The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has replied to Sammy Gyamfi, the Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), after he challenged him to a debate.
Oppong Nkrumah on Facebook insisted that the BoG losses exceeded the amount cited, claiming that the BoG recorded a total loss of GH¢34.9 billion.
He argued that the Bank of Ghana used a combination of artificial revenue recognition and accounting treatments to obscure the full extent of the losses.
According to him, evidence of this can be found on Page 16 of the financial statements, where the bank reports consolidated income.
Oppong Nkrumah detailed that, in addition to the GH¢15.6 billion headline figure, an additional GH¢19.3 billion in other comprehensive income brings the total to GH¢34.9 billion, adding that when adjustments are made for sold gold, the total loss rises to about GH¢44 billion.
However, Sammy Gyamfi has told Kojo Oppong Nkrumah to render a public apology over his misleading claims regarding the Bank of Ghana’s (BoG) 2025 annual report.
He argued that Kojo Oppong Nkrumah’s attempt to justify the falsehoods he peddled about the 2025 audited financial statements of the BoG by shifting the goal post is rather exposing his dishonesty.
Sammy Gyamfi further challenged Oppong Nkrumah to stop responding to him on Facebook, demanding he select any media platform of his choice and a date and time of your convenience for a debate.
In a social media post shared on X, Sammy Gyamfi wrote, “ I maintain that the “operating loss” recorded in the audited financials of the BoG for the year 2025 is GHS15.6 billion. And that, the audited income statement (P&L) is what is relevant in assessing the financial health of the Bank, and not the Other Comprehensive Income statement, that mainly captures unrealised revaluation gains/losses and exchange differences.
My brother KON, you lied! Apologise and let’s move on. But if you want to litigate this matter further, stop responding to me on Facebook. You are welcome to select any media platform of your choice and a date and time of your convenience for a debate”.
However, Oppong Nkrumah rejected Sammy Gyamfi’s challenge for a debate, arguing that Bank of Ghana’s 2025 accounts are not the responsibility of GoldBod’s CEO or the NDC’s National Communications Officer.
He stressed that if a debate is necessary, Ato Forson should step forward not Sammy Gyamfi.
Oppong Nkrumah wrote, “The Bank of Ghana’s 2025 accounts are not the responsibility of GoldBod’s CEO or the NDC’s National Communications Officer. They belong to the Minister for Finance, who must present them to Parliament. Since you are aware of the mess you have caused, you have chosen to evade official probes and hide behind sponsored platforms where you can have a field day. If a debate is necessary, Ato Forson should step forward. He has the responsibility, integrity, and competence to do so. Not you, my friend. Until he does, answers are only required from you in a Parliamentary inquiry on the record and under oath. Stop wasting our time and show up.
If you are as confident of your case as your posts suggest, be the loudest voice in your party today, demanding that the inquiry I initiated on March 27th be allowed to proceed. Then we will see who is telling the truth and who is lying”.
Also, Oppong Nkrumah further accused Sammy Gyamfi of telling four lies, saying, “On January 3rd, 2026, you stated emphatically on Newsfile that there were no losses. You dismissed Ghanaians who pointed to losses as “dreaming or hallucinating.” This was a lie. Today, you are conceding to the GHS 15B portion of the loss. So, who is lying here?
– In 2018, you called a KPMG report “bogus, one-sided, and inconclusive.” In 2026, you claim that only KPMG can be trusted. It seems that you lack a principled position. The same firm, different positions. That is dishonesty.
– You claim to welcome a probe, yet you have been evading a Parliamentary investigation into the Gold losses of billions of cedis since March 27th. Why have your majority members in Parliament been obstructing all the probes? Your lies will be exposed if you are brave enough to appear under oath in a Parliamentary Inquiry where documents will be presented and scrutinized.
– You deny that GoldBod off-taker fees were documented by the IMF, but the Fund has not retracted its findings. Who is the liar here? Is it Sammy Gyamfi or the IMF?”.
See the post below:
I understand your intention to turn this into a contest between us. You want to divert attention from the Bank of Ghana’s substantial loss of GH¢34.9 billion and your party’s broken promise of financial discipline at the Bank of Ghana. However, we in the minority will not be… https://t.co/weLSWgUFCV
— Kojo Oppong Nkrumah (@konkrumah) May 10, 2026