BoG’s GH¢34.9bn loss cannot be downplayed – Oppong Nkrumah to Sammy Gyamfi

The Member of Parliament for Ofoase/Ayirebi, Kojo Oppong Nkrumah, has challenged claims by Sammy Gyamfi, the CEO of GoldBod, over the reported loss recorded by the Bank of Ghana, accusing him of attempting to divert public attention from what he describes as a major financial setback.

In a statement shared on Facebook on Sunday, May 10, Oppong Nkrumah said attempts by Sammy Gyamfi to distinguish between the central bank’s “operating loss” and “total comprehensive loss” do not change the fact that the losses ultimately fall on Ghanaian taxpayers.

According to the former Information Minister, the Bank of Ghana’s own financial statements clearly show that the central bank’s net equity was reduced by the full GH¢34.9 billion, not the GH¢15 billion figure Mr. Gyamfi is said to be emphasizing.

“The Bank of Ghana itself, on page 16, combines both figures and reduces its net equity by the full GH¢34.9 billion, not GH¢15 billion. The central bank’s own balance sheet has already settled this issue,” Mr. Oppong Nkrumah stated.

He further argued that the accounting treatment of the losses has changed under the current administration, claiming that gains and losses previously captured in profit and loss statements were moved to other comprehensive income in recent accounts.

Mr. Oppong Nkrumah also referenced audit observations by KPMG, arguing that the audit firm’s opinion suggests the Bank’s recent accounts were prepared based on internal accounting standards rather than full International Financial Reporting Standards.

According to him, this makes direct comparisons between the Bank’s 2024 and 2025 financial performance and earlier years difficult unless both profit and loss statements and other comprehensive income are considered together.

Beyond the accounting dispute, the Ofoase/Ayirebi lawmaker accused Mr. Gyamfi of making contradictory public statements regarding the Bank’s financial position and challenged him to support a formal parliamentary inquiry into the matter.

The exchange adds to the growing political controversy surrounding the financial performance of the Bank of Ghana and could intensify calls for greater scrutiny of the central bank’s recent accounts.