Opposition lawmaker Kojo Oppong Nkrumah, member of parliament for the Ofoase-Ayirebi constituency has defended his interpretation of the Bank of Ghana’s 2025 audited financial statements, insisting that the institution recorded a total loss of 34.9 billion cedis and calling for a parliamentary inquiry into the central bank’s finances.
The response follows criticism from Sammy Gyamfi, who accused Oppong Nkrumah of misleading the public by combining operating losses with unrealized valuation losses recorded under Other Comprehensive Income.
In a social media post, Oppong Nkrumah rejected the accusation and argued that the distinction being drawn between operating losses and total comprehensive losses ignored the impact on the Bank of Ghana’s overall financial position.
“You want to distinguish between ‘operating loss’ and ‘total comprehensive loss,’ as if they are not real losses borne by the same Ghanaian taxpayer,” Oppong Nkrumah said.
The former Information Minister said the central bank’s own accounts reflected the broader loss figure through reductions in net equity.
“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,” he stated.
Oppong Nkrumah further argued that prior to 2024, gains and losses currently reported under Other Comprehensive Income were historically captured within the profit-and-loss statement under international accounting standards.
According to him, changes in the Bank of Ghana’s accounting treatment resulted in KPMG issuing an opinion that the accounts had been prepared according to the institution’s internal standards rather than International Financial Reporting Standards. “The total loss I talked about is not foreign in accounting and not voodoo,” he said.
The opposition MP also accused Gyamfi of inconsistencies in previous public statements regarding the Bank of Ghana’s losses and challenged the GoldBod chief over alleged resistance to parliamentary investigations linked to gold-sector losses and off-taker fee arrangements. “You have told four lies on this matter alone, Sammy. Before you demand an apology from any MP, you owe Ghanaians four of your own,” Oppong Nkrumah said.
He argued that accountability over the central bank’s financial position should come from the Finance Ministry and called on Finance Minister Cassiel Ato Forson to publicly address the issues. Oppong Nkrumah also renewed calls for a parliamentary inquiry into the Bank of Ghana’s financial statements and related gold-sector matters.
“If you are as confident of your case as your posts suggest, be the loudest voice in your party today demanding that the inquiry I initiated on March 27th be allowed to proceed,” he said.
The latest exchange reflects rising political tensions over the Bank of Ghana’s financial condition after years of economic instability, exchange-rate pressures and losses linked to domestic debt restructuring measures under the country’s economic recovery program.
