Acting Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has launched a strong rebuttal against claims by former Information Minister and Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, regarding the 2025 audited financial statements of the Bank of Ghana.
In a lengthy Facebook post, Sammy Gyamfi accused Oppong Nkrumah of deliberately misleading the public by describing the Bank of Ghana’s 2025 “true operating loss” as GH¢34.9 billion during a recent press conference by the Minority.
According to Gyamfi, Oppong Nkrumah is now attempting to “shift the goal post” after his interpretation of the central bank’s accounts was challenged on TV3’s KeyPoints programme.
Gyamfi argued that the Minority’s original claim specifically referred to “operating loss” and not “total loss” or “total comprehensive income” as Oppong Nkrumah now appears to suggest.
Quoting directly from the Minority’s May 3 press statement, Gyamfi noted that Oppong Nkrumah had stated that the “true operating loss” of the Bank of Ghana was GH¢34.9 billion and further claimed that if proceeds from gold sales were excluded, the losses would amount to GH¢44 billion.
Gyamfi described the analysis as “voodoo mathematics,” insisting that the audited financial statements clearly indicate that the Bank’s operating loss for 2025 stood at GH¢15.6 billion.
He explained that the additional GH¢19.3 billion cited by the Minority was captured under “Other Comprehensive Income,” which primarily reflects unrealized revaluation losses and exchange differences rather than operational performance.
“The audited income statement, which is the Profit and Loss account, is what is relevant in assessing the financial health of the Bank,” Gyamfi stressed.
He further accused Oppong Nkrumah of inconsistency, arguing that the Minority was comparing operating losses from previous years with what it now terms “total losses” for 2025.
“You cannot compare operating losses of past years to total comprehensive losses in 2025. Learn to compare like with like,” Gyamfi wrote.
The NDC communicator also challenged Oppong Nkrumah to a public debate on any media platform of his choice, claiming the former minister has consistently avoided direct engagements on the matter.
“My brother KON, you lied! Apologize and let’s move on,” Gyamfi declared, adding that if Oppong Nkrumah wishes to continue the argument, he should do so through a live media debate rather than Facebook exchanges.
Story By: Eric Boateng
