Bank of Ghana Reports GHS 34.9 Billion Loss in 2025

The Bank of Ghana announced an operating loss of GHS 34.9 billion for the year 2025. This figure includes other comprehensive income losses. It represents a substantial increase from the GHS 9.49 billion loss reported in 2024. These financial results have sparked significant debate.

The central bank attributes these losses to the cost of maintaining economic stability. However, the Institute of Economic Research and Public Policy (IERPP) questions this explanation. They argue that economic stability should not be a vague excuse for large financial shortfalls. The IERPP asks if the same economic gains could have been achieved at a lower financial cost.

This situation comes at a critical time for Ghana's economy. The Bank of Ghana had previously shown progress in reducing its losses. Inflation was falling, and economic growth was improving. The Governor had also pledged to reverse the bank's losses and negative equity. The 2025 figures suggest these goals remain unmet. This contrasts with previous statements from the Governor. Last year, he explicitly denied any anticipated losses for 2025. This shift from denial to justification raises concerns about transparency and credibility.

The International Monetary Fund (IMF) currently supports Ghana's economic recovery program. This support involves close monitoring of fiscal and monetary policies. As such, questions about oversight and accountability are becoming more pressing. The IERPP wants to know if the IMF merely observed these losses. They also question if the IMF endorsed the policies that led to them. Or, did the IMF raise concerns that were not made public? Ghanaians expect clear answers regarding these substantial central bank losses.

Four key questions are at the forefront of this discussion. First, do IMF-supported programs typically lead to such large central bank losses? Second, under what circumstances are these losses deemed acceptable? Third, what specific factors caused Ghana's 2025 losses, especially in a year without a major crisis? Finally, what accountability measures exist when central bank policies result in significant financial damage? Without reliable answers and accountability, the economic stability Ghana strives for could become unsustainable.