The Bank of Ghana (BoG) has trimmed its operating losses for the 2024 financial year to GH¢9.49 billion, down from a restated GH¢13.23 billion loss recorded in 2023, marking a significant improvement in the central bank’s financial performance amidst ongoing economic stabilization efforts.
The development was disclosed in the Bank’s 2024 Financial Statements, published in line with Section 58(1b) of the Bank of Ghana Act, 2002 (Act 612) as amended.
Despite the recorded loss, the Bank posted a net comprehensive gain of GH¢4.02 billion in 2024, reversing the net comprehensive loss of GH¢9.19 billion in 2023. This gain has led to a slight recovery in the Bank’s equity position, which improved from a negative GH¢65.34 billion in 2023 to negative GH¢61.32 billion in 2024.
The Bank’s total assets also rose significantly, growing from GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024, reflecting enhanced balance sheet capacity.
Key Cost Drivers
The reduction in losses was achieved despite persistent cost pressures. Operating income for 2024 stood at GH¢9.40 billion, falling short of operating expenses amounting to GH¢18.89 billion. Major contributors to the deficit included:
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Open Market Operations costs amounting to GH¢8.60 billion, reflecting the Bank’s monetary tightening efforts to combat inflation.
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Exchange and revaluation losses totaling GH¢3.49 billion, of which GH¢1.82 billion were linked to the government’s Gold-for-Oil programme.
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Currency issue expenses rising to GH¢1.01 billion, up from GH¢0.69 billion in 2023, due to the higher cost of printing and distributing new currency notes.
Additionally, changes in the Bank’s accounting treatment for foreign exchange revaluation also impacted the final figures.
Transparency and Accountability
In a statement, the Bank noted that the publication of the financial statements underscores its commitment to transparency, accountability, and sound financial governance.
“The release of the 2024 Financial Statements reflects the Bank’s compliance with statutory obligations, and its continued commitment to maintaining price and financial stability,” the statement read.
The Bank reaffirmed its focus on building a conducive macroeconomic environment for businesses and households, despite the lingering impact of macroeconomic adjustments and external shocks.
