The Bank of Ghana (BoG) posted an operating loss of GH¢9.49 billion for the 2024 financial year, reflecting a significant improvement over the GH¢13.23 billion (restated) loss in 2023.
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Despite the continued negative balance, the central bank emphasized a net gain of GH¢4 billion, signaling a slow but steady recovery.
What Caused the Loss?
The loss stemmed from operating income of GH¢9.40 billion, which fell short of total operating expenses of GH¢18.89 billion.
According to the BoG’s financial statement, four major cost components drove the 2024 loss:
- GH¢8.60 billion from open market operations,
- GH¢3.49 billion in revaluation and exchange losses, including GH¢1.82 billion under the Gold-for-Oil Programme,
- GH¢1.01 billion in currency issue expenses (up from GH¢0.69 billion in 2023), and
- A change in accounting methods for foreign exchange revaluations of gold, SDRs, and foreign securities.
Improvement Despite Negative Equity
The BoG acknowledged that while its losses remain substantial, equity improved by GH¢4.02 billion, ending 2024 with a negative equity position of GH¢61.32 billion.
“The 2024 financial year saw improvements in the Bank’s financial performance and position,” the BoG stated, adding that the figures show progress amid ongoing macroeconomic challenges.
Committed to Financial Stability
The central bank reiterated its commitment to transparency, accountability, and sound financial governance, and said it will continue to support policies that enhance stability and investor confidence.
“We remain focused on maintaining price and financial stability while creating an enabling environment for businesses and individuals,” the statement added.
2023 in Review
BoG initially recorded a GH¢10.5 billion loss in 2023, later restated to GH¢13.23 billion in the 2024 report. The increased losses were largely due to a GH¢6.7 billion rise in interest expenses from open market operations.
Turnaround Strategy in Motion
To reverse its fortunes, the BoG outlined several reform measures last year. These include:
- Ceasing monetary financing of the government’s budget, in line with a Memorandum of Understanding signed with the Finance Ministry,
- Optimizing investment strategies and cost structures to boost efficiency and profitability.
However, challenges remain. The 2024 statement revealed that total liabilities of BoG and its subsidiaries exceeded total assets by GH¢65 billion, up from GH¢54.5 billion in 2022.
