BoG Report: Sammy Gyamfi calls on Oppong Nkrumah to retract 'misleading' claims

The Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has called on the Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, to render a public apology over what he describes as misleading claims regarding the Bank of Ghana’s (BoG) 2025 annual report.

According to Gyamfi, his attempts to get the New Patriotic Party (NPP) stalwart to engage in a public debate on a national media platform have so far been unsuccessful, yet Oppong Nkrumah continues to make what he considers false claims about the report.

Gyamfi explained that the BoG’s GH¢15.6 billion losses were revealed through a robust audit conducted by Klynveld Peat Marwick Goerdeler (KPMG), which he described as transparent and credible, during his appearance on TV3’s Key Points.

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However, Oppong Nkrumah later responded on Facebook, insisting that the losses exceeded the amount cited, claiming that the BoG recorded a total loss of GH¢34.9 billion.

He further argued that the Bank of Ghana used a combination of artificial revenue recognition and accounting treatments to obscure the full extent of the losses.

According to him, evidence of this can be found on Page 16 of the financial statements, where the bank reports consolidated income. He explained that, in addition to the GH¢15.6 billion headline figure, an additional GH¢19.3 billion in other comprehensive income brings the total to GH¢34.9 billion.

He further claimed that when adjustments are made for sold gold, the total loss rises to about GH¢44 billion.

However, the Communications Director of the National Democratic Congress (NDC) dismissed these claims, insisting that the GH¢15.6 billion figure represents the actual operating loss recorded in the audited financial statements of the Bank of Ghana for 2025.

He argued that Oppong Nkrumah was misleading the public and urged him to retract his statements and apologise.

“My brother KON, you lied! Apologise and let’s move on. But if you want to pursue this matter further, stop responding to me on Facebook. You are welcome to choose any media platform of your choice, at a time convenient for you, for a debate,” Gyamfi wrote in a Facebook post on May 10, 2026.

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