A sharp disagreement has surfaced over the Bank of Ghana's 2025 audited financial statements. Opposition lawmaker Kojo Oppong Nkrumah accuses GOLDBOD Chief Executive Sammy Gyamfi of trying to distract from a substantial GHS 34.9 billion loss at the central bank. This dispute highlights concerns about financial transparency and accountability in Ghana.
Oppong Nkrumah firmly rejected claims that he misrepresented the Bank of Ghana's accounts. He defended his interpretation of the numbers in the central bank's audited statements. The Ofoase-Ayirebi MP stated Gyamfi aimed to divert attention from the GHS 34.9 billion loss. He also referenced Gyamfi's party's unfulfilled promise of financial discipline.
This ongoing argument underscores deeper issues within Ghana's economic landscape. The country has been navigating significant fiscal challenges, including high public debt and inflation. Debates over the accuracy and interpretation of crucial financial data, particularly from the central bank, can erode public and investor confidence. Such data is vital for assessing the country's economic health and the effectiveness of its monetary policies.
Oppong Nkrumah emphasized that the Bank of Ghana's own balance sheet shows a GHS 34.9 billion reduction in net equity. He argued that the distinction between an operating loss and a total comprehensive loss does not change the ultimate financial burden on taxpayers. He pointed to page 16 of the central bank's statements, which combine both figures. This clearly shows the full GHS 34.9 billion reduction in net equity.
Gyamfi had previously maintained that the Bank of Ghana's audited operating loss for 2025 was GHS 15.6 billion. He accused Oppong Nkrumah of misleading the public by mixing operating losses with broader comprehensive losses. He believes understanding this difference is key to a correct interpretation of the financial health of the bank.
Oppong Nkrumah further explained that accounting changes from 2024 complicate comparisons with earlier financial statements. He said past accounts treated gains and losses now under Other Comprehensive Income (OCI) differently. Combining profit-and-loss and OCI figures is necessary for meaningful historical comparisons. This new accounting standard, International Financial Reporting Standards (IFRS) 9, can significantly alter how financial instruments are reported.
The legislator broadened the controversy by questioning Gyamfi's past public statements. He cited inconsistencies regarding previous Bank of Ghana losses, the credibility of KPMG, and parliamentary investigations into alleged gold losses. Oppong Nkrumah challenged Gyamfi to support a parliamentary inquiry into these matters. He believes official scrutiny under oath is the proper way to resolve such disputes, rather than exchanges in the media.
The Bank of Ghana has not yet offered a public response to these latest accusations. This silence leaves the interpretation of the GHS 34.9 billion loss open for continued political debate. The financial community and the general public will closely watch for any official clarification. Resolving these conflicting interpretations is crucial for maintaining trust in Ghana's financial institutions. It will also influence decisions by investors and international bodies regarding Ghana's economic outlook.