Economic recovery came at a cost to BoG — Sammy Gyamfi on 2025 losses

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has asserted that the losses recorded by the Bank of Ghana in 2025 were not due to mismanagement but rather the cost of stabilising the economy.

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

Speaking on Accra-based TV3 KeyPoints programme on Saturday, Sammy Gyamfi explained that the losses were largely linked to exchange rate revaluation adjustments resulting from the appreciation of the Ghana cedi.

According to him, the Bank of Ghana holds a significant portion of Ghana’s foreign reserves in dollars and other foreign-denominated assets which are converted into cedis for accounting purposes.

“Not because of mismanagement, but because of prudent management of the cedi, which has ensured that the cedi has appreciated, which is a good thing, something that has brought relief to Ghanaians, households and businesses, by no fault of theirs, just by doing this good thing, they are going to suffer a loss,” he stated.

The NDC National Communications Officer said when the cedi appreciates, the cedi value of the central bank’s foreign investments declines during financial reporting, leading to what accountants describe as revaluation losses.

He further explained that some of the losses captured in the financial statement were unrealised losses that had not yet crystallised because the investments involved had not matured.

“So the law says, for that loss, don't add it to your profit and loss. Add it to your other comprehensive income, you understand, so that other comprehensive income, you cannot add it to the operating loss. That is what the law is telling you, and that is what KPMG has done,” he explained.

Sammy Gyamfi stressed that the losses should be understood within the context of standard accounting procedures and the Bank of Ghana’s mandate to maintain price and currency stability.

The NDC spokesperson further noted that the strengthening of the cedi and improved macroeconomic stability had provided relief for businesses and households despite the accounting impact on the central bank’s books.