BoG says 2024 financial year saw improved performance despite loss

The Bank of Ghana (BoG) reports improvements in its financial performance for 2024. This comes despite a loss of GH¢9.49 billion.

In a statement, the BoG explained that the loss resulted from total operating income of GH¢9.40 billion. This amount fell short of operating expenses, which were GH¢18.89 billion.

The performance led to a gain in equity position of GH¢4.02 billion. This reduced the negative equity position to GH¢61.32 billion from GH¢65.34 billion in 2023.

Key factors contributing to the operating loss included costs from open market operations totaling GH¢8.60 billion. Additionally, revaluation and exchange losses amounted to GH¢3.49 billion.

Exchange losses included GH¢1.82 billion related to the Government’s Gold-for-Oil Programme. Currency issue expenses also rose to GH¢1.01 billion in 2024, up from GH¢0.69 billion in 2023.

Another factor was a change in accounting treatment for foreign exchange gains and losses due to asset revaluation.

The Bank's statement emphasized compliance with statutory obligations and commitment to transparency and accountability.

It also reaffirmed its dedication to maintaining price stability and supporting businesses and individuals.

Total assets increased from GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024. The equity position improved by GH¢4.02 billion, moving from negative GH¢65.34 billion to negative GH¢61.32 billion for 2024.