The Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah has called for transparency in the quantum of loss incurred by the Bank of Ghana (BoG) as captured in its financial statement for 2025.
He said that is the only way the central bank could be saved from any future challenges.
“The BoG recorded a total loss of GH¢34.9bn. Focusing only on the ‘operating’ portion is a pretense that undermines transparency. Having the humility to admit the full scale of our challenges is the first step to recapitalizing the Central Bank a necessity their own financials make clear,” Mr Oppong Nkrumah said in a Facebook post on May 9.
He stressed that, “Ghanaians don’t need ‘voodoo’ mathematics; we just need the truth, in full, for every citizen to see.”
The Ranking Member of Parliament’s Economy and Development Committee made the post in reaction to accusation by the CEO of Goldbod, Sammy Gyamfi, he (Oppong Nkrumah) is misinforming the general public on the losses of the Bank of Ghana (BoG).
Mr Oppong Nkrumah had 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.
But speaking on the Key Points on TV3 Saturday, May 9, 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 you 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.”
In reaction, Mr Oppong Nkrumah wrote, “It is quite ironic that the same merchants of probity and accountability now suggest a Ghanaian needs an audit license to decipher the truth of our national accounts.”
