscal year. These critical topics are at the forefront of policy-driven discussions on national platforms such as Joy Prime's 'Prime Insight' and JoyNews’ 'Newsfile,' bringing together legal, political, and economic experts for robust analysis and debate.

The nation's energy sector remains a central point of concern, with ongoing debates surrounding intermittent power outages. Despite the stabilization of the Akosombo Dam, many homes and businesses continue to be affected by 'dumsor.' Discussions probe whether these challenges stem from issues in generation, distribution, or deeper structural inefficiencies within the power sector. A recent major incident underscoring these vulnerabilities was the fire outbreak at the Ghana Grid Company Limited (GRIDCo) substation near Akosombo. This event led to widespread power outages across the country, significantly impacting electricity supply from the Akosombo hydro system. Emergency response teams from GRIDCo, the Volta River Authority, and other power sector agencies swiftly worked to restore supply. Partial restoration commenced within days, and by May 1, 2026, authorities confirmed full restoration, with all generating units at Akosombo back in operation. While investigations into the cause of the fire are ongoing, the incident has fueled debate on whether it exposes systemic weaknesses in Ghana's energy sector or was an isolated accident. Experts like Ben Boakye argue that Ghana’s power system is not robust, making outages inevitable, and stated that the Akosombo substation fire "should never have happened." Conversely, Minister Jinapor noted an improvement in power stability in 2025 compared to 2024.

The second major national issue revolves around the Bank of Ghana’s financial health, following the release of its 2025 financial statement on May 1, 2026. The report revealed a staggering operational loss of GH¢15.6 billion for the 2025 fiscal year, marking it as the second-biggest loss recorded by the central bank after its highest loss of GH¢60.9 billion in 2022. This disclosure has ignited widespread public and political scrutiny.

Dr. Gideon Boako, the Member of Parliament for Tano North and a member of Parliament’s Finance Committee, has been a prominent critic. He described the GH¢15.6 billion loss as a "new low" and attributed it to "policy failure" and "politically motivated policy choices" rather than genuine economic stabilization efforts. Dr. Boako expressed surprise at the scale of the loss, particularly since he noted signs of improvement in the 2024 financial statements, where operating losses had narrowed from GH¢13.23 billion to GH¢9.49 billion. He questioned the high financial cost of achieving economic stability, pointing to previous periods between 2017 and 2019 when Ghana experienced sustained growth, single-digit inflation, and improved fiscal balances without incurring such substantial central bank losses. He further suggested that the actual loss might be even greater than the reported figure.

Kofi Bentil, Lawyer and Senior Vice-President of IMANI Africa, also weighed in, emphasizing that the Bank of Ghana is mandated to stabilize the economy, not to make profit or loss. He raised concerns about the sustainability of the ongoing financial losses and called for greater clarity and transparency regarding the Bank's financial position. While acknowledging that losses might sometimes be justified to build a strong economic foundation, Mr. Bentil insisted that such actions must yield tangible, long-term benefits and not merely defer problems. He also warned against policies in the gold sector that might see Ghana trading the commodity at a loss.

In contrast, defenders of the central bank's performance, including Sammy Gyamfi, CEO of the Ghana Gold Board, have downplayed the losses, asserting they are not significant enough to warrant national alarm. Mr. Gyamfi aligned with the National Democratic Congress (NDC) Majority's view, explaining that the losses reflect deliberate policy choices aimed at stabilizing the economy, such as aggressive inflation control measures, monetary policy operations, and the gold accumulation program. He also clarified that while the gold program recorded an accounting cost of approximately GH¢9 billion, this does not represent a realized loss, as roughly 111 tonnes of gold remain held as reserve assets. Additionally, he distinguished the central bank’s accounts from those of the Ghana Gold Board, which generated over GH¢960 million in revenue in 2025.

A critical revelation by JoyNews Research indicates that the Bank of Ghana's 2025 loss would have nearly doubled to GH¢33.2 billion if not for the strategic sale of refined gold. The central bank sold approximately 870,000 ounces (about 27 tonnes) of gold in 2025, primarily accumulated from purchases made in 2023 and 2024. This transaction brought in roughly US$3.6 billion, translating to about GH¢40 billion in foreign exchange. The gold, much of which was acquired when global prices were lower, absorbed GH¢17.56 billion of the losses through two accounting channels: a GH¢9.57 billion profit on the actual sale and a GH¢7.99 billion release from an internal reserve of unrealized gains accumulated from rising gold prices. Other factors contributing to the reported loss included a GH¢19.32 billion charge in other comprehensive income, reflecting valuation changes due to the cedi's 41% appreciation in 2025, which reduced the cedi value of foreign-denominated reserves. The NDC Majority also maintains that the Bank's negative equity primarily originated in 2022, linked to the Domestic Debt Exchange Programme, and affirms the Bank of Ghana's operational soundness.

The ongoing national conversations surrounding Ghana's power sector and the Bank of Ghana's financial outcomes underscore the intricate balance between policy decisions, economic stability, and public accountability. While authorities work towards solutions, these debates highlight the complex challenges the nation faces in ensuring both energy security and fiscal health.