The Bank of Ghana (BoG) expects to report a net loss of GHS 15.6 billion for the 2025 financial year. This projected loss marks a significant increase from the GHS 9.6 billion recorded in 2024.
If confirmed, this figure would be the central bank's second-largest loss since 2008. The 2025 projection represents a 68% jump year-on-year compared to the previous year. These losses stem from the bank's role in broader economic stabilization efforts.
The central bank's financial performance often reflects its interventions to manage the Ghanaian economy. Significant factors include managing inflation, stabilising the cedi, and supporting government fiscal policies. This financial impact underscores the ongoing challenges within Ghana's macroeconomic environment and the costs associated with corrective measures.
Atta Issah, a member of Parliament's Finance Committee, addressed the projected losses on Thursday. He stated the central bank's mandate is not profit-driven. "The bank reported a net cost or loss for 2025 of 15.6 billion Ghana cedis compared to a loss of 9.6 billion in 2024," he said. He further explained that central banks often undertake interventions that may not yield immediate financial returns. This applies to the Bank of Ghana's recent actions.
The projected losses will likely draw scrutiny from financial markets and economic analysts. Observers will closely monitor the central bank's strategies to manage its balance sheet and maintain economic stability. Decisions by the Monetary Policy Committee, which sets key interest rates, will be particularly important in the coming months. The government's fiscal policies will also play a crucial role in mitigating or exacerbating these financial pressures.
A stronger cedi significantly impacted the bank's foreign reserves, contributing to the losses. Other comprehensive income, which is a part of a company's financial statement that recognizes non-owner changes in equity, showed a charge of GHS 19.32 billion. This charge largely resulted from the cedi's appreciation against major foreign currencies. The Bank of Ghana's net equity position, which is the total value of its assets minus its liabilities, is also a key indicator. It stood at negative GHS 31.3 billion at the end of 2024. This negative equity position is projected to improve to a positive GHS 1.2 billion compared to a deeper negative position of around GHS 35 billion at the end of 2025. Cumulatively, the bank's net equity position is approximately negative GHS 96.3 billion, reflecting the financial cost of interventions over time. As of 2021, the Bank had a positive net equity of about GHS 1.2 billion. This shift highlights the severe financial impact of the interventions implemented since then to stabilise the economy. The Majority in Parliament maintains that these losses, while significant, are a necessary outcome of actions taken to ensure macroeconomic stability during a challenging period.