Sammy Gyamfi, the Chief Executive Officer of Ghana Gold Board (GoldBod), has quizzed the Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, over his comments regarding the Bank of Ghana’s (BoG) reported financial losses.
The GoldBod CEO 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.
According to Sammy Gyamfi, KPMG says the Bank of Ghana made an operating loss in 2025 of GH¢15.6 billion, but Kojo Oppong Nkrumah says it is GH¢34 billion.
Speaking on TV3 Key Points aired on May 9, 2026, Sammy Gyamfi explained, “So what we are discussing is not a document prepared by the Bank of Ghana. This is a document prepared by KPMG. And when we talk about KPMG, you’re talking about one of the four biggest accounting and auditing firms in the world”.
“KPMG says the Bank of Ghana made an operating loss in 2025 of GH¢15.6 billion. And then you have Kojo Oppong Nkrumah saying it is GH¢34 billion. Are you an auditor? What credibility do you have?” he questioned.
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.
Watch the video below:
BoG Losses: Is Kojo Oppong Nkrumah an auditor or a chartered accountant? And what credibility does he have to question the credibility of KPMG? Unless you can use facts to impugn the work of KPMG, you have to keep quiet.
— #TV3GH (@tv3_ghana) May 9, 2026
– Sammy Gyamfi, the CEO of Goldbod, has dismissed the… pic.twitter.com/sgJwlm4CKD