We will reduce 2 major expenditure items to improve financial position – BoG assures

The Bank of Ghana has promised to reduce two major expenses. These expenses have historically made up over 68% of total operating costs.

The two main items are the cost of open market operations and revaluation losses from exchange rate changes.

In its 2024 Financial Report, the Central Bank stated that the Monetary Policy Committee will keep monitoring economic risks. They aim to anchor inflation expectations and minimize rate fluctuations.

This effort is part of restoring macroeconomic stability and ensuring debt sustainability. The Bank also aims to build reserves in the long term.

Despite significant losses in 2023 and 2024, the Bank plans to operate efficiently. It intends to meet its policy goals moving forward.

In 2024, the Central Bank reported a loss of GH¢9.41 billion. This is an improvement from a GH¢13.17 billion loss in 2023.

As of December 2024, the Bank's total liabilities exceed its assets by GH¢58.62 billion.