BoG records ¢9.5bn loss in 2024

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 restated for 2023.

According to the bank’s newly released financial statements, the loss resulted from income of GH¢9.40 billion against operating expenses of GH¢18.89 billion.

Three key factors drove the 2024 shortfall: GH¢8.60 billion in open market operation costs, GH¢3.49 billion in revaluation and exchange rate losses—GH¢1.82 billion of which was linked to the Gold-for-Oil program—and a jump in currency issuance costs to GH¢1.01 billion.

Despite the operating loss, the Bank recorded a net comprehensive gain of GH¢4.02 billion, reversing a GH¢9.19 billion loss from 2023. This led to a slight recovery in its negative equity position, improving from GH¢65.34 billion to GH¢61.32 billion.

The gain was largely attributed to revised accounting treatments for gold, special drawing rights (SDRs), and foreign securities.

Total assets surged from GH¢140.41 billion to GH¢215.06 billion, reflecting increased domestic and international operations.

In a statement, the Bank reaffirmed its commitment to transparency, accountability, and its core mandate to ensure price and financial stability.