Story By: Akua Oteng Amponsah
The Bank of Ghana (BoG) has recorded a loss of GH¢9.49 billion for the 2024 financial year, largely due to a decline in total operating income.
The central bank’s total operating expenses of GH¢18.89 billion outpaced its total operating income of GH¢9.40 billion, resulting in the deficit. This marks the third consecutive year of financial pressure for the BoG, following losses of GH¢60.9 billion and GH¢10.5 billion in 2022 and 2023, respectively.
Key factors contributing to the loss include:
– GH¢8.60 billion spent on managing excess liquidity and supporting monetary tightening through open market operations
– GH¢3.49 billion in foreign exchange revaluation and exchange losses, including GH¢1.82 billion related to the government’s Gold-for-Oil Programme
– An increase in currency issuance costs to GH¢1.01 billion, up from GH¢690 million in 2023
Despite the loss, the BoG reported a GH¢4.02 billion improvement in its equity position, which closed the year at a negative GH¢61.32 billion. While this represents an improvement from 2023, the bank’s equity position remains deeply negative.
