Sammy Gyamfi fires warning shot at BoG Governor

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Makay
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Sammy Gyamfi

The Chief Executive Officer of Goldbod, Sammy Gyamfi, has fired warning shots at the Bank of Ghana (BoG) Governor, Dr Johnson Asiama.

Sammy Gyamfi, appearing on TV3 Key Point on May 9, 2026, drew a clear line on central bank conduct.

According to Sammy Gyamfi, if current BoG Governor Johnson Asiama engages in excessive money printing like his predecessor, Dr Ernest Addison, he will organise and lead a protest against him.

Sammy Gyamfi is quoted by a TV3 news card to have said, “If Governor Johson Asiama goes on a money-printing spree like Dr Ernest Addison did and plunges the Bank of Ghana into losses, I will lead a demonstration against him”.

Some Ghanaians reacting to Sammy Gyamfi’s remarks stated, “That is a no go area, he can be pardoned for his golden economic fax pass of selling when he should have held but print paaaaaaaaa, the economy will dance to the pied piper, I don’t know which? Be it borhey,apatampa,kete,borborbor, the fire dance, kundum, fancy🤔, but it will”.

Another X user added, “Sammy Gyamfi threatening to protest his own government’s appointee is the kind of accountability Ghana actually needs. Whether he follows through is the real question”.

One X user added, “Fallacy, they said worse things about galamsey and what we’re seeing. All these are propaganda. NDC named all their communication units as propaganda secretariats. They only changed it when Ghanaians started bashing them”.

“Was Asiamah not part of the money printing? Is anyone in court for printing money? You and your foolish NDC party now seem to agree with every decision the BOG takes in the interest of Ghana, but under a different regime, they were criminals. You are a jail candidate”, a netizen noted.

Meanwhile, 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 have 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.

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