We remain policy solvent despite recording GH¢9.49bn Operating Loss in 2024 - BoG

The Bank of Ghana (BoG) has assured the public of its policy solvency. This comes despite an operating loss of GH¢9.49 billion in 2024.

In its 2024 Financial Statement, the Bank explained what policy solvency means. A central bank is policy solvent if it can generate enough income to cover costs related to monetary policy operations.

The statement was prepared on a going concern assumption. It showed that the Bank’s total assets increased from GH¢140.41 billion to GH¢215 billion.

Proposed Measures by BoG

The Board announced plans for strict implementation of policy measures. They will maintain a tight monetary policy stance and pursue critical structural reforms. These actions aim to ensure sustainability and progress.

The Board believes these measures will support operational efficiency at the Bank of Ghana in the future. They also emphasized avoiding monetary financing of the Government's budget.

This decision is crucial for improving their financial position moving forward. The Bank will adhere to a Memorandum of Understanding with the Ministry of Finance regarding zero budget financing.

Additionally, the Board aims to optimize its investment portfolio and operating costs for better efficiency and profitability.

Dividend Payment

Based on its performance in 2024, the Directors recommended a dividend payment to shareholders (the Government). This payment is for the year ending December 31, 2024, unlike last year when there was none.

Gold for Oil Programme

The Bank of Ghana has withdrawn from the Gold for Oil programme. This decision followed a Board meeting on March 13, 2025, due to significant losses incurred.

As of December 31, 2024, the bank had invested GH¢4.69 billion in this programme. Despite this investment, it recorded a loss of GH¢41.82 billion related to Gold for Oil in 2024.

This loss included GH¢1.82 billion specifically tied to government’s Gold For Oil programme.