Sammy Gyamfi has challenged opposition claims about the financial condition of the Bank of Ghana (BoG), accusing critics of misrepresenting the central bank’s 2025 audited accounts by conflating operating losses with broader comprehensive losses.
In a worded response posted on social media platform X, Gyamfi disputed assertions made by member of parliament for the Ofoase-Ayirebi constituency, Kojo Oppong Nkrumah regarding the Bank of Ghana’s financial results for 2025.
The dispute centers on the interpretation of the central bank’s audited financial statements and whether unrealized valuation adjustments captured under “Other Comprehensive Income” should be treated as part of the institution’s operating losses.
According to Gyamfi, Oppong Nkrumah had claimed during a May 3 press conference that the Bank of Ghana’s “true operating loss” for 2025 stood at 34.9 billion cedis and could rise to 44 billion cedis after adjusting for gold sales.
Gyamfi argued that the opposition figure was now attempting to shift his position by describing the figure as the bank’s “total loss” rather than its operating loss.
“The Government and its spin doctors led by the NDC party officials who did the Press Conference, are trying to convince the people of Ghana that the loss is GHS 15.6 Billion. We regret to tell the people of Ghana that this is not true. The true Operating loss of the Bank is actually GHS 34.9 billion Cedis,” Gyamfi quoted from Oppong Nkrumah’s earlier statement.
The GoldBod chief said the 34.9 billion cedi figure referenced in the opposition’s analysis included other comprehensive losses linked largely to unrealized revaluation losses and exchange-rate adjustments, rather than operational performance.
“I maintain that the ‘operating loss’ recorded in the audited financials of the BoG for the year 2025 is GHS15.6 billion,” Gyamfi said. He added that the audited income statement, rather than the Other Comprehensive Income statement, should be the primary basis for assessing the financial health of the central bank.
The disagreement adds to growing political scrutiny over the Bank of Ghana’s balance sheet following years of economic turbulence, currency depreciation and losses linked to monetary tightening measures and domestic debt restructuring.
The central bank has faced sustained criticism from opposition figures over its financial position after recording significant losses in recent years tied to exchange-rate movements, open-market operations and restructuring costs associated with Ghana’s economic recovery program.
Gyamfi accused Oppong Nkrumah of engaging in “voodoo mathematics” and challenged him to a public debate on the interpretation of the central bank’s financial statements.
