NPP's criticism of BoG 2025 losses disingenuous, hollow — Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has criticised the opposition New Patriotic Party (NPP) over its attacks on the 2025 financial losses recorded by the Bank of Ghana.

The central bank’s 2025 financial statement recorded a net loss of GH¢15.6 billion, up from GH¢9.4 billion in 2024.

The Minority in Parliament has since questioned the figures, arguing that the actual losses could rise to about GH¢44 billion despite what they describe as the absence of any major economic crisis.

Speaking on Accra-based TV3's KeyPoints programme on Saturday, Sammy Gyamfi dismissed the criticism as misleading and politically motivated.

According to him, the losses largely stemmed from exchange rate revaluation adjustments linked to the appreciation of the Ghana cedi and not from mismanagement by the central bank.

“The bank performs so well in delivering their core mandate of price stability, currency stability and the cedi appreciates from 14.75 to 10.45, it means that same investment they would have converted at 14.75, they will convert into cedis in their books at 10.45, so they have made a loss,” he explained.

The National Democratic Congress Communications Officer said such losses are accounting adjustments that occur when foreign-denominated investments are recalculated into cedis after currency appreciation.

He further clarified that unrealised revaluation losses captured under other comprehensive income cannot legally be added to the Bank of Ghana’s operational losses.

“So what our brothers in the NPP are doing is very, very disingenuous and they must stop because they are not doing their credibility any good,” he stated.

He argued that the appreciation of the cedi, which has brought relief to households and businesses, should not be twisted into claims of economic mismanagement.

Sammy Gyamfi stressed that persons with a proper understanding of accounting principles and the Bank of Ghana Act would appreciate the distinction between realised and unrealised losses in the central bank’s books.