“Kojo Oppong Nkrumah doing Voodoo Mathematics” – Sammy Gyamfi speaks on BoG losses

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Sammy Gyamfi and Oppong Nkrumah

The Chief Executive Officer of Goldbod, Sammy Gyamfi, has accused Kojo Oppong Nkrumah, a member of Parliament for Ofoase-Ayirebi, of engaging in ‘Voodoo Mathematics’.

Sammy Gyamfi argued that  Kojo Oppong Nkrumah has been misleading the public over the reported financial losses of the Bank of Ghana (BoG) with his Voodoo Mathematics.

Speaking on TV3’s Key Points on May 9, 2026, Sammy Gyamfi said, “ What he is doing is what is termed ‘Voodoo Mathematics’; it is a sacrilege in accounting to add profit or loss from other comprehensive income statements to profit or loss in the real PML statement. It is not done anywhere.  

Sammy Gyamfi also quizzed whether Kojo Oppong Nkrumah is an auditor or a chartered accountant.

Adding that, what credibility does he have to question the credibility of KPMG? Unless you can use facts to impugn the work of KPMG, he has to keep quiet.

Sammy Gyamfi insisted that discussions about the central bank’s financial position must be based strictly on audited facts, he added, “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 facts. It is not about what you think or non-existent realities. We are talking about an external institution within the 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 prepared by the BoG; it is prepared by KPMG,” he explained.

“If KPMG tells you on page 15 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 GH¢15 billion, and Kojo Oppong Nkrumah says GH¢34 billion”.

He added, “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 added.

His comments follow, the Minority in Parliament who has disputed the official Bank of Ghana’s (BoG) figures, which claimed they made a GH¢15.6 billion operating loss for the 2025 financial year.

According to the Minority, they acknowledge the BoG’s transparency in its public disclosure, but disputed the figures.

Kojo Oppong Nkrumah, the Member of Parliament (MP) for Ofoase-Ayirebi and Ranking Member of Parliament’s Economy and Development Committee, alleged that the central bank employed “artificial recognition” and “clever accounting” to move portions of the deficit into “other comprehensive income”.

He detailed that the move effectively downplayed the scale of the operating loss.

Kojo Oppong Nkrumah argued that the BoG’s “true operating loss” is closer to GH¢34.9 billion, adding that once gold sale proceeds are factored in, the total comprehensive loss nears GH¢44 billion.

Speaking at a press conference on Sunday, May 3, Kojo Oppong Nkrumah disputed official figures, saying, “The government and its spin doctors, led by the NDC party officials who did that press conference, are trying to convince the people of Ghana that their loss is GH¢15.6 billion.

“We regret to tell the people of Ghana that this is not true. The true operating loss of the Bank of Ghana for the year 2025 is GH¢34.9”, he remarked.

He stated, “The government says the loss is GHC15.6 billion. The true operating loss of the Bank is actually GHC34.9 billion cedis.

In fact, if you add back the 9.6 billion cedis proceeds from the Gold sales, the recalculated loss is actually GHC44 billion.”

Watch the video below: