Sammy Gyamfi has launched a strong attack on Kojo Oppong Nkrumah over claims regarding the 2025 audited financial statements of the Bank of Ghana, accusing the opposition lawmaker of misleading Ghanaians through what he described as “false” analysis and “voodoo mathematics.”
In a detailed public response directed at Oppong Nkrumah, Sammy Gyamfi challenged the former Information Minister’s interpretation of the Bank of Ghana’s reported losses and insisted that the figures being circulated by the opposition were inaccurate and deceptive.
According to Sammy Gyamfi, Oppong Nkrumah initially claimed during a press conference held on May 3, 2026 that the “true operating loss” of the Bank of Ghana for the year 2025 stood at GHS34.9 billion.
However, Sammy Gyamfi argued that after facing criticism over the figures, the NPP MP attempted to shift his argument by redefining the figure as “total loss” instead of operating loss.
“At the second paragraph of the said Facebook post, you claim that the BoG recorded a total loss of GHS34.9 billion. But Kojo, was this the claim you made at your press conference of Sunday, 3rd May 2026? The answer is a big fat NO.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Debate Over Operating Losses Intensifies
The disagreement between the two politicians centers largely on the interpretation of the Bank of Ghana’s audited financial statements, particularly the distinction between operating losses and other comprehensive income.
According to Sammy Gyamfi, Oppong Nkrumah repeatedly described the GHS34.9 billion figure as the “true operating loss” during his original press briefing. Sammy Gymafi accused the NPP lawmaker of attempting to alter his position after public scrutiny exposed weaknesses in the analysis.
“Your attempt to justify the falsehoods you peddled about the 2025 audited financial statements of the BoG by shifting the goal post is rather exposing your dishonesty.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
The Goldbod CEO insisted that the audited income statement of the central bank clearly reported an operating loss of GHS15.6 billion for 2025 and maintained that this remains the accurate figure for assessing the bank’s operational performance.
According to him, the Other Comprehensive Income section referenced by Oppong Nkrumah mainly captures unrealized revaluation gains, losses, and exchange differences that should not be treated as operational losses.
“Voodoo Mathematics” Allegation
Sammy Gyamfi also dismissed allegations by the NPP that the Bank of Ghana manipulated accounting standards to conceal the true extent of its losses. In the earlier opposition statement, Oppong Nkrumah had argued that the central bank employed “artificial revenue recognition” and “clever accounting standards” to understate losses.
The opposition MP claimed that an additional GHS19.3 billion loss reflected under Other Comprehensive Income should be added to the reported operating loss of GHS15.6 billion, producing a combined figure of approximately GHS34.9 billion.
Oppong Nkrumah further suggested that if proceeds from gold sales were added back into the calculations, the losses could rise to GHS44 billion. But Sammy Gyamfi strongly rejected the analysis.
“Kojo, I am sure that after reading this quotation of yours, you will accept the fact that you lied to the good people of Ghana about the true operating loss of the BoG for the year 2025 and apologize for the voodoo mathematics you engaged in”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
The Goldbod CEO maintained that operating losses and unrealized revaluation losses cannot be treated as identical accounting measures.
Calls for Public Debate
Sammy Gyamfi further challenged Oppong Nkrumah to publicly debate the matter on any media platform of his choosing. According to him, the opposition MP has consistently avoided direct public engagement on the issue because he fears being exposed.
“Since you will never accept to debate me on this issue on any media platform, for fear of being exposed, as your custom is, I will proceed to respond to you here”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
Sammy Gyamfi argued that if Oppong Nkrumah intends to focus on what he now calls “total losses,” then he must apply the same accounting standard consistently to previous years.
“You cannot be comparing operating losses of the BoG in past years to what you term as total loss in 2025. Learn to compare like with like. That’s the kind of analysis honorable men are expected to engage in.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
The NDC communications officer also urged Oppong Nkrumah to stop responding through social media posts and instead participate in a formal public discussion.
“If you want to litigate this matter further, stop responding to me on Facebook. You are welcome to select any media platform of your choice and a date and time of your convenience for a debate.”
Political Tensions Over Economic Narratives
The latest exchange highlights growing political tensions between the governing National Democratic Congress and the opposition New Patriotic Party over Ghana’s economic direction and the financial condition of state institutions.
The Bank of Ghana’s audited financial statements have become a major source of political debate following years of economic instability, debt restructuring, inflation pressures, and central bank interventions.
While the NPP has accused the government and its communicators of downplaying the central bank’s financial losses, officials aligned with the NDC insist the opposition is deliberately distorting accounting principles to create public alarm.
Economic analysts say the dispute reflects increasing politicization of financial reporting and economic data ahead of future political contests. The debate is expected to continue as both political parties intensify efforts to shape public perceptions about Ghana’s economic management and institutional performance.
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