BoG Records GH¢9.49 Billion Loss In 2024 Financial Year

Bank of Ghana has recorded a loss of GH¢9.49 billion resulting from a fall in total operating income in the 2024 financial year. This is the third consecutive fiscal pressure for the central bank having posted GH¢60.9 billion and GH¢10.5 billion in losses for 2022 and 2023 financial years respectively. For 2024, the total operating income of GH¢9.40 billion was outpaced by total operating expenses of GH¢18.89 billion leading to the deficit.

Factors accounting for the loss this time around include GH¢8.60 billion spent to manage excess liquidity and support monetary tightening in the form of open market operations. FX revaluation and exchange losses amounting to GH¢3.49 billion which include GH¢1.82 billion linked to the government’s Gold-for-Oil Programme. During the period under review, currency issuance costs rose to GH¢1.01 billion, up from GH¢690 million in 2023 which means an increased cost of maintaining currency circulation.

In addition to these is accounting adjustments arising from treatment of foreign exchange gains and losses from revalued assets, including gold holdings, Special Drawing Rights (SDRs) and foreign securities. Despite the loss, the central bank reported a GH¢4.02 billion improvement in its equity position, which closed the year at a negative GH¢61.32 billion. This is an improvement from 2023, though still deep in negative territory.