Sammy Gyamfi defends BoG losses, rejects mismanagement claims

The Chief Executive Officer of the GoldBod, Sammy Gyamfi, has defended the financial losses recorded by the Bank of Ghana in 2025, insisting the losses were the result of measures taken to stabilise the Ghanaian economy rather than mismanagement.

Speaking on Key Points on TV3 on Saturday, May 9, Sammy Gyamfi said the central bank incurred significant costs while implementing policies that contributed to the strengthening of the cedi and broader economic recovery.

According to him, the country mobilised more than US$10 billion, which helped restore stability in the economy and provided relief for businesses.

“If you look at the three main expenditure items that led to the GH¢15 billion losses, you will realise that the Bank of Ghana is a victim of its own success,” he stated.

Mr Gyamfi further argued that the administration of President John Dramani Mahama has achieved a major economic turnaround following a period when Ghana’s economy had fallen into junk status.

He maintained that such economic recovery efforts naturally come with financial costs, which in this case were largely absorbed by the central bank.

“We have delivered one of the most remarkable economic turnarounds. In achieving these results, there was obviously going to be a cost, and the central bank had to bear part of that burden,” he said.

The GoldBod CEO also rejected criticisms from the Minority in Parliament regarding the Bank of Ghana’s financial performance, insisting that the audited financial statements prepared by KPMG should be regarded as the authoritative account of the bank’s financial position.

He accused the Minority of misleading the public over the extent of the losses recorded by the central bank.

According to him, KPMG’s audited report clearly indicated that the Bank of Ghana recorded an operating loss of GH¢15.6 billion in 2025.

Mr Gyamfi questioned claims by the Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, that the central bank’s total losses amounted to GH¢34.9 billion.

“If KPMG says the Bank of Ghana made an operating loss of GH¢15.6 billion, that should be the basis for assessing the institution’s financial performance unless there is credible evidence challenging the audit,” he argued.

Meanwhile, Kojo Oppong Nkrumah has maintained that the full financial impact reflected in the Bank of Ghana’s audited 2025 report exceeds the GH¢15 billion figure being discussed publicly.

Addressing a press conference, the Ofoase Ayirebi MP stated that while the GH¢15.6 billion represented the bank’s operational loss, additional losses captured under other comprehensive income pushed the total losses to approximately GH¢34.9 billion.

“When you study the accounts carefully, the total loss is close to GH¢35 billion. The GH¢15 billion figure being quoted tells only part of the story,” he said.

He further alleged that presenting only the lower figure was part of an attempt to downplay the scale of the central bank’s financial losses.