{"id":621705,"date":"2026-05-03T21:25:08","date_gmt":"2026-05-03T21:25:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/621705\/"},"modified":"2026-05-03T21:25:08","modified_gmt":"2026-05-03T21:25:08","slug":"read-sammy-gyamfis-attempt-to-explain-bogs-gh%c2%a215-billion-operating-loss","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/621705\/","title":{"rendered":"Read Sammy Gyamfi’s attempt to explain BoG’s GH\u00a215 billion operating loss"},"content":{"rendered":"

\"Sammy <\/a>Sammy Gyamfi is the Chief Executive Officer of the Ghana Gold Board (GoldBod)<\/p>\n

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has sought to clarify the over GH\u00a215 billion loss recorded by the Bank of Ghana (BoG) in its latest audited financial statement.<\/p>\n

Speaking on Newsfile on May 2, 2026, Gyamfi argued that the figure, widely described as a loss, should instead be understood within the broader context of economic stabilisation policies.<\/p>\n

\u201cIssue number one: the Bank of Ghana has not made any losses. What has been described as a GH\u00a215.6 billion loss is largely the cost of stabilisation,\u201d he said. <\/p>\n

He explained that the central bank\u2019s financial position has been significantly influenced by the performance of the Ghana cedi. <\/p>\n

Majority in Parliament defends Bank of Ghana\u2019s report<\/a> <\/p>\n

According to him, the currency’s appreciation in 2025 reduced the value of the bank\u2019s foreign-denominated assets when converted into cedis, resulting in accounting losses.<\/p>\n

\u201cIf the cedi had depreciated as it did previously, the Bank would have recorded revaluation gains and likely posted profits,\u201d he noted.<\/p>\n

Gyamfi noted that in 2024, when the cedi weakened, the BoG recorded substantial gains from the revaluation of its foreign assets. <\/p>\n

In contrast, the currency\u2019s stronger performance in 2025 led to revaluation losses.<\/p>\n

\u201cWhat it means is that because the cedi appreciated, foreign currency assets lost value in cedi terms, leading to what is being reported as a loss,\u201d he explained.<\/p>\n

Bank of Ghana posts GH\u00a215.6 billion loss as tight policies tame inflation<\/a> <\/p>\n

He added that without this revaluation effect, the central bank\u2019s losses would have remained closer to the previous year\u2019s figure of about GH\u00a29 billion.<\/p>\n

Beyond exchange rate dynamics, Gyamfi also attributed the reported losses to monetary policy measures targeted at controlling inflation. <\/p>\n

He said the BoG had to mop up excess liquidity in the system, a standard central banking practice to curb rising prices.<\/p>\n

\u201cWhen there is too much money in circulation chasing fewer goods, the central bank must act to reduce that liquidity. That process comes at a cost because interest must be paid to commercial banks,\u201d he said. <\/p>\n

He dismissed suggestions that alternative strategies, such as reducing production costs or taxes, could have delivered faster results in lowering inflation.<\/p>\n

\u201cIf we had not adopted these measures, how quickly would inflation have dropped from over 23 percent to about 3.4 percent?\u201d he questioned.<\/p>\n

Gyamfi also linked the situation to past monetary expansion, noting that high levels of money printing in previous years contributed to inflationary pressures that required corrective action.<\/p>\n

In his view, the central bank\u2019s actions, though costly in accounting terms, have delivered tangible benefits, including lower inflation and improved price stability.<\/p>\n

\u201cThe Bank of Ghana should be commended, not criticised,\u201d he said.<\/p>\n

VPO\/SEA<\/p>\n

A Plus Bares It All: From politics to showbiz and beyond<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Sammy Gyamfi is the Chief Executive Officer of the Ghana Gold Board (GoldBod) The Chief Executive Officer of…\n","protected":false},"author":2,"featured_media":621706,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-621705","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/621705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=621705"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/621705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/621706"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=621705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=621705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=621705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}