The Member of Parliament for Ofoase Ayiribi, Hon. Kojo Oppong Nkrumah, has responded strongly to criticism from Sammy Gyamfi over the 2025 audited financial statements of the Bank of Ghana, insisting that the central bank recorded a GH¢34.9 billion total loss.
In a detailed statement, the Ranking Member on Parliament’s Economy Committee accused the CEO of Goldbold Sammy Gyamfi of attempting to distract public attention from what he described as substantial losses recorded by the Bank of Ghana.
“Sammy Gyamfi, I understand your intention to turn this into a contest between us. You want to divert attention from the Bank of Ghana’s substantial loss of GH¢34.9 billion and your party’s broken promise of financial discipline at the Bank of Ghana.”
According to him, the Minority in Parliament remains focused on holding government accountable rather than engaging in political diversions.
Dispute Over Bank of Ghana Loss Figures
The exchange follows an earlier statement by Sammy Gyamfi rejecting claims by the opposition that the Bank of Ghana’s losses for 2025 amounted to GH¢34.9 billion.
Sammy Gyamfi had argued that the official operating loss reported in the central bank’s audited financial statements stood at GH¢15.6 billion and accused Oppong Nkrumah of using “voodoo mathematics” by adding Other Comprehensive Income losses to operational losses.
However, Oppong Nkrumah rejected the distinction between operating losses and total comprehensive losses. “You want to distinguish between operating loss and total comprehensive loss as if they are not real losses borne by the same Ghanaian taxpayer,” he argued.
According to him, the Bank of Ghana’s own balance sheet reflects the full GH¢34.9 billion reduction 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. The central bank’s own balance sheet has already settled this issue, which you are still trying to litigate.”
Accounting Standards Become Central Issue
A major part of the dispute centers on accounting standards and how losses recorded under Other Comprehensive Income should be interpreted.
Oppong Nkrumah argued that prior to 2024, gains and losses now categorized under Other Comprehensive Income were previously included within the Profit and Loss account in line with international accounting practices.
“The total loss I talked about is not foreign in accounting and not voodoo. Up until 2024, all BoG accounts were prepared by putting all these gains and losses in OCI in the P&L. That is the international standard.”
Hon. Kojo Oppong Nkrumah, MP for Ofoasi Ayiribi, and Ranking Member of the Economic Committee of Parliament
He alleged that changes introduced under the current administration resulted in the separation of those figures from the Profit and Loss account. Oppong Nkrumah also referenced auditing firm KPMG, arguing that the auditors noted the accounts were prepared according to the institution’s own standards rather than International Financial Reporting Standards.
“Reason why KPMG gave an opinion that the accounts were prepared in line with the institution’s own standards and not the IFRS,” he added. According to him, comparing current Profit and Loss figures with previous years without accounting for OCI adjustments would create misleading conclusions.
“It is only the uninitiated who will call this voodoo,” he remarked.
Oppong Nkrumah Accuses Gyamfi of Contradictions
The Ofoase Ayirebi MP further accused Sammy Gyamfi of inconsistency in his public comments regarding the Bank of Ghana’s losses. According to Oppong Nkrumah, Sammy Gyamfi had previously denied that the central bank recorded any losses, but later accepted the GH¢15.6 billion operating loss figure.
“On January 3rd, 2026, you stated emphatically on Newsfile that there were no losses. You dismissed Ghanaians who pointed to losses as dreaming or hallucinating. This was a lie.”
Oppong Nkrumah also accused Sammy Gyamfi of changing positions regarding KPMG. “In 2018, you called a KPMG report bogus, one-sided, and inconclusive but in 2026, you claim that only KPMG can be trusted,” he noted.
The Minority MP additionally alleged that Sammy Gyamfi and Majority members in Parliament have obstructed investigations relating to alleged gold related financial losses.
“You claim to welcome a probe, yet you have been evading a Parliamentary investigation into the gold losses of billions of cedis since March 27th,” he alleged.
Calls for Parliamentary Inquiry Intensify
Hon. Oppong Nkrumah maintained that questions surrounding the Bank of Ghana’s finances should be addressed through official parliamentary channels.
According to him, responsibility for explaining the central bank’s financial statements rests primarily with Finance Minister Cassiel Ato Forson and not Sammy Gyamfi.
“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. Then we will see who is telling the truth and who is lying.”
Hon. Kojo Oppong Nkrumah, MP for Ofoasi Ayiribi, and Ranking Member of the Economic Committee of Parliament
The ongoing dispute reflects broader political tensions between the governing National Democratic Congress and the opposition New Patriotic Party over Ghana’s economic management and the financial condition of state institutions.
Economic analysts say the controversy has intensified debate about transparency, accounting standards, and the presentation of financial information to the public.
The issue is expected to remain a major subject of political discussion as Parliament and political actors continue scrutinizing the country’s economic performance and institutional accountability.
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