Bank of Ghana Reports GH¢9.49bn Loss in 2024

The Bank of Ghana (BoG) has reported an operating loss of GH¢9.49 billion for the 2024 financial year, according to its newly released annual financial statement.

While the figure is still in the red, it marks an improvement from 2023, when the central bank recorded a heavier operating loss of GH¢13.23 billion.

In a statement, the BoG highlighted that despite the significant operating loss, it recorded a net gain of GH¢4 billion compared to 2023’s financials, which had posted a total loss of GH¢9.19 billion. The bank said this reflects a modest but important step toward financial recovery.

What Drove the Loss?

The loss in 2024 stemmed from operating income of GH¢9.40 billion, which fell far short of total operating expenses amounting to GH¢18.89 billion.

Key factors contributing to this shortfall include:

• Open Market Operations Costs: GH¢8.60 billion
• Revaluation and Exchange Losses: GH¢3.49 billion
  • Including a GH¢1.82 billion loss from the Government’s Gold-for-Oil Programme
• Currency Issue Expenses: GH¢1.01 billion, up from GH¢0.69 billion in 2023
• Accounting Changes: Adjustments in how foreign exchange gains and losses are recorded on the BoG’s balance sheet, particularly for gold, Special Drawing Rights (SDRs), and foreign securities

The Bank also cited changes in its approach to the revaluation of key assets and liabilities, which played a part in the overall financial picture.

A Glimpse of Hope

Despite the ongoing losses, the Bank of Ghana emphasized a GH¢4.02 billion improvement in equity, although the institution still ended the year with a negative equity position of GH¢61.32 billion.

This modest turnaround is seen by the BoG as progress in restoring financial stability and trust, especially in the wake of the economic turmoil Ghana has faced in recent years.

Commitment to Stability

In its release, the central bank reaffirmed its commitment to price and financial stability, as well as supporting a conducive environment for both businesses and individuals.

“The release of the 2024 Financial Statements reflects the Bank’s continued commitment to transparency, accountability, and sound financial governance,” the statement concluded.

As Ghana continues to face economic challenges, all eyes will be on how the central bank navigates its path back to financial health in the coming years.