Bank of Ghana posts GHS 15.3 billion loss in 2025

The Bank of Ghana reported a loss of GHS 15.3 billion for the year 2025. This marks a significant increase from the GHS 9.4 billion loss recorded in 2024. The central bank's financial statements show it is under considerable financial pressure.

These deepening losses stem largely from policy interventions aimed at stabilising Ghana's economy. High costs associated with open market operations, which manage liquidity and inflation, reached GHS 16.7 billion in 2025. The Bank also faced losses from revaluation and exchange rate shifts, as well as gold transactions. These factors collectively highlight the financial burden of maintaining economic stability.

This situation places the Bank of Ghana within a broader context of ongoing economic adjustments in the country. The Domestic Debt Exchange Programme, which restructured government debt, heavily impacted the Bank's holdings of sovereign securities. This programme aimed to restore fiscal sustainability, but it eroded the Bank's capital base. Ghana's economy has been navigating persistent inflationary pressures and exchange rate volatility in recent years.

Williams Kwasi Peprah, PhD, a Professor of Finance at Andrews University, USA, noted the paradox in the Bank's performance. He stated that while the Bank is financially impaired, it remains operationally resilient. This implies that its ability to conduct monetary policy is not compromised by its balance sheet weakness.

Despite its negative equity of GHS 93.82 billion at the end of 2025, the Bank of Ghana continues to function. Its operational strength is demonstrated by its policy solvency, meaning it can cover the costs of its monetary operations from its own income. This suggests the Bank can still implement policy without needing extra financing. A government recapitalisation plan from 2026 to 2032 aims to restore the Bank's equity. The successful implementation of this plan is crucial for its long-term financial health and credibility. The Bank's liquidity position remains strong, supporting its ability to manage market pressures.