The stability of the Cedi against the Dollar, and the outstanding economic turnaround experienced under the Mahama administration came at a cost, CEO of the Godbod, Sammy Gyamfi, has said.
Sammy Gyamfi says, certainly, the Bank of Ghana would have to bear the cost of stabilising the economy.
He says that in delivering the turnaround, there would certainly be a cost.
“We have delivered the most remarkable economic turnaround of an economy that was in a junk status.
“In delivering these outstanding turnarounds, should there have been no cost? There would definitely be a cost. Who has to bear the cost? It is the central bank,” he said on the KeyPoints on TV3 Saturday, May 9.
He further stated that the contents of the audited financial statement of the Bank of Ghana, prepared by KPMG should take premium over the comments by the Minority on the BoG’s losses.
To him, the Minority has been misinforming the general public on the BoG losses.
Sammy Gyamfi said, “Everyone has a right to their own opinions, but no one has a right to their own set of facts.
“It is important for us to respect the fact, it is not about what you think or non-existent realities?
“We are talking about an external institution out of the institutional framework of the BoG, and an independent external institution that the BoG doesn’t control, KPMG. KPMG conducts an external audit on the finances of the BoG and publishes the results. This is not a document that was prepared by the BoG, a document prepared by the KPMG.
“If KPMG tells you on page 15 that the profit and loss position of the BoG, that is what yoy use to examine the health of every corporate body. KPMG says BoG made an operating loss of GHS15billion, and Kojo Oppong Nkrumah says GHS34 billion.
“Is he an auditor? Is he a chartered accountant? What credibility does he have? Does it mean he has more credibility than KPMG? Unless you can use facts to impugn the work of KPMG you have to keep quiet.
“This is Voodoo mathematics he is doing. If KPMG tells you the Bank of Ghana made a loss of GH¢15.6 billion in 2025, the matter ends there unless you can use facts to impugn their integrity.”
He was reacting to the Minority and Member of Parliament for Ofoasi Ayirebi Kojo Opong Nkrumah, the Ranking Member of Parliament’s Economy and Development Committee, who disputed claims about the financial performance of the Bank of Ghana, insisting that the institution’s total loss for 2025 stands at GH₵34.9 billion.
According to him, the GH₵15 billion figure being circulated by the National Democratic Congress does not reflect the full picture and should be disregarded.
Addressing a press conference, Mr Oppong Nkrumah argued that a detailed reading of the central bank’s audited 2025 annual report reveals significantly higher losses.
He explained that the reported GH₵15.6 billion represents only the core operational loss, while additional losses captured under other comprehensive income bring the total to about GH₵34.9 billion.
“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 presentation of the lower figure is a political narrative intended to downplay the extent of the losses.
