A fresh war of words has erupted between the governing National Democratic Congress (NDC) and the opposition New Patriotic Party (NPP) over the true financial state of the Bank of Ghana (BoG), with Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi accusing former Information Minister Kojo Oppong Nkrumah of deliberately misleading Ghanaians over the central bank’s 2025 audited financial statements.
In a strongly-worded statement responding to a Facebook post by the Ofoase-Ayirebi MP, Sammy Gyamfi said Kojo Oppong Nkrumah had attempted to “shift the goal post” after what he described as the exposure of “falsehoods” contained in the NPP Minority’s analysis of the BoG’s financial accounts.
The latest exchange follows a press conference addressed by Kojo Oppong Nkrumah on May 3, 2026, during which the NPP Minority Caucus claimed that the Bank of Ghana’s “true operating loss” for 2025 stood at GH¢34.9 billion and could rise to GH¢44 billion if proceeds from gold sales were added back into the accounts.
However, Sammy Gyamfi insists the Minority’s analysis was deceptive and inconsistent with standard accounting principles.
“My attention has just been drawn to a Facebook post of yours which purports to respond to my submission on yesterday’s edition of the KEYPOINTS show on TV3 Ghana about your deceptive analysis of the 2025 audited financials of the Bank of Ghana,” Sammy Gyamfi wrote.
“At the second paragraph of the said Facebook post, you claim that ‘the BoG recorded a TOTAL LOSS of GHS34.9bn’. But Kojo, was this the claim you made at your press conference of Sunday, 3rd May 2026??? The answer is a big fat NO,” he stated.
The National Communications Officer of the NDC accused the former Information Minister of changing his original argument after criticism from economists and accounting professionals.
According to Sammy Gyamfi, Kojo Oppong Nkrumah had initially argued that the BoG’s “true operating loss” was GH¢34.9 billion and later escalated the figure to GH¢44 billion by including proceeds from gold sales.
Quoting extensively from the Minority’s earlier statement, Sammy Gyamfi noted that Oppong Nkrumah had expressly referred to the figure as an “operating loss” and not a “total loss” or “total comprehensive loss.”
He argued that the GH¢19.3 billion captured under “Other Comprehensive Income” in the BoG’s financial statements represented unrealized revaluation and exchange losses and therefore could not properly be classified as operational losses.
“I maintain that the ‘operating loss’ recorded in the audited financials of the BoG for the year 2025 is GHS15.6 billion. And that, the audited income statement (P&L) is what is relevant in assessing the financial health of the Bank, and not the Other Comprehensive Income statement, that mainly captures unrealized revaluation gains/losses and exchange differences,” Sammy Gyamfi stressed.
The GoldBod CEO further challenged Kojo Oppong Nkrumah to remain consistent in his analysis by applying the same “total loss” methodology to previous BoG financial statements from 2022 to 2025.
“You cannot be comparing ‘operating losses’ of the BoG in past years to what you term as ‘total loss’ in 2025. Learn to compare like with like. That’s the kind of analysis honorable men are expected to engage in,” he added.
Sammy Gyamfi also accused the former Information Minister of avoiding a direct public debate on the matter.
“My brother KON, you lied! Apologize and let’s move on. But if you want to litigate this matter further, stop responding to me on Facebook. You are welcome to select any media platform of your choice and a date and time of your convenience for a debate,” he challenged.
The heated disagreement stems from the publication of the Bank of Ghana’s 2025 audited accounts which showed an operational loss of GH¢15.6 billion, alongside GH¢19.32 billion recorded under Other Comprehensive Income.
While the NPP Minority has argued that the broader figures reveal a much deeper financial crisis at the central bank, the NDC Majority and government officials insist the losses largely reflect policy interventions aimed at stabilizing the Ghanaian economy after the Domestic Debt Exchange Programme (DDEP) and currency volatility.
The Minority Caucus had earlier accused the central bank of concealing the true scale of its losses and described the BoG as “policy insolvent.”
However, government officials maintain that the Bank of Ghana remains operationally sound and that the accounting losses are tied to strategic interventions including liquidity management, exchange rate stabilization and gold reserve accumulation programmes.
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