Accra: Former Information Minister and Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, has launched a blistering response to the Chief Executive Officer of GoldBod, Sammy Gyamfi, intensifying the growing public clash over the Bank of Ghana's 2025 audited accounts. The heated exchange follows comments by Sammy Gyamfi on TV3, where he reportedly accused Oppong Nkrumah of lacking the technical competence to properly interpret the central bank's financial statements after the former minister questioned the credibility of the reported GHS15.6 billion loss figure.
According to Ghana Web, Oppong Nkrumah, in a strongly-worded rebuttal issued on Sunday on his Facebook page, accused Sammy Gyamfi of deliberately attempting to distract Ghanaians from what he described as the 'true scale' of the Bank of Ghana's losses, insisting the actual figure stood at GHS34.9 billion. Oppong Nkrumah dismissed Sammy Gyamfi's explanation that there was a distinction between 'operating loss' and 'total comprehensive loss,' arguing that both ultimately represented liabilities carried by the Ghanaian taxpayer. He asserted that the central bank's own financial statements had already settled the debate by combining both figures and reducing its net equity by the full GHS34.9 billion.
Oppong Nkrumah further accused the government of manipulating accounting presentation standards in the 2024 and 2025 accounts to downplay the severity of the losses. He claimed previous BoG accounts treated such losses differently under international accounting standards, but the current administration allegedly altered the presentation by moving portions of the losses into Other Comprehensive Income (OCI) instead of the Profit and Loss account. He criticized Sammy Gyamfi for making contradictory public statements and accused him of hypocrisy over his changing attitude toward audit firm KPMG.
The NPP lawmaker also alleged that Sammy Gyamfi and the Majority side in Parliament had been frustrating attempts to investigate alleged gold-related losses involving GoldBod. He challenged the GoldBod CEO to appear before Parliament under oath if he was convinced of the strength of his arguments. Oppong Nkrumah additionally dragged the International Monetary Fund into the dispute, insisting the IMF had not withdrawn findings concerning GoldBod off-taker fees despite Sammy Gyamfi's denials.
Oppong Nkrumah maintained that responsibility for explaining the Bank of Ghana's accounts rested with Finance Minister Cassiel Ato Forson and not Sammy Gyamfi. He accused Sammy Gyamfi of hiding behind media platforms instead of submitting himself to formal scrutiny and concluded by daring the GoldBod CEO to publicly support the parliamentary inquiry if he truly believed he had nothing to hide.