Ofoase Ayirebi MP, Kojo Oppong Nkrumah, has criticised comments made by Sammy Gyamfi concerning significant financial losses at the Bank of Ghana (BoG). Mr. Oppong Nkrumah stated that Mr. Gyamfi is attempting to minimise the true scale of the central bank’s financial problems.
In a statement released on Sunday, May 10, the former Information Minister argued that separating the bank’s “operating loss” from its “total comprehensive loss” does not change the impact on Ghana’s finances. He indicated that these losses ultimately affect taxpayers. Mr. Oppong Nkrumah highlighted that the Bank of Ghana’s financial statements show its net equity position fell by GHS 34.9 billion. This figure contrasts with the GHS 15 billion that Mr. Gyamfi publicly mentioned.
Mr. Oppong Nkrumah pointed out that the Bank of Ghana’s own balance sheet, specifically on page 16, combines these figures. This combined figure shows a reduction in net equity of the full GHS 34.9 billion. He asserted that the central bank’s own financial records have already settled this matter. The lawmaker also suggested that accounting changes made by the current administration have moved some gains and losses. These were shifted from the profit and loss statement into other comprehensive income. This practice, he noted, makes comparing financial results year-over-year more complex.
The MP referred to the views of audit firm KPMG. These observations suggest that the Bank’s latest accounts might have been prepared using internal accounting rules. This is instead of fully following International Financial Reporting Standards (IFRS), a globally recognised accounting framework. Mr. Oppong Nkrumah believes a fair assessment of the Bank’s financial health requires looking at both profit and loss figures and other comprehensive income together. He argued against examining them separately.
Furthermore, Mr. Oppong Nkrumah accused Mr. Gyamfi of making conflicting public statements about the Bank’s financial condition. He challenged Mr. Gyamfi to support a parliamentary investigation into the Bank's finances. This political dispute is part of a larger public discussion about the Bank of Ghana’s performance. There is increased demand for careful examination of the central bank’s recent accounts and its reporting methods.
The Bank of Ghana recently reported substantial losses. In 2023, the central bank recorded a net loss equivalent to nearly 10% of Ghana’s GDP. This situation has raised concerns among economists and international rating agencies. For instance, Fitch Ratings has noted the impact of these losses on the country’s economic stability. The Bank’s significant operational expenditures and bond portfolio revaluations contributed to these results. These factors place a burden on public finances, potentially affecting future government spending and investment.
Lawmakers and citizens alike are closely watching how the Bank of Ghana addresses these financial challenges. Decisions made regarding its capitalisation and future operations will have long-term implications for Ghana’s economic outlook. The ongoing debate highlights the need for transparency and robust financial management at the nation’s highest financial institution.