The Member of Parliament for Ofoase/Ayirebi, Kojo Oppong Nkrumah, has challenged comments made by Sammy Gyamfi, the Chief Executive Officer of GoldBod, regarding the reported financial losses recorded by the Bank of Ghana.
In a statement shared on Facebook on Sunday, May 10, Mr Oppong Nkrumah accused Mr Gyamfi of attempting to downplay what he described as a significant financial setback suffered by the central bank.
According to the former Information Minister, efforts to distinguish between the Bank of Ghana’s “operating loss” and “total comprehensive loss” do not change the overall impact on the country’s finances, insisting that the burden ultimately falls on Ghanaian taxpayers.
Mr Oppong Nkrumah argued that the Bank of Ghana’s own financial statements clearly indicate that the central bank’s net equity was reduced by the full GH¢34.9 billion, contrary to claims focusing on a lower GH¢15 billion figure.
“The Bank of Ghana itself, on page 16, combines both figures and reduces its net equity by the full GH¢34.9 billion, not GH¢15 billion. The central bank’s own balance sheet has already settled this issue,” he stated.
He further alleged that the accounting treatment of gains and losses has changed in recent years, claiming that some items previously captured directly in profit and loss accounts have now been moved into other comprehensive income.
According to him, this accounting approach makes direct comparisons between the Bank’s recent financial performance and previous years more complicated unless both the profit and loss statement and other comprehensive income are examined together.
Mr Oppong Nkrumah also referenced audit observations by international audit firm KPMG, arguing that the firm’s comments suggest the Bank’s recent accounts were prepared using internal accounting standards rather than fully applying International Financial Reporting Standards.
He maintained that this development raises further questions about how the Bank’s financial position should be interpreted and compared over time.
Beyond the accounting debate, the Ofoase/Ayirebi legislator accused Mr Gyamfi of making inconsistent public comments regarding the financial state of the central bank and challenged him to support a formal parliamentary investigation into the matter.
The exchange is expected to deepen the growing political debate surrounding the financial performance and transparency of the Bank of Ghana, with increasing calls from some stakeholders for greater scrutiny of the institution’s accounts and financial management practices.
Source: Wesleyannews.com
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