Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has downplayed concerns over the Bank of Ghana’s 2025 financial performance, insisting the reported losses are not significant enough to spark national alarm.
“The Bank of Ghana has not made any losses that should even be a topic for discussion,” he said, pushing back against mounting criticism from the opposition following the release of the central bank’s latest accounts.
His remarks come after the Bank’s 2025 Financial Statement, published on May 1, 2026, revealed an operational loss of GH¢15.6 billion — the second highest recorded since the cedi redenomination in 2008.
The figures have triggered sharp political exchanges between the governing National Democratic Congress (NDC) and the opposition New Patriotic Party (NPP).
NPP MP for Tano North and a member of Parliament’s Finance Committee, Gideon Boako, described the development as “a new low,” blaming what he termed policy missteps.
He argued that the losses were avoidable, especially as 2025 was not marked by a major economic crisis.
But speaking on Newsfile, Sammy Gyamfi rejected that position, aligning with the NDC Majority’s long-held view that the losses reflect deliberate policy choices aimed at stabilising the economy.
At a press briefing on April 30, Majority MP Atta Issah defended the figures, saying the costs captured in the accounts were tied to tangible economic gains.
“The costs you see in the financial statements are the costs of producing the outcomes that you are living through currently. The institution carried them on its books; the country received the benefits,” he said.
According to the central bank, the reported loss was largely driven by three factors: monetary policy operations, the gold accumulation programme, and exchange rate-related accounting adjustments.
On the gold programme, the Bank recorded an accounting cost of about GH¢9 billion. However, officials maintain this does not represent a realised loss, as roughly 111 tonnes of gold remain held as reserve assets.
The exchange rate component also played a major role. The Bank reported a GH¢19.32 billion charge in other comprehensive income, reflecting valuation changes as the cedi strengthened. In 2025, the local currency appreciated by 41 per cent, reducing the cedi value of foreign-denominated reserves.
Sammy Gyamfi has also distinguished the central bank’s accounts and those of the Ghana Gold Board, stating that GoldBod generated over GH¢960 million in revenue in 2025 against expenditure of less than GH¢120 million, and is on track to post a surplus.
He further defended BoG Governor Johnson Asiama, describing the costs associated with the gold-for-reserves programme as intentional policy outcomes rather than signs of mismanagement.
Meanwhile, the NDC Majority maintains that the Bank’s negative equity did not originate in 2025 but dates back to 2022, largely linked to the Domestic Debt Exchange Programme.
Despite the concerns, they argue the Bank of Ghana remains operationally sound and capable of executing its core mandate.
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