A fierce war of words has erupted between the Chief Executive of the Ghana Gold Board (GoldBod), Sammy Gyamfi, and the Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, over the interpretation of the Bank of Ghana’s 2025 audited financial statements.
The high-stakes BoG Loss controversy centers on whether the central bank recorded an operating loss of GH¢15.6 billion or a broader total comprehensive loss of GH¢34.9 billion.
In a Facebook post, Sammy Gyamfi accused Oppong Nkrumah of misleading the public by claiming that the “true operating BoG Loss” for 2025 was GH¢34.9 billion.
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According to Gyamfi, the Minority’s May 3, 2026, press conference explicitly described GH¢34.9 billion as the Bank of Ghana’s “true operating loss,” a characterization he insists is both inaccurate and deceptive.
He maintained that the audited income statement clearly shows an operating BoG Loss of GH¢15.6 billion. At the same time, the additional GH¢19.3 billion cited by the Minority represents Other Comprehensive Income (OCI), which largely reflects unrealized revaluation losses and exchange differences.
Mr. Gyami argued that comparing operating losses from previous years to total comprehensive losses in 2025 is inconsistent and misleading.
“Learn to compare like with like. That’s the kind of analysis honorable men are expected to engage in,” he wrote.
The GoldBod CEO also challenged Oppong Nkrumah to a public debate on any media platform to settle the issue.
In his response, Kojo Oppong Nkrumah rejected claims that he had misled Ghanaians, insisting that the full GH¢34.9 billion reduction in the Bank of Ghana’s net equity represents a real loss borne by taxpayers.
He argued that until 2024, similar items now classified under OCI were included directly in the profit and loss statement under international accounting standards.
According to him, changes in presentation adopted in recent years mean analysts must combine the profit and loss account with OCI to make valid comparisons with earlier periods.
“The Bank of Ghana itself, on page 16, combines both figures and reduces its net equity by the full GH¢34.9 billion, not GH¢15 billion,” he stated.
Oppong Nkrumah accused Sammy Gyamfi of avoiding a parliamentary inquiry into alleged gold-related losses and urged him to support an official investigation where documents can be scrutinized under oath.
“If you are as confident of your case as your posts suggest, be the loudest voice in your party today demanding that the inquiry I initiated on March 27th be allowed to proceed. Then we will see who is telling the truth and who is lying,” he challenged.
The MP argued that the responsibility for explaining the central bank’s financial statements ultimately lies with Dr. Cassiel Ato Forson, rather than the GoldBod CEO.
“If a debate is necessary, Ato Forson should step forward. He has the responsibility, integrity, and competence to do so. Not you, my friend. Until he does, answers are only required from you in a Parliamentary inquiry on the record and under oath. Stop wasting our time and show up,” he added.