The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has criticised comments made by the CEO of the Ghana Gold Board, Sammy Gyamfi about the losses recorded by the Bank of Ghana.
In a Facebook post shared on Sunday, May 10, Mr. Oppong Nkrumah said Sammy Gyamfi was trying to distract the public from the seriousness of the Bank of Ghana’s financial losses.
According to him, it does not matter whether the losses are called “operating losses” or “total comprehensive losses” because, in the end, the burden will still affect Ghanaian taxpayers.
The former Information Minister explained that the Bank of Ghana’s own financial report shows that the bank’s net equity dropped by the full GH¢34.9 billion, not the GH¢15 billion figure that Sammy Gyamfi is said to be focusing on.
He said the central bank itself already combined the figures in its report, which clearly shows the total impact of the losses.
Mr. Oppong Nkrumah also claimed that the way the losses were recorded changed under the current administration.
He argued that some gains and losses that were previously included in profit and loss accounts are now being placed under “other comprehensive income,” making the figures look different.
He further referred to comments from auditing firm KPMG, saying the audit suggested the Bank of Ghana used its own accounting standards instead of fully following International Financial Reporting Standards.
Because of this, he said comparing the Bank’s recent financial performance with previous years may not give a complete picture unless all financial records are looked at together.
Beyond the accounting debate, Mr. Oppong Nkrumah accused Sammy Gyamfi of giving conflicting public statements about the Bank’s financial situation. He also challenged him to support a parliamentary investigation into the issue.
The disagreement has added to the growing political debate over the financial condition of the Bank of Ghana and may increase calls for closer examination of the central bank’s accounts.
