Ofoase Ayirebi MP, Kojo Oppong Nkrumah, has criticised comments by Sammy Gyamfi regarding the financial losses recorded by the Bank of Ghana (BoG), accusing him of attempting to downplay the scale of the central bank’s financial difficulties.

In a statement posted on Facebook on Sunday, May 10, the former Information Minister argued that efforts to separate the Bank’s “operating loss” from its “total comprehensive loss” do not alter the overall impact on the country’s finances and taxpayers.

Mr Oppong Nkrumah maintained that the Bank of Ghana’s financial statements show that its net equity position declined by GH¢34.9 billion, contrary to the GH¢15 billion figure he said Mr Gyamfi had publicly highlighted.

“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.

The lawmaker further contended that changes in accounting treatment under the current administration had shifted some gains and losses from the profit and loss statement into other comprehensive income, making year-on-year comparisons more complicated.

He also referred to observations by audit firm KPMG, arguing that the Bank’s recent accounts appear to have been prepared using internal accounting standards instead of fully applying International Financial Reporting Standards.

According to Mr Oppong Nkrumah, a proper assessment of the Bank’s financial position requires consideration of both profit and loss figures and other comprehensive income together, rather than in isolation.

He further accused Mr Gyamfi of making inconsistent public comments about the Bank’s financial health and challenged him to support a parliamentary investigation into the matter.

The disagreement adds to ongoing political debate over the financial performance of the Bank of Ghana, with growing calls for closer scrutiny of the central bank’s recent accounts and reporting practices.