Select any media house, date and time, let’s debate – Sammy Gyamfi challenges Oppong Nkrumah

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Sammy Gyamfi challenges Oppong Nkrumah

Sammy Gyamfi, the Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), has called out the Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah.

Oppong Nkrumah on Facebook insisted that the 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, “Dear Hon. @konkrumahMy attention has just been drawn to a Facebook post of yours which purports to respond to my submission on yesterday’s edition of the KEYPOINTS show on @tv3_ghana about your deceptive analysis of the 2025 audited financials of the Bank of Ghana (BoG).

In the second paragraph of the said Facebook post, a snapshot of which is attached herewith, you claim that “the BoG recorded a TOTAL LOSS of GHS34.9bn”.

But Kojo, was this the claim you made at your press conference on Sunday, 3rd May 2026??? The answer is a big fat NO. 

Your attempt to justify the falsehoods you peddled about the 2025 audited financial statements of the BoG by shifting the goal post is rather exposing your dishonesty.

Since you will never accept to debate me on this issue on any media platform, for fear of being exposed, as your custom is, I will proceed to respond to you here.

Kojo, in your press statement of Sunday, 3rd May, 2026, you stated that:

1. The “TRUE OPERATING LOSS” of the BoG for 2025 was 34.9 billion cedis. Nowhere in your press statement did you say that “total loss” (total comprehensive income) of the BoG for 2025 was 34.9 billion cedis, as you are suggesting now. Throughout your press statement, you made the point that the 34.9 billion loss figure you put out related to the “operating loss” of the BoG for 2025. Don’t shift the goal post now, Chief.

2. You further stated in your press statement that the “TOTAL OPERATING LOSS” of the BoG for 2025 was actually 44 billion cedis; a false claim you now appear to have completely abandoned after your voodoo analysis was exposed.

Find below a direct quote from the press statement you read and released to the media on Sunday, 3rd May, 2026, to refresh your memory. I have also attached a screenshot for ease of reference.

“The Government and its spin doctors, led by the NDC party officials who did the Press Conference, are trying to convince the people of Ghana that the loss is GHS 15.6 billion. We regret to tell the people of Ghana that this is not true. The true Operating loss of the Bank is actually GHS 34.9 billion. And in fact, if you add back the GHS 9.6 billion proceeds from the Gold Sales (which were hurriedly done to reduce the loss as at September), the recalculated loss is actually GHS 44 billion.”

“As they always say, the cover-up is worse than the crime. The attempt to cover up the true operating loss of the bank is what is most troubling.

The BOG has employed a combination of artificial revenue recognition on one hand, and clever accounting standards on the other hand, in their attempt to cover up this loss.”

“The proof of this can be found on Page 16 of the Accounts, where they report the consolidated income of the Bank. On that page, the bank admits that in addition to the GHS 15.6 billion Headline they have reported, they have also made an additional loss of GHS 19.3 billion in other comprehensive income. GHS 15.6 + GHS 19.3 = GHS 34.9 (approximately GHS 35 billion). And if you add back the sold Gold, it is a GHS 44 billion loss.”

End of quote.

Kojo, I am sure that after reading this quotation of yours, you will accept the fact that you lied to the good people of Ghana about the true OPERATING LOSS of the BoG for the year 2025 and apologise for the voodoo mathematics you engaged in.

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.

See the post below: