Sammy Gyamfi insists BoG loss must be based on KPMG audited report

The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has been accused by the Chief Executive Officer of Goldbod, Sammy Gyamfi, of misleading the public over the reported financial losses of the Bank of Ghana (BoG).

Speaking on TV3’s Key Points on May 9, 2026, Sammy Gyamfi insisted that discussions about the central bank’s financial position must be based strictly on audited facts rather than personal interpretations or political commentary.

“Everyone has a right to their own opinions, but no one has a right to their own set of facts,” he said.

He stressed that figures being referenced in public discourse by the Minority in Parliament must be drawn from credible, independent sources, noting that the Bank of Ghana’s financial statements have already been externally audited.

“It is important for us to respect the facts. It is not about what you think or non-existent realities. We are talking about an external institution within the framework of the BoG, and an independent external institution that the BoG doesn’t control, KPMG.

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“KPMG conducts an external audit on the finances of the BoG and publishes the results. This is not a document prepared by the BoG; it is prepared by KPMG,” he explained.

Sammy Gyamfi further argued that the audited report should form the basis for any assessment of the central bank’s performance.

“If KPMG tells you on page 15 the profit and loss position of the BoG, that is what you use to examine the health of every corporate body. KPMG says BoG made an operating loss of GH¢15 billion, and Kojo Oppong Nkrumah says GH¢34 billion.

“Is he an auditor? Is he a chartered accountant? What credibility does he have? Does it mean he has more credibility than KPMG? Unless you can use facts to impugn the work of KPMG, you have to keep quiet,” he stated.

He described interpretations that go beyond the audited figures as misleading, adding that only verifiable evidence should guide public debate on such sensitive financial matters.

“This is voodoo mathematics he is doing. If KPMG tells you the Bank of Ghana made a loss of GH¢15.6 billion in 2025, the matter ends there unless you can use facts to impugn their integrity,” he added.

Background

The comments by Sammy Gyamfi follow recent claims by Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy and Development Committee, who challenged the widely circulated figure of GH¢15.6 billion as the Bank of Ghana’s 2025 loss.

At a press briefing, Oppong Nkrumah argued that a closer reading of the Bank of Ghana’s audited financial statements indicates a much larger loss of GH¢34.9 billion.

He maintained that the lower figure being referenced publicly reflects only the central bank’s core operational loss.

According to him, additional losses captured under other comprehensive income significantly increase the total financial impact, bringing the figure closer to GH¢35 billion.

“When you go into the accounts, the loss is nothing less than GH¢35 billion. The GH¢15 billion being quoted is only part of the story,” he stated.

He further suggested that the lower figure being emphasised in some discussions could be part of a broader attempt to downplay the severity of the central bank’s financial challenges.

BoG Losses: What Kojo Oppong Nkrumah is doing is what is termed as "Voodoo Mathematics" - GoldBod CEO Sammy Gyamfi has accused Kojo Oppong Nkrumah, Ranking Member of Parliament's Economy Committee#TheKeyPoints #TV3GH pic.twitter.com/b9FKvJtdBV

— #TV3GH (@tv3_ghana) May 9, 2026

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