BoG records GH¢9.49 billion loss for 2024 financial year

The Bank of Ghana (BoG) reported a loss of GH¢9.49 billion for 2024. This marks the third consecutive year of financial losses for the central bank. In 2022, it lost GH¢60.9 billion, and in 2023, it lost GH¢10.5 billion.

For 2024, total operating income was GH¢9.40 billion. However, total operating expenses reached GH¢18.89 billion, creating a deficit. Key factors contributing to this loss included GH¢8.60 billion spent on managing excess liquidity.

The bank also faced FX revaluation and exchange losses totaling GH¢3.49 billion. This amount includes GH¢1.82 billion related to the government’s Gold-for-Oil Programme.

During this period, currency issuance costs increased to GH¢1.01 billion from GH¢690 million in 2023. This rise indicates higher costs for maintaining currency circulation.

Additionally, there were accounting adjustments due to foreign exchange gains and losses from revalued assets like gold holdings and Special Drawing Rights (SDRs).

Despite these losses, the central bank improved its equity position by GH¢4.02 billion. The year ended with a negative equity of GH¢61.32 billion, an improvement from 2023 but still significantly negative.