The Bank of Ghana (BoG) says it will stick to a strict zero-financing policy for the national budget.
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This decision follows a 2023 agreement signed with the Ministry of Finance. The Central Bank also plans to adjust its investment strategy and reduce operating costs to improve efficiency and boost profitability.
BoG outlined these commitments in its 2024 Financial Statement, audited by Deloitte. The statement forms part of its broader plan to restore financial health and ensure long-term stability.
To support recovery, the Bank’s Board is taking direct steps to rebuild a positive equity position over the medium to long term.
BoG maintains that, despite past losses, it remains financially stable. It believes it can meet its policy goals and continue operating without major risks.
“As macroeconomic conditions improve and inflation moves toward target levels, interest rates will decline,” the statement noted. “This will lower the cost of open market operations.”
Moreover, falling inflation should stabilize the exchange rate, further strengthening the economy.
Read the financial statement here
