The Bank of Ghana (BoG) has reported an operating loss of GH¢9.49 billion for the 2024 financial year, an improvement from the GH¢13.23 billion loss recorded in 2023 (restated). Despite the deficit, the central bank highlighted a notable GH¢4.02 billion improvement in its equity position, reflecting a partial recovery in financial performance.
Operating Performance
According to the BoG’s 2024 Financial Statement, the loss was driven by total operating income of GH¢9.40 billion, which fell short of total operating expenses amounting to GH¢18.89 billion.
Key Drivers of the 2024 Loss
The central bank outlined several major factors behind the operating loss:
Cost of Open Market Operations: GH¢8.60 billion.
Revaluation and Exchange Losses: Totaling GH¢3.49 billion, including GH¢1.82 billion in exchange losses related to the Government’s Gold-for-Oil Programme.
Currency Issue Expenses: Increased to GH¢1.01 billion in 2024, up from GH¢0.69 billion in 2023.
Changes in Accounting Treatment: Adjustments in how the bank accounts for foreign exchange gains and losses, particularly concerning the revaluation of assets and liabilities in gold, Special Drawing Rights (SDRs), and foreign securities.
Financial Position
Despite the loss, the Bank noted that the 2024 results show an improvement in financial resilience. The reported operating loss of GH¢9.49 billion represents a GH¢4 billion gain compared to the net loss of GH¢13.23 billion in the previous year. The Bank’s equity position also saw a GH¢4.02 billion boost, although it remains negative at GH¢61.32 billion.
Commitment to Stability and Transparency
In its statement, the BoG emphasized that the release of the 2024 Financial Statements is part of its statutory obligations and reflects its ongoing commitment to transparency, accountability, and sound financial governance.
“The Bank remains committed to maintaining price and financial stability, and to fostering an enabling environment for businesses and individuals to thrive,” the statement concluded.
