The Bank of Ghana has reported a GH¢9.49 billion loss for the 2024 financial year, marking its third consecutive year of financial strain. Despite efforts to manage monetary policy and stabilize the economy, operating expenses significantly outpaced income, deepening the central bank’s fiscal challenges.
Total operating expenses reached GH¢18.89 billion, overshadowing the GH¢9.40 billion earned in operating income. Key contributors to the loss included GH¢8.60 billion spent on managing excess liquidity through open market operations and GH¢3.49 billion in foreign exchange revaluation and exchange losses, linked partly to the government’s Gold-for-Oil Programme.
Additionally, rising currency issuance costs climbed to GH¢1.01 billion, reflecting increased expenses in maintaining Ghana’s currency circulation. Accounting adjustments on foreign exchange gains and losses from assets such as gold holdings and foreign securities also affected the bank’s bottom line.
Despite the heavy loss, the Bank of Ghana’s equity position improved by GH¢4.02 billion, ending the year at a negative GH¢61.32 billion—an improvement over the previous year, though still in deep deficit. The central bank continues to face significant financial pressures as it navigates complex economic conditions.
