The Bank of Ghana (BoG) has reported a financial loss of GH¢9.49 billion for the 2024 fiscal year, marking the third consecutive year of deficit for the central bank.
This follows losses of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.
In the latest financial report, BoG’s total operating income for 2024 stood at GH¢9.40 billion, significantly lower than total operating expenses, which reached GH¢18.89 billion, leading to the deficit.
Key contributing factors to the loss include GH¢8.60 billion spent on managing excess liquidity and supporting monetary tightening through open market operations.
Additionally, FX revaluation and exchange rate losses amounted to GH¢3.49 billion, including GH¢1.82 billion linked to the government’s Gold-for-Oil Programme.
During the period under review, the cost of currency issuance also saw a significant rise to GH¢1.01 billion, up from GH¢690 million in 2023, reflecting the increased expenses required to maintain currency circulation.
Further accounting adjustments related to the treatment of foreign exchange gains and losses specifically from revalued assets such as gold holdings, Special Drawing Rights (SDRs), and foreign securities also contributed to the financial downturn.
Despite the recorded loss, the central bank reported a GH¢4.02 billion improvement in its equity position, closing the year at negative GH¢61.32 billion.
Although still in negative territory, the latest equity position shows some improvement compared to 2023.
