The Bank of Ghana (BoG) has reported a substantial operating loss of GH¢15.6 billion in its 2025 audited financial statements. This figure represents a critical intervention by the central bank to maintain economic stability.
The loss is largely a consequence of deliberate policy choices. The BoG spent GH¢16.73 billion on Open Market Operations (OMOs) in 2025. This is nearly double the amount spent in the previous year. Through OMOs, the central bank incentivises commercial banks to deposit their excess money. This action prevents billions from flooding the market, which would otherwise chase limited dollars and goods.
This situation follows years of economic challenges for Ghana. In 2022, the government's Domestic Debt Exchange Programme (DDEP) forced the BoG to accept a 50% loss on GH¢67 billion of government securities. This event marked the beginning of a cycle of negative equity for the bank. The bank's negative equity has now reached GH¢96.28 billion. Unlike a regular company, a central bank cannot go bankrupt in its own currency.
Explaining the BoG's actions, the source notes that a central bank's primary mandate is not profit. Section 3 of the Bank of Ghana Act states its overriding objective is to maintain price stability. The large OMO expense is compared to buying mops to dry a flooded floor. The floor became wet due to past actions. This loss is the cost of cleaning up to prevent hyperinflation.
The implications of this loss are significant for economic management. While critics focus on the financial deficit, the BoG's actions are presented as a necessary subsidy. This subsidy protected citizens from a dramatic rise in the cost of essential goods, like bread. The central bank's balance sheet has acted as a shield for the nation during a sovereign debt crisis. The loss is thus framed as the price for national survival.