Read Sammy Gyamfi's attempt to explain BoG's GH¢15 billion operating loss

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has sought to clarify the over GH¢15 billion loss recorded by the Bank of Ghana (BoG) in its latest audited financial statement.

Speaking on Newsfile on May 2, 2026, Gyamfi argued that the figure, widely described as a loss, should instead be understood within the broader context of economic stabilisation policies.

“Issue number one: the Bank of Ghana has not made any losses. What has been described as a GH¢15.6 billion loss is largely the cost of stabilisation,” he said.

He explained that the central bank’s financial position has been significantly influenced by the performance of the Ghana cedi.

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According to him, the currency's appreciation in 2025 reduced the value of the bank’s foreign-denominated assets when converted into cedis, resulting in accounting losses.

“If the cedi had depreciated as it did previously, the Bank would have recorded revaluation gains and likely posted profits,” he noted.

Gyamfi noted that in 2024, when the cedi weakened, the BoG recorded substantial gains from the revaluation of its foreign assets.

In contrast, the currency’s stronger performance in 2025 led to revaluation losses.

“What it means is that because the cedi appreciated, foreign currency assets lost value in cedi terms, leading to what is being reported as a loss,” he explained.

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He added that without this revaluation effect, the central bank’s losses would have remained closer to the previous year’s figure of about GH¢9 billion.

Beyond exchange rate dynamics, Gyamfi also attributed the reported losses to monetary policy measures targeted at controlling inflation.

He said the BoG had to mop up excess liquidity in the system, a standard central banking practice to curb rising prices.

“When there is too much money in circulation chasing fewer goods, the central bank must act to reduce that liquidity. That process comes at a cost because interest must be paid to commercial banks,” he said.

He dismissed suggestions that alternative strategies, such as reducing production costs or taxes, could have delivered faster results in lowering inflation.

“If we had not adopted these measures, how quickly would inflation have dropped from over 23 percent to about 3.4 percent?” he questioned.

Gyamfi also linked the situation to past monetary expansion, noting that high levels of money printing in previous years contributed to inflationary pressures that required corrective action.

In his view, the central bank’s actions, though costly in accounting terms, have delivered tangible benefits, including lower inflation and improved price stability.

“The Bank of Ghana should be commended, not criticised,” he said.

VPO/SEA

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