The Bank of Ghana (BoG) has recorded an operating loss of GH¢15.6 billion for 2025, up from GH¢9.4 billion in 2024, according to its latest audited financial statements.
The new figure represents an increase of about GH¢6.2 billion year-on-year, highlighting mounting costs linked to the Bank’s policy interventions.
The financials show that the Bank, together with its subsidiary, saw negative equity widen sharply from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025.
Total assets rose to GH¢237 billion, up from GH¢215 billion in 2024, while total liabilities climbed from GH¢276 billion to GH¢333 billion over the same period.
A major driver of the loss was the sharp rise in the cost of monetary operations. Open Market Operations nearly doubled, rising by about 95% to GH¢16.7 billion. Sterilisation liabilities to commercial banks surged by 186% to GH¢93.6 billion, while money market liabilities also jumped by more than 100% to GH¢93.8 billion.
The financials also reveal the impact of exchange rate movements. The nearly 40% appreciation of the cedi triggered a revaluation loss of GH¢23.6 billion on gold, Special Drawing Rights (SDRs), and foreign securities held in Other Comprehensive Income (OCI).
Combined with a GH¢7.99 billion reclassification of gains on gold disposal, total OCI recorded a loss of GH¢19.9 billion, compared to a gain of GH¢13.8 billion in 2024.
However, the Bank reported a GH¢9.57 billion gain from the disposal of a portion of its gold holdings in 2025, which helped offset a net loss of about GH¢9 billion.
Government deposits at the central bank dropped sharply from GH¢29.9 billion to GH¢12.1 billion, while bridge facilities declined from GH¢4.55 billion to zero. The Bank reaffirmed compliance with the April 2023 zero-financing-of-budget memorandum of understanding.
Liabilities to the International Monetary Fund also fell from GH¢33.0 billion to GH¢21.8 billion, signalling reduced exposure to government borrowing and tighter fiscal discipline.
Auditors KPMG maintained that despite the losses, the Bank remains operationally sound. “The Bank will continue to operate efficiently and effectively on a going concern basis and achieve its policy mandates, despite the loss recorded,” they noted.
They added that improving macroeconomic conditions could ease cost pressures. “As macroeconomic conditions continue to improve and inflation declines… interest rates will continue to decline and as a result cost of Open Market Operations will reduce.”
On the drivers of the loss, the Bank pointed to the impact of the Domestic Debt Exchange Programme, which reduced returns on government securities and led to a sharp fall in interest income. Forgone income in 2025 is estimated to exceed GH¢12 billion.
The Bank also highlighted the cost of aggressive liquidity management. Open market operations rose from GH¢8.86 billion to GH¢16.7 billion, a move it said helped reduce inflation from 23.8% in 2024 to 5.4% in 2025, but at a significant cost.
Additional pressures came from the Gold-for-Reserves programme and exchange rate effects, as well as valuation gaps arising from gold purchases.
Looking ahead, the Bank does not expect a similar scale of losses in 2026. It cited tighter monetary policy, declining inflation, and improved liquidity conditions in the banking sector as key factors that could reduce the need for costly interventions.
However, it warned that risks remain, including global oil price volatility, geopolitical tensions in the Middle East, and tighter external financing conditions.
The Bank says it will continue to pursue policies aimed at anchoring inflation, stabilising the exchange rate, and restoring macroeconomic stability while working to rebuild a positive equity position over the medium to long term.
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Source: www.myjoyonline.com