BoG incurred cost in stabilising the Cedi - Sammy Gyamfi

Sammy Gyamfi, Chief Executive Officer of GoldBod, has stated that Ghana’s recent economic recovery and the stability of the cedi against the US dollar came with significant financial costs, largely borne by the Bank of Ghana.

Speaking on KeyPoints on TV3 on May 9, Gyamfi defended the economic policies implemented under the Mahama administration, describing the current improvement as one of the most remarkable recoveries from a struggling economy.

“We have delivered the most remarkable economic turnaround of an economy that was in a junk status,” he said.

According to him, achieving economic stability naturally comes with financial consequences, especially for the central bank.

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“In delivering these outstanding turnarounds, should there have been no cost? There would definitely be a cost. Who has to bear the cost? It is the central bank,” he added.

Gyamfi also dismissed claims by the Minority regarding the financial losses recorded by the Bank of Ghana, insisting that the audited financial statements prepared by KPMG should be regarded as the most credible source.

He accused the minority of misleading the public about the central bank’s losses.

“Everyone has a right to their own opinions, but no one has a right to their own set of facts,” he stated.

Referencing KPMG’s audit report, Gyamfi said the Bank of Ghana recorded an operating loss of GH¢15.6 billion in 2025, contrary to claims by the Minority that the losses stood at GH¢34.9 billion.

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“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 argued.

His comments come after Kojo Oppong Nkrumah, Ranking Member of Parliament’s Economy and Development Committee, disputed the government’s interpretation of the central bank’s financial report.

According to Oppong Nkrumah, the GH¢15.6 billion figure only reflects the Bank of Ghana’s core operational loss, while additional losses captured under comprehensive income raise the total figure to nearly GH¢35 billion.

“When you go into the accounts, the loss is nothing less than GH¢35 billion. The GH¢15 billion being quoted is only part of the story,” he said during a press briefing.

He further alleged that presenting the lower figure was part of a political strategy aimed at downplaying the scale of the losses recorded by the central bank.