Despite recording a staggering GH¢15.63 billion loss in 2025, the Bank of Ghana says it remains financially strong enough to carry out its core mandate and expects to return to profitability within the next few years.
The loss — significantly higher than the GH¢9.49 billion recorded in 2024 — has pushed the central bank’s negative equity position to GH¢93.82 billion, raising fresh concerns about its balance sheet.
But the Bank insists the losses stem largely from aggressive policy measures taken to stabilise Ghana’s economy, particularly efforts to tame inflation and support the cedi.
According to its 2025 audited financial statements, the Bank remains “policy solvent,” meaning it can continue financing monetary policy operations without requiring direct government bailouts.
The statement noted that improving macroeconomic conditions, falling inflation, lower interest rates and reduced open market operation costs are expected to strengthen the Bank’s finances over the medium to long term.
Although the central bank generated GH¢22.23 billion in operating income in 2025 and posted a surplus of GH¢5.50 billion before major costs, its expenditure on open market operations surged to GH¢16.73 billion.
These operations, used to absorb excess liquidity from the banking system, involved issuing high-interest instruments to commercial banks as part of efforts to control inflation and stabilise the local currency.
One of the biggest bright spots in the Bank’s financial report was its Domestic Gold Purchase Programme, which generated a net gain of GH¢9.57 billion.
Through the initiative, the Bank accumulated 2.9 million ounces of gold, helping to strengthen Ghana’s reserves and cushion the foreign exchange market without putting additional pressure on the cedi.
The gold programme has become a major financial lifeline for the central bank following the impact of Ghana’s domestic debt restructuring programme.
To address its mounting negative equity, the Ministry of Finance and the Bank have agreed on a phased recapitalisation plan from 2026 to 2032 aimed at restoring the Bank’s financial position.
The plan will allow government to inject capital through cash or financial instruments over time.
Meanwhile, the KPMG gave the Bank’s accounts an unqualified audit opinion but flagged investment impairments as a key concern.
The auditors also pointed to deviations in how the Bank accounts for gold and foreign exchange gains, though such practices are allowed under Ghanaian law.X
