 and the governing National Democratic Congress (NDC) over the interpretation of the Bank of Ghana’s 2025 financial statements, with both sides locked in a battle over the true scale of the central bank’s losses.){kind=link}
A sharp political and economic dispute has erupted between the Minority New Patriotic Party (NPP) and the governing National Democratic Congress (NDC) over the interpretation of the Bank of Ghana’s 2025 financial statements, with both sides locked in a battle over the true scale of the central bank’s losses.
At the centre of the controversy is a disagreement between Ofoase-Ayirebi MP Kojo Oppong Nkrumah and the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, over whether the Bank’s total losses amount to GH¢15.6 billion or GH¢34.9 billion.
Disputed figures
The Bank of Ghana’s audited 2025 accounts show an operating loss of GH¢15.63 billion, alongside an additional GH¢19.32 billion recorded under Other Comprehensive Income (OCI).
While government officials and the NDC Majority insist that the official loss stands at GH¢15.6 billion, the Minority argues that combining both figures presents a more accurate reflection of the Bank’s financial position, bringing total losses to GH¢34.9 billion.
Sammy Gyamfi, speaking on TV3’s Key Points, dismissed the Minority’s calculations as “voodoo mathematics,” maintaining that only the operating loss should be used to assess the central bank’s performance. He defended the audited accounts prepared by KPMG, insisting they reflect standard accounting practice.
In a strongly worded response, Kojo Oppong Nkrumah accused Mr Gyamfi of attempting to mislead the public and divert attention from what he described as the Bank’s “substantial losses.”
According to the Ranking Member on Parliament’s Economy and Development Committee, both the operating loss and OCI entries ultimately reduce the Bank’s net equity and must therefore be considered together.
“The Bank of Ghana itself combines both figures and reduces its net equity by the full GH¢34.9 billion,” he argued, citing the institution’s balance sheet as evidence.
He further contended that changes in accounting treatment, particularly the separation of certain losses into OCI rather than the Profit and Loss account—have made recent financial statements difficult to compare with those from previous years prepared under International Financial Reporting Standards.
Beyond the accounting debate, the confrontation has escalated into calls for political accountability.
Mr Oppong Nkrumah has challenged Sammy Gyamfi to submit himself to parliamentary scrutiny over alleged losses linked to gold transactions, claiming attempts to initiate a probe since March 2026 have been blocked by the Majority.
“You claim to welcome a probe, yet you have been evading a Parliamentary investigation,” he said, urging the GoldBod CEO to testify under oath if confident in his position.
He also argued that responsibility for the Bank’s accounts ultimately lies with Finance Minister Cassiel Ato Forson, who he says must formally present and defend the figures before Parliament.
In response, Sammy Gyamfi accused the Minority MP of shifting his argument after initially describing the GH¢34.9 billion as the “true operating loss.”
He maintained that unrealised valuation adjustments captured under OCI should not be treated as operating losses, stressing that the Profit and Loss statement remains the primary indicator of financial performance.