The Bank of Ghana recorded a significant net loss of GH¢15.6 billion in 2025. This figure marks a substantial increase from the GH¢9.4 billion loss reported in 2024. The Centre for Economic Research and Policy Analysis (CERPA) highlights this trend as a deepening structural problem for the central bank.
CERPA's latest policy brief connects these losses to several factors impacting Ghana's economy. These include ongoing issues with government debt that affect the central bank’s holdings. High costs associated with managing monetary policy also contributed. Additionally, pressures on the national currency and special government programmes like the Gold-for-Oil initiative played a role. These are not seen as minor issues but suggest a more significant challenge.
This situation fits into Ghana's broader economic recovery efforts. The country has been working to manage its finances since 2022. That year saw a historic GH¢60.8 billion loss for the Bank of Ghana. This was largely due to the Domestic Debt Exchange Programme (DDEP). Under DDEP, financial institutions took losses on government bonds. The aim was to reduce the nation's overall debt. Losses decreased in the years after 2022. However, the increase in 2025 has economists worried again.
CERPA's report states that persistent central bank losses can create worries about fiscal policy, monetary policy, and the nation's credibility. The think tank suggests that these repeated losses could make the central bank's financial position weaker. This might eventually require the government to inject more money into the Bank of Ghana. Such a move could reduce the central bank's ability to make independent decisions regarding monetary policy. CERPA recommends a clear plan to recapitalise the bank and a better separation of fiscal and monetary responsibilities.
The escalating losses at the Bank of Ghana may lead to calls for government intervention. Analysts suggest recapitalisation plans will be crucial. Investors will watch the Bank of Ghana's balance sheet closely. Maintaining the central bank's independence is vital for economic stability. It is also key for building investor confidence. Ghana is currently in a programme with the International Monetary Fund (IMF) to stabilise its economy. The Bank of Ghana's financial health is central to this effort.