The Bank of Ghana (BoG) reported an operating loss of GHS 15.6 billion in 2025. This figure represents a significant increase from GHS 9.4 billion recorded in 2024. Governor Dr. Johnson Pandit Asiama assured the public that the central bank expects lower losses in 2026.
These substantial losses stemmed primarily from three areas. They included the Domestic Debt Exchange Programme, revaluation losses due to a sharp appreciation of the cedi, and the high cost of open market operations. These operations were necessary to control inflation in the country. The Governor indicated that these contributing factors have now changed significantly.
These financial outcomes reflect the challenging economic environment Ghana faced, particularly in 2025. The Domestic Debt Exchange Programme (DDEP) was a critical effort to restructure Ghana’s public debt. It aimed to make the national debt more sustainable. The program required bondholders, including the Bank of Ghana, to exchange their existing bonds for new ones with lower interest rates and longer maturities. This restructuring naturally impacted the bank’s financial statements.
Dr. Johnson Pandit Asiama provided specific insights into the bank's outlook. He stated, “From where we are currently, our operating losses will be less costly compared to last year.” He added, “We don’t see the cedi appreciating by 41 or 42 per cent this year, so revaluation losses could actually become revaluation gains.” This suggests a more stable exchange rate environment is anticipated for 2026. This stability could positively affect the Bank of Ghana's financial position.
The Governor also noted that the cost of open market operations is likely to decrease in 2026. This is because inflation has moved within the medium-term target band of 8 ± 2 per cent. These improved inflation figures are a direct result of tighter monetary policy measures the bank implemented. He further explained that movements in the exchange rate could now result in revaluation gains instead of losses for the central bank. Dr. Asiama provided an example referencing the exchange rate. He explained that if financials were published today, with the cedi at GHS 11.5 to the dollar, compared to GHS 10.4 in December 2025, the financial picture would be completely different.
Dr. Asiama urged the public to understand the context of these losses. He described them as a “necessary cost” and a form of “reset” to restore stability. Maintaining economic stability remains the Bank of Ghana's top priority. This stability is crucial for building future growth outcomes for all Ghanaians. The Bank of Ghana expects improved conditions in 2026, including potential revaluation gains from a more stable cedi. This outlook is important for investor confidence and overall economic planning. The central bank remains committed to its core responsibilities despite the 2025 losses.