Gyamfi Explains BoG’s GH¢15bn “Loss”

GoldBod CEO Sammy Gyamfi says the Bank of Ghana’s reported loss is due to currency revaluation and inflation-control policies, not actual financial mismanagement. The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified concerns over the Bank of Ghana’s reported GH¢15.6 billion loss in its latest audited financial statement. Speaking on Newsfile on May 2, 2026, he said the figure should be understood as a result of economic stabilisation efforts rather than an operational loss. “The Bank of Ghana has not made any losses. What has been described as a GH¢15.6 billion loss is largely the cost of stabilisation,” he said. Gyamfi explained that the appreciation of the cedi in 2025 reduced the value of the central bank’s foreign assets when converted into local currency, leading to accounting losses. “If the cedi had depreciated as it did previously, the Bank would have recorded revaluation gains and likely posted profits,” he noted. He added that in 2024, when the cedi weakened, the BoG recorded gains, but the stronger currency in 2025 reversed that outcome. Gyamfi also said the central bank’s inflation-control measures contributed to the reported losses, as it had to withdraw excess money from circulation by paying interest to commercial banks. “When there is too much money in circulation chasing fewer goods, the central bank must act… and that process comes at a cost,” he said. He argued that despite the accounting figures, the BoG’s policies helped reduce inflation significantly, from over 23% to about 3.4%, and should be seen as stabilisation efforts rather than failure.