A running battle between former Information Minister and NPP MP Kojo Oppong Nkrumah and GoldBod CEO and NDC Communications Officer Sammy Gyamfi has intensified, with the pair now locked in a sharp public dispute over how to read the Bank of Ghana’s 2025 audited financial statements — and what those numbers say about the Mahama administration’s stewardship of the central bank.
The latest round was triggered by Gyamfi’s accusation that Oppong Nkrumah had been misleading Ghanaians by citing a GHS34.9 billion loss figure, when the Bank of Ghana’s actual operating loss for 2025, Gyamfi argued, stood at GHS15.6 billion. It did not take long for the former minister to respond.
In a forceful Facebook post on Sunday, Oppong Nkrumah rejected the framing entirely and turned the accusation back on his adversary.
“I understand your intention to turn this into a contest between us,” he wrote. “You want to divert attention from the Bank of Ghana’s substantial loss of GH¢34.9 billion and your party’s broken promise of financial discipline at the Bank of Ghana.”
At the heart of his argument is an accounting distinction that Gyamfi had leaned on — the difference between “operating loss” and “total comprehensive loss.” Oppong Nkrumah dismissed that distinction as misleading, arguing that both figures ultimately hit the central bank’s financial standing and, by extension, Ghanaian taxpayers. His clinching point: the Bank of Ghana itself combined both figures in its own balance sheet and reduced its net equity by the full GHS34.9 billion.
“The central bank’s own balance sheet has already settled this issue,” he stated.
Oppong Nkrumah went further, raising a more technical but potentially explosive allegation about how the NDC government has presented the central bank’s books. He claimed that prior to 2024, gains and losses currently classified under “Other Comprehensive Income” (OCI) were included in the Profit and Loss statement in line with international accounting standards.
In the 2024 accounts, he alleged, those losses were quietly shifted out of the P&L and into the OCI column — a reclassification that, in his view, makes year-on-year comparisons misleading unless both figures are read together.
He also cited auditing firm KPMG, claiming the firm indicated that the Bank of Ghana’s accounts were prepared according to the institution’s own internal standards rather than full International Financial Reporting Standards (IFRS).
“This means that the performance of the P&L in 2024 and 2025 cannot be compared to the periods prior to 2024 unless and until one combines the P&L and OCI,” he argued.
Inconsistency Allegations and the KPMG Twist:
Oppong Nkrumah also took aim at what he described as Gyamfi’s shifting positions, alleging that on January 3, 2026, the GoldBod CEO flatly denied that the Bank of Ghana had recorded any losses at all — only to later acknowledge the GHS15.6 billion figure. He added a pointed historical footnote: Gyamfi had publicly criticised a KPMG report back in 2018, yet now appears content to shelter behind the same firm’s credibility when it suits his argument.
The dispute spilled beyond the central bank’s books into the separate but equally charged territory of GoldBod, where Oppong Nkrumah accused Gyamfi and the NDC parliamentary majority of blocking legislative scrutiny into alleged gold-related losses running into billions of cedis.
“You claim to welcome a probe, yet you have been evading a Parliamentary investigation into the Gold losses of billions of cedis since March 27th,” he charged.
Rather than trading more social media blows, Oppong Nkrumah challenged Gyamfi to back a full parliamentary inquiry — a move that would shift the fight from Facebook to a forum where both sides would be required to produce evidence, not just rhetoric.
“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,” he stated.
Oppong Nkrumah also argued that the responsibility for defending the Bank of Ghana’s accounts lies with Finance Minister Cassiel Ato Forson rather than Sammy Gyamfi.
“If a debate is necessary, Ato Forson should step forward. He has the responsibility, integrity, and competence to do so. Not you, my friend,” he wrote.
The escalating public spat has intensified political debate over the financial health of the Bank of Ghana, the interpretation of the central bank’s audited accounts, and broader concerns about transparency and economic management under the current administration.
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Supporters of both the governing NDC and the opposition NPP have since taken to social media to defend their respective party figures, with the controversy expected to remain a major political talking point in the coming days.
Below is Oppong Nkrumah’s full reaction:
Sammy Gyamfi,
I understand your intention to turn this into a contest between us. You want to divert attention from the Bank of Ghana’s substantial loss of GH¢34.9 billion and your party’s broken promise of financial discipline at the Bank of Ghana. However, we in the minority will not be swayed by these distractions.
Regarding your post, let’s address your points directly:
- You want to distinguish between “operating loss” and “total comprehensive loss,” as if they are not real losses borne by the same Ghanaian taxpayer. However, 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. The central bank’s own balance sheet has already settled this issue, which you are still trying to litigate. Whoever briefed you did you a disservice.
- The total loss I talked about is not foreign in accounting and not voodoo. Up until 2024, all BoG accounts were prepared by putting all these gains and losses in OCI in the P&L. That is the international standard. The NDC government reverted this in the 2024 account and excluded it from P&L and put it in OCI. Reason why KPMG gave an opinion that the accounts were prepared in line with the institution’s own standards and not the IFRS. Do you understand the implication of this opinion of KPMG? This also means that the performance of the p&L in 2024 and 2025 cannot be compared to the periods prior to 2024 unless and until one combines the P&L and OCI. It is only the uninitiated who will call this voodoo.
- You also mentioned lies.
- On January 3rd, 2026, you stated emphatically on Newsfile that there were no losses. You dismissed Ghanaians who pointed to losses as “dreaming or hallucinating.” This was a lie. Today, you are conceding to the GHS 15B portion of the loss. So, who is lying here?
- In 2018, you called a KPMG report “bogus, one-sided, and inconclusive.” In 2026, you claim that only KPMG can be trusted. It seems that you lack a principled position. The same firm, different positions. That is dishonesty.
- You claim to welcome a probe, yet you have been evading a Parliamentary investigation into the Gold losses of billions of cedis since March 27th. Why have your majority members in Parliament been obstructing all the probes? Your lies will be exposed if you are brave enough to appear under oath in a Parliamentary Inquiry where documents will be presented and scrutinized.
- You deny that GoldBod off-taker fees were documented by the IMF, but the Fund has not retracted its findings. Who is the liar here? Is it Sammy Gyamfi or the IMF?
You have told four lies on this matter alone, Sammy Gyamfi. Before you demand an apology from any MP, you owe Ghanaians four of your own.
The Bank of Ghana’s 2025 accounts are not the responsibility of GoldBod’s CEO or the NDC’s National Communications Officer. They belong to the Minister for Finance, who must present them to Parliament. Since you are aware of the mess you have caused, you have chosen to evade official probes and hide behind sponsored platforms where you can have a field day. 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.
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.
Have a happy Sunday, my friend.