GoldBod CEO Defends BoG Loss Figures, Insists KPMG-Audited Accounts Must Guide Debate
Chief Executive Officer of GoldBod, Sammy Gyamfi, has defended the reported financial losses of the Bank of Ghana, insisting that public debate surrounding the central bank’s financial position must be based strictly on its KPMG-audited accounts rather than political interpretations.
His remarks come amid intensifying political exchanges over the Bank of Ghana’s reported multi-billion-cedi operating losses, which have remained a contentious issue in Ghana’s post-crisis economic recovery discussions.
Speaking on the matter, Mr Gyamfi argued that the audited financial statements prepared by KPMG represent the most credible and internationally accepted basis for assessing the central bank’s financial performance. According to him, attempts to reinterpret the figures outside the official audited framework risk creating misinformation and undermining public confidence in the country’s financial governance systems.
He maintained that the losses recorded by the central bank should be understood within the context of the extraordinary interventions undertaken during Ghana’s economic crisis, including measures to stabilise the cedi, support the financial sector and cushion the economy during the domestic debt restructuring exercise.
Mr Gyamfi noted that such interventions inevitably carried financial costs but were necessary to restore macroeconomic stability and rebuild investor confidence at a critical moment for the economy.
His comments follow criticism from opposition figures, particularly within the Minority in Parliament, who have questioned both the scale of the losses and the broader implications for the central bank’s balance sheet.
Government communicators and officials, however, continue to defend the Bank of Ghana’s actions, arguing that the institution operated within its policy mandate during a period marked by severe fiscal and monetary pressures.
The debate over the central bank’s losses is expected to remain central to Ghana’s economic policy discourse as the country advances its fiscal consolidation agenda and broader recovery efforts under the IMF-supported programme.
