The Bank of Ghana (BoG) recorded an operating loss of GHS 15.6 billion in 2025. This figure represents a significant increase from the GHS 9.4 billion loss reported in 2024, marking an additional GHS 6.2 billion in losses.
These losses were primarily driven by high monetary policy costs and the Ghana cedi's appreciation. Open Market Operations, a key tool for managing the money supply, nearly doubled to GHS 16.7 billion. Sterilisation and money market liabilities also surged, further increasing costs. The cedi’s nearly 40% appreciation led to a GHS 23.6 billion revaluation loss on foreign assets, heavily impacting the bank's financial position.
This performance underscores ongoing challenges in Ghana's financial landscape. The Domestic Debt Exchange Programme (DDEP) also impacted the BoG. It reduced earnings from government securities, resulting in over GHS 12 billion in lost interest income. This loss highlights the direct financial sacrifices made by state institutions to support the broader economic restructuring efforts. These are crucial for Ghana's economic stability and recovery.
KPMG, the auditors, confirmed the Bank remains operational despite these substantial losses. They stated the BoG is still capable of carrying out its core duties. The central bank anticipates improved conditions ahead, with lower inflation and interest rates expected to reduce future costs. However, global risks like oil price volatility and ongoing geopolitical tensions could still impact this positive outlook.
Ghana's central bank does not foresee a repeat of the 2025 losses. Nonetheless, the substantial negative equity, which worsened to GHS 93.82 billion from GHS 58.62 billion, requires careful monitoring. This deepens the concern about the BoG's financial health. Stakeholders will watch closely to see if the expected improvements materialise and how the bank navigates future economic challenges.
Policymakers will need to consider these results when formulating future monetary strategies. The financial health of the central bank is critical for overall economic stability. A strong central bank can better manage inflation and support sustainable economic growth. Conversely, sustained losses could limit its ability to respond to future crises. The government and the BoG must work together to create a more resilient financial environment.
Market participants will also observe how these losses influence investor confidence. Ghana's commitment to fiscal discipline and economic reforms remains vital. Maintaining confidence is essential for attracting foreign investment and stabilising the cedi. The BoG's ability to reduce future costs will be key to its returning to profitability. This is a critical step for Ghana's broader economic recovery.