The Member of Parliament for Ofoase-Ayirebe, Kojo Oppong Nkrumah, has pushed back against comments by Sammy Gyamfi regarding the reported losses recorded by the Bank of Ghana, accusing the GoldBod CEO of attempting to downplay the scale of the central bank’s financial challenges.
In a Facebook statement shared on Sunday, May 10, the Ofoase/Ayirebi MP argued that attempts to separate the Bank of Ghana’s “operating loss” from its “total comprehensive loss” do not alter the overall financial impact on the state and taxpayers.
According to Mr Oppong Nkrumah, the central bank’s audited financial statements indicate that its net equity declined by GH¢34.9 billion, contrary to the GH¢15 billion figure Sammy Gyamfi is said to have highlighted publicly.
“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,” he stated.
The former Information Minister further alleged that there had been changes in the accounting treatment of gains and losses under the current administration. He claimed that some items previously recorded under profit and loss statements had now been moved into other comprehensive income in the Bank’s recent accounts.
Mr Oppong Nkrumah also cited observations made by auditing firm KPMG, suggesting that the auditors indicated the Bank’s latest accounts were prepared using internal accounting standards instead of fully applying International Financial Reporting Standards (IFRS).
He argued that this accounting approach makes it difficult to directly compare the Bank of Ghana’s 2024 and 2025 financial performance with previous years unless both the profit and loss statements and other comprehensive income are assessed together.
Beyond the accounting debate, the Ofoase/Ayirebi lawmaker accused Mr Gyamfi of making inconsistent public remarks about the central bank’s financial position and challenged him to support a parliamentary inquiry into the matter.
The exchange is expected to deepen the growing political debate surrounding the financial health of the Bank of Ghana, amid increasing calls for transparency and closer scrutiny of the central bank’s recent financial statements.
By: Janice Opoku-Agyemang
