GoldBod CEO and National Communications Officer of the ruling National Democratic Congress (NDC), Sammy Gyamfi, has launched a strong rebuttal against former Information Minister and Member of Parliament, Kojo Oppong-Nkrumah, over claims surrounding the 2025 audited financial statements of the Bank of Ghana.
In a lengthy Facebook post on Monday, Sammy Gyamfi accused Oppong Nkrumah of deliberately misleading Ghanaians with what he described as “voodoo mathematics” regarding the central bank’s reported losses for the 2025 financial year.
The heated exchange follows comments made by Kojo Oppong Nkrumah during a press conference on Sunday, May 3, 2026, where he argued that the “true operating loss” of the Bank of Ghana stood at GHS34.9 billion, contrary to the GHS15.6 billion figure publicly communicated by government officials and the central bank.
However, Sammy Gyamfi insists that the former minister is now attempting to “shift the goal post” after being challenged on his interpretation of the figures.
According to Gyamfi, Oppong Nkrumah’s original argument specifically referred to “operating loss” and not “total loss” as he allegedly now claims in a subsequent Facebook response.
“Kojo, was this the claim you made at your press conference of Sunday, 3rd May 2026? The answer is a big fat NO,” Gyamfi wrote.
He further accused the former minister of abandoning his earlier assertion that the “total operating loss” of the Bank of Ghana was actually GHS44 billion after his analysis came under public scrutiny.
To support his argument, Gyamfi reproduced portions of Oppong Nkrumah’s earlier statement, where the MP allegedly argued that the BoG’s losses went beyond the headline GHS15.6 billion figure to include an additional GHS19.3 billion recorded under “Other Comprehensive Income.”
According to Gyamfi, Oppong Nkrumah wrongly combined the two figures to arrive at a supposed “true operating loss” of GHS34.9 billion. The GoldBod CEO argued that this interpretation fundamentally misunderstands standard accounting principles.
“I maintain that the ‘operating loss’ recorded in the audited financials of the BoG for the year 2025 is GHS15.6 billion,” Gyamfi stated.
He explained that the audited income statement, commonly referred to as the Profit and Loss (P&L) statement, is the appropriate metric for assessing the financial performance of the central bank, not the “Other Comprehensive Income” statement which primarily reflects unrealized revaluation gains, losses, and exchange differences.
Sammy Gyamfi also challenged Oppong Nkrumah to remain consistent if he intends to compare the Bank of Ghana’s losses across different years.
“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,” he argued.
In a dramatic conclusion to his statement, Gyamfi accused Oppong Nkrumah of lying to the Ghanaian public and called on him to apologize.
“My brother KON, you lied! Apologize and let’s move on,” he wrote.
He also threw down the gauntlet for a public debate on the matter, claiming that Oppong Nkrumah has consistently avoided debating him on media platforms.
“You are welcome to select any media platform of your choice and a date and time of your convenience for a debate,” Gyamfi challenged.
The public disagreement has since sparked widespread debate online, with supporters of both the ruling NDC and the opposition New Patriotic Party (NPP) clashing over the interpretation of the Bank of Ghana’s 2025 financial performance.
Ghana’s Economy As Of Now: A Recovery Taking Shape
The controversy adds to ongoing political tensions over the management of Ghana’s economy, the independence of the central bank, and transparency in public financial reporting.
Below is Sammy Gyamfi’s full post:
Dear Hon. Kojo Oppong-Nkrumah,
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 (BoG).
At the second paragraph of the said Facebook post, a snapshot of which is attached herewith, you claim that 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.
Your attempt to justify the falsehoods you peddled about the 2025 audited financial statements of the BoG by shifting the goal post, is rather exposing your dishonesty.
Since you will never accept to debate me on this issue on any media platform, for fear of being exposed, as your custom is, I will proceed to respond to you here.
Kojo, in your press statement of Sunday, 3rd May, 2026, you stated that:
- The “TRUE OPERATING LOSS” of the BoG for 2025 was 34.9 billion cedis. No where in your press statement did you say that “total loss” (total comprehensive income) of the BoG for 2025 was 34.9 billion cedis as you are suggesting now. Throughout your press statement you made the point, that the 34.9 billion loss figure you put out, related to “operating loss” of the BoG for 2025. Don’t shift the goal post now Chief.
- You further stated in your press statement, that the “TOTAL OPERATING LOSS” of the BoG for 2025 was actually 44 billion cedis; a false claim you now appear to have completely abandoned after your voodoo analysis was exposed.
Find below a direct quote from the press statement you read and released to the media on Sunday 3rd May, 2026 to refresh your memory. I have also attached a screenshot for ease of reference.
“The Government and its spin doctors led by the NDC party officials who did the Press Conference, are trying to convince the people of Ghana that the loss is GHS 15.6 Billion. We regret to tell the people of Ghana that this is not true. The true Operating loss of the Bank is actually GHS 34.9 billion Cedis. And In fact, if you add back the GHS 9.6 billion proceeds from the Gold Sales (which was hurriedly done to reduce the loss as at September) the recalculated loss is actually GHS 44 billion.”
“As they always say, the cover up is worse than crime. The attempt to cover up the true operating loss of the bank is what is most troubling. The BOG has employed a combination of artificial revenue recognition on one hand, and clever accounting standards on another hand in their attempt to cover up this loss.”
“The proof of this can be found on Page 16 of the Accounts where they report the consolidated income of the Bank. On that page, the bank admits that in addition to the GHS 15.6 billion Headline they have reported, they have also made an additional loss of GHS 19.3 Billion in other comprehensive income. GHS 15.6 + GHS 19.3 = GHS 34.9 (approximately GHS 35 billion). And if you add back the sold Gold it is GHS 44 billion loss.”
End of quote.
Kojo, I am sure that after reading this quotation of yours, you will accept the fact that you lied to the good people of Ghana about the true OPERATING LOSS of the BoG for the year 2025 and apologize for the voodoo mathematics you engaged in.
And oh, if you want to now shift the conversation from “operating loss” to what you now call “total loss”, whatever that means, then be consistent. Hold another press conference and state the “total losses” of the BoG for 2022-2025. Because all the figures you cited in your presser about BoG’s losses in past years, were “operating losses” not “total losses”. 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.
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.
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.