In comparison to the GH¢13.23 billion loss restated for 2023, the Bank of Ghana (BoG) reported an operating loss of GH¢9.49 billion for the 2024 fiscal year, a notable but reduced deficit.
The central bank’s recently released financial results show that its GH¢9.49 billion operational loss resulted from GH¢9.40 billion in total revenue, which was greatly surpassed by GH¢18.89 billion in operating expenses.
This result highlights the difficult operational and budgetary context in which the central bank is operating, even though it shows modest improvement in financial performance.
Three primary causes of the 2024 operational deficit are identified in the research. The most important of these is the GH¢8.60 billion cost of open market operations, a monetary policy instrument for controlling inflation and managing liquidity.
In spite of the ongoing losses, the Bank reported a net comprehensive gain of GH¢4.02 billion in 2024, reversing a net comprehensive loss of GH¢9.19 billion recorded in 2023. This has resulted in a modest improvement in its equity position, which is still negative at GH¢61.32 billion but better than the GH¢65.34 billion reported last year.
The second factor is a hit of GH¢3.49 billion from revaluation and exchange rate losses, including GH¢1.82 billion specifically linked to the government’s Gold-for-Oil program. Finally, currency issuance expenses increased significantly, rising from GH¢0.69 billion in 2023 to GH¢1.01 billion in 2024.
The Bank primarily ascribed the net comprehensive gain to changes in accounting treatment resulting from the revaluation of its foreign securities, gold, and special drawing rights (SDRs) holdings. Some of the operational setbacks have been mitigated by these changes.
From GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024, the BoG’s total assets have also increased significantly, highlighting a rise in both domestic and international operations.
The publishing reinforces the central bank’s “continued commitment to transparency, accountability, and sound financial governance,” according to a statement released with the financials.
Additionally, it restated its mission to uphold price and financial stability while cultivating an atmosphere that encourages both individual and corporate economic activity.
