Bank of Ghana 2025 Loss Could Exceed GHS 25 Billion

Ghana’s Bank of Ghana (BoG) could face a 2025 financial loss exceeding GHS 25 billion without gold sale gains, according to former finance minister Mohammed Amin Adam. He contends the central bank's official reported net loss of GHS 15.6 billion understated its true financial position.

Adam stated the BoG reclassified GHS 9.57 billion in net gains from 18 tonnes of gold sales. These gains, originally from equity, were moved to the profit and loss account. This accounting adjustment effectively reduced the reported loss. He indicated that without these gold gains, the loss would have surpassed GHS 25 billion, potentially even higher.

This situation adds to ongoing concerns about public finance management in Ghana. The central bank's financial health is critical for managing the national economy. Previous reports have highlighted the BoG's substantial losses in recent years, drawing public and expert scrutiny. This new claim suggests the problem may be more severe than previously understood, creating further pressure on the government's economic recovery plans.

In a Facebook post following the release of the BoG’s audited accounts, the Karaga MP criticised the central bank’s financial reporting. “If these gold gains had not been recognised, the loss would have exceeded 25 billion cedis,” Amin Adam stated. He questioned the BoG’s justification that gold sales were for rebalancing its reserve portfolio. Adam emphasized there was no clear macroeconomic need to reduce gold holdings under existing policy frameworks. Such statements from a former finance minister carry significant weight, impacting investor confidence and public perception of economic transparency.

The BoG’s financial statements themselves indicated that bullion gold sales were “critical” for its ability to finance monetary policy operations. Sterilisation costs, which are expenses incurred by the central bank to manage the money supply, reached GHS 16.73 billion in 2025. Amin Adam pointed out that underlying operating income would have been insufficient to cover these substantial expenses without the gold-related inflows. This suggests the gold sales were used to mask a deeper operational deficit rather than purely for reserve management. The reliance on asset sales to cover operational shortfalls raises questions about the central bank's long-term sustainability and policy direction.

The central bank has previously attributed its losses to the high cost of monetary policy operations, Ghana’s debt restructuring, and exchange rate movements. It maintains that it remains operational and expects improved macroeconomic conditions to ease pressures. However, Amin Adam argued that using reserve assets, like gold, to offset losses does not solve the underlying problems. He said it only hides the true cost of policy decisions. This practice could delay necessary reforms and undermine fiscal discipline, potentially affecting future economic stability and the Bank of Ghana’s independence.