BoG losses not significant for public concern — Sammy Gyamfi
Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has dismissed concerns over the Bank of Ghana’s (BoG) 2025 financial performance, insisting that the reported losses do not warrant public alarm.
His comments follow the release of the central bank’s 2025 Financial Statement on May 1, 2026, which showed an operational loss of GH¢15.6 billion — the second highest since the redenomination of the cedi in 2008. The figures have since sparked intense political debate between the governing National Democratic Congress (NDC) and the opposition New Patriotic Party (NPP).
Speaking on Newsfile, Mr. Gyamfi rejected criticisms from the opposition, maintaining that the losses reflect deliberate policy decisions aimed at stabilising the economy rather than mismanagement.
“The Bank of Ghana has not made any losses that should even be a topic for discussion,” he stated.
However, Member of Parliament for Tano North and a member of Parliament’s Finance Committee, Gideon Boako, described the development as “a new low,” arguing that the losses were avoidable, particularly in a year not marked by any major economic crisis.
Defending the central bank’s position, Majority MP Atta Issah earlier indicated at a press briefing on April 30 that the costs reflected in the accounts were tied to policy interventions that have yielded tangible economic benefits.
“The costs you see in the financial statements are the costs of producing the outcomes that you are living through currently. The institution carried them on its books; the country received the benefits,” he said.
According to the Bank of Ghana, the losses were primarily driven by monetary policy operations, the gold accumulation programme, and exchange rate-related accounting adjustments.
On the gold programme, the Bank recorded an accounting cost of about GH¢9 billion. However, officials clarified that this does not constitute a realised loss, as approximately 111 tonnes of gold remain held as reserve assets.
Exchange rate movements also played a significant role. The Bank reported a GH¢19.32 billion charge in other comprehensive income due to valuation changes following the appreciation of the cedi. In 2025, the local currency strengthened by 41 percent, reducing the cedi value of foreign-denominated reserves.
Mr. Gyamfi further distinguished between the financial performance of the central bank and that of the Ghana Gold Board, noting that GoldBod recorded over GH¢960 million in revenue in 2025 against expenditure of less than GH¢120 million and is on course to post a surplus.
He also defended BoG Governor Johnson Asiama, describing the costs associated with the gold-for-reserves programme as intentional policy measures designed to support economic stability.
Meanwhile, the NDC Majority has maintained that the central bank’s negative equity predates 2025, tracing it back to 2022 and linking it largely to the Domestic Debt Exchange Programme.
Despite the controversy, they insist the Bank of Ghana remains operationally sound and capable of delivering on its core mandate.
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