The Bank of Ghana has reported a net loss of GH¢15.6 billion for 2025, up from GH¢9.4 billion in 2024, as the cost of stabilizing the economy weighed heavily on its financials.
Despite the losses, the central bank insists the results reflect the price of restoring macroeconomic stability rather than institutional weakness.
Speaking at a press briefing, officials emphasized that the Bank is not a profit-making entity but one mandated to ensure price stability, financial system strength, and overall economic balance.
Stability Gains Offset Financial Strain
According to the Bank, 2025 marked a major turnaround for Ghana’s economy:
Inflation dropped sharply from 23.8% in 2024 to 5.4% by end-2025, and further to 3.2% by March 2026
The Ghana cedi appreciated by 41% in 2025 after losing 19% the previous year
International reserves rose from $9.1 billion to $13.8 billion
The policy rate declined from 27% to 14%, easing borrowing costs
Economic growth reached 6%
The Bank noted that these outcomes translated into real relief for households and businesses, including more stable food prices and lower lending rates.
What Drove the Losses
The central bank attributed its financial losses to three main factors:
1. Cost of Fighting Inflation
The Bank spent GH¢16.7 billion in 2025—up from GH¢8.6 billion in 2024—to absorb excess liquidity through open market operations.
2. Gold Reserve Accumulation
Investment in gold reserves cost GH¢9 billion in 2025 as part of efforts to strengthen external buffers.
3. Stronger Cedi Impact
A stronger cedi reduced the local currency value of foreign reserves, leading to an accounting charge of GH¢19.32 billion.
Negative Equity Position Deepens
The Bank’s cumulative negative equity rose to GH¢96.3 billion in 2025, largely due to the impact of the Domestic Debt Exchange Programme (DDEP) initiated in 2022.
Officials explained that the central bank absorbed significant financial losses as part of national efforts to restore debt sustainability, including impairments on government securities.
However, they stressed that this does not affect the Bank’s ability to perform its core functions.
Outlook: Losses Expected to Decline
Looking ahead, the Bank projects an improved financial outlook, citing:
Reduced inflation pressures lowering operational costs
Declining interest rates
New financing structures under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP)
Stabilization of the cedi reducing future revaluation losses
“Cost of Stability”
The Bank concluded that the 2025 losses should be viewed as the cost of restoring economic stability.
“The costs you see in the financial statements are the costs of producing the outcomes Ghanaians are experiencing today,” officials stated.
They maintained that key indicators—falling inflation, a stronger currency, rising reserves, and improved confidence—demonstrate that the stabilization measures are working.
