Chief Executive Officer of Ghana GoldBod, Sammy Gyamfi, has defended the audited 2025 financial statements of Bank of Ghana, insisting that claims challenging the central bank’s reported losses are politically motivated and unsupported by accounting principles.
Speaking on the KeyPoints with Alfred Ocansey on May 9, on the controversy surrounding the Bank of Ghana’s 2025 financial performance, Mr. Gyamfi said the figures being discussed were not prepared by the central bank, but by global accounting firm KPMG.
According to him, critics disputing the figures have failed to provide any factual basis to undermine the credibility of the audit.
“We are discussing the audited financial statements of the Bank of Ghana for the year 2025,” he said. “This is not a document prepared by the Bank of Ghana alone. This is a document prepared by KPMG.”
Mr. Gyamfi stressed that KPMG is among the world’s most credible accounting and auditing firms, and therefore its conclusions should not be dismissed based on political opinion or speculation.
He argued that the audited statements clearly indicate that the Bank of Ghana recorded a loss of GH¢15.6 billion in 2025, as captured in the profit and loss statement.
“And if KPMG tells you on page 15 of the Bank of Ghana’s audited financial statements that the bank made a loss of GH¢15.6 billion in 2025, the matter ends there unless you can use facts to impugn the integrity of the work that KPMG has done,” he stated.
Mr. Gyamfi also criticised attempts by some to combine figures from the “Other Comprehensive Income” section with the profit and loss account to arrive at different conclusions about the bank’s financial health.
He described the approach as “voodoo mathematics” and said it violated standard accounting principles.
“It is a sacrilege in accounting to add profit or loss from other comprehensive income statements to the real profit and loss statement,” he argued.
Explaining further, he said profit and loss statements reflect actual or realised gains and losses incurred by an institution, while “Other Comprehensive Income” mainly captures unrealised valuation changes, including revaluation gains, exchange differences, and fluctuations in asset values.
“In the other comprehensive income, you are talking about profits or losses arising from revaluation gains or losses or exchange differences that are unrealised,” he explained.
Mr. Gyamfi maintained that the financial health of an organisation is assessed using its profit and loss statement, not total comprehensive income figures.
He further referenced provisions in the Bank of Ghana Act, saying the law recognises revaluation accounts and distinguishes them from operational profit or loss.
By Christabel Success Treve
