Bank of Ghana records GH¢9.49 billion operating loss in 2024 regardless equity improvement

The Bank of Ghana (BoG) has posted an operating financial loss of GH¢9.49 billion for the 2024 financial year, an essential but reduced deficit compared to the GH¢13.23 billion loss restated for 2023.

As per the central bank’s newly published financial statements, the GH¢9.49 billion operating financial loss increased from total income of GH¢9.40 billion, which was far consumed by operating outlays amounting to GH¢18.89 billion. This result, while showing signs of progress in financial performance, continues to highlights the tough financial and operational environment in which the central bank is functioning.

The Bank of Ghana report shows three key contributors to the 2024 operating financial loss. Chief among them is the GH¢8.60 billion cost of open market operations—a fiscal management tool used to manage liquidity and control inflation.

The second factor is a GH¢3.49 billion hit due to currency revaluation and exchange rate losses, including GH¢1.82 billion particularly tied to the government’s Gold-for-Oil programme. Lastly, currency printing costs rose sharply, rising to GH¢1.01 billion in 2024 from GH¢0.69 billion the previous year.

Regardless of the continued losses, the Bank reported a net total profit of GH¢4.02 billion in 2024, reversing a net comprehensive loss of GH¢9.19 billion recorded in 2023. This has resulted in a slight increase in its equity position, which stays in the negative territory at GH¢61.32 billion but is more advantageous than the GH¢65.34 billion reported last year.

The Bank of Ghana attributed the net comprehensive gain largely to modifications in accounting treatment related to the currency revaluation of its holdings in gold, special drawing rights (SDRs), and foreign securities. These adjustments have reduced the impact of some of the operational setbacks.

The total assets of the Bank of Ghana have also increased significantly from GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024, signifying fostered greater involvement in both foreign and domestic operations. In a statement supporting the release of the financials, the central bank said the publication confirms again its “continued commitment to transparency, accountability, and sound financial governance.”

It also reaffirmed its mission to uphold price and financial stability while creating an environment that encourages business and individual business ventures.

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