Chief Executive Officer of the Goldbod, Sammy Gyamfi, has defended the Bank of Ghana’s 2025 financial losses, insisting the central bank’s expenditure was not due to mismanagement but rather the cost of restoring stability to the economy and strengthening the cedi.
Speaking on TV3’s Key Points programme on Saturday, May 9, Sammy Gyamfi argued that the Bank of Ghana played a central role in Ghana’s economic recovery by injecting significant resources into the foreign exchange market to stabilise the local currency and support businesses.
According to him, the central bank brought in more than US$10 billion to support the economy, a move he said helped restore confidence and reduce pressure on the cedi.
“If you look at the three main expenditure items that led to the GH¢15 billion losses, you will see that the Bank of Ghana is actually a victim of its own success,” he stated.
Sammy Gyamfi further praised the Mahama administration for what he described as a remarkable economic turnaround following years of economic instability and Ghana’s previous “junk status” in international markets.
“We have delivered one of the most remarkable economic turnarounds of an economy that was in junk status,” he said, adding that achieving such recovery inevitably comes at a financial cost.
“In delivering these outstanding turnarounds, should there have been no cost? There would definitely be a cost, and the institution bearing that cost is the central bank,” he stressed.
The Goldbod CEO also dismissed claims by the Minority in Parliament that the Bank of Ghana’s total losses for 2025 amounted to GH¢34.9 billion instead of the officially reported GH¢15.6 billion.
He argued that the audited financial statements prepared by international audit firm KPMG should be treated as the most credible source on the matter rather than political commentary.
“Everyone has a right to their own opinions, but no one has a right to their own set of facts,” Sammy Gyamfi said.
He noted that KPMG, as an independent external auditor, clearly stated in the Bank of Ghana’s audited accounts that the institution recorded an operational loss of GH¢15.6 billion in 2025.
“If KPMG says the Bank of Ghana made a loss of GH¢15.6 billion, then that is the figure unless anyone can provide factual evidence to challenge the integrity of the audit,” he argued.
Sammy Gyamfi also criticised Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, accusing him of misrepresenting the figures for political purposes.
“This is voodoo mathematics,” he remarked, questioning why the opposition lawmaker’s interpretation should carry more weight than the audited report prepared by KPMG.
Earlier, Kojo Oppong Nkrumah had maintained that the Bank of Ghana’s actual losses for 2025 stood at nearly GH¢35 billion when other comprehensive losses captured in the accounts are included.
Addressing a press conference, the Ofoase Ayirebi MP argued that the GH¢15.6 billion figure represented only the operational loss and did not reflect the full financial picture of the central bank.
“When you go into the accounts, the loss is nothing less than GH¢35 billion. The GH¢15 billion being quoted is only part of the story,” he stated.
He further alleged that the lower figure was being pushed as part of a political effort to downplay the scale of the central bank’s financial challenges.
