The Bank of Ghana (BoG) has reported an operating loss of GH¢9.49 billion for the 2024 financial year, reflecting a 28.27 percent reduction from the GH¢13.23 billion operating loss recorded in 2023.

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Key drivers of the operating loss include the cost of open market operations, GH¢8.60 billion; revaluation and exchange differences (losses) totaling GH¢3.49 billion; exchange losses of GH¢1.82 billion on the government’s Gold for-Oil (G4O) programme and currency issue expenses of GH¢1.01 billion for 2024, from GH¢0.69 billion in 2023.

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Also, the modification to the choice of accounting treatment of foreign exchange gains and losses resulting from revaluation of the bank’s assets and liabilities in gold, special drawing rights, and foreign securities resulted in the 2024 operating loss.

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As of 31 December 2024, the Bank had committed seed capital amounting to GH¢44.69 billion towards the G40 programme. In view of the losses sustained, the bank has withdrawn from the program following the Board of Directors' approval at its meeting held on March 13, 2025.

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Despite the loss, the central bank indicated in a statement that this marks a net gain of GH¢4 billion compared to the previous year's financials, which recorded a total loss of GH¢9.19 billion.

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The Bank of Ghana's total assets also grew from GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024, representing a 53.19% increase.

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Summarizing the year's performance, the Bank of Ghana stated that the 2024 financial year saw improvements in the bank’s financial performance and position.

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This, the bank says, was evidenced in the reported loss for the year of GH¢9.49 billion and the GH¢4.02 billion enhancement in its equity position to close the year at a negative value of GH¢61.32 billion.

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The central bank recorded a negative GH¢65.34 billion equity position in 2023, revealing an improvement of GH¢4.02 billion last year.

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The policy solvency outcome for 2024 is consistent with the view held in 2023 that the Bank will continue to operate efficiently and effectively on a going concern basis and achieve its policy mandates, despite the significant loss recorded at the time.

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“From a macroeconomic perspective, as macroeconomic conditions continue to improve and inflation declines towards the medium-term target, interest rates will also decline, and as a result, the cost of Open Market Operation will reduce.”

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“A decline in inflation will support exchange rate stabilization. The two major expenditures items cost of open market operations and revaluation losses arising out of exchange rate valuation which have historically constituted over (68.67 percent) of the total operating expenses will reduce and further improve the financial position of the Bank of Ghana,” the Report and Financial Statements 31 December 2024 read.

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A central bank is said to be policy solvent when it is able to generate enough realized income to cover costs associated with the conduct of monetary policy operations.

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The release of the 2024 financial statement in accordance with Section 58(1b) of the Bank of Ghana Act, 2002 (Act 612) as amended, according to the BoG, demonstrates its adherence to statutory requirements and ongoing dedication to transparency, accountability, and sound financial management.

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It added, “The bank is committed to maintaining price and financial stability and creating an enabling environment for businesses and individuals to thrive.”

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The Bank of Ghana posted losses totaling GH¢60.81 billion for the 2022 financial year. This was compared to a profit of GH¢1.23 billion recorded in the 2021 financial year.

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The losses were as a result of the government's domestic debt restructuring activities, the depreciation of the local currency, and others.

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The BoG’s audited financial statement for 2022 indicated that the total liabilities of the central bank and its subsidiaries exceeded its total assets by GHS54.52 billion.

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