Bank of Ghana Records GH¢15.6 Billion Operational Loss for 2025 Amid Aggressive Economic Stabilization Efforts

The Bank of Ghana (BoG) has reported a significant GH¢15.6 billion operational loss for the 2025 financial year, marking a notable increase from the GH¢9.48 billion loss recorded in 2024. This figure represents the second-highest loss since the Cedi's redenomination in 2008. Despite the widening deficit, the central bank and some financial analysts maintain that these figures are the necessary byproduct of aggressive monetary policy interventions aimed at stabilizing the national economy. Most notably, these efforts contributed to a dramatic reduction in inflation, which fell from 23.8% in 2024 to as low as 3.3% by early 2026, alongside improved lending rates and a more stable exchange rate environment.

The surge in losses was primarily driven by the rising costs of monetary operations, specifically Open Market Operations (OMOs), which saw expenses jump by 95% to GH¢16.73 billion. Additionally, a 40% appreciation of the Cedi led to a GH¢23.6 billion revaluation loss, while the Domestic Debt Exchange Programme (DDEP) significantly reduced the bank's interest income. A pivotal factor in the 2025 financial statement was the sale of approximately 18 tonnes of gold reserves, which generated GH¢40.3 billion in proceeds. Analysts indicate that this gold-related profit of GH¢9.5 billion was crucial in mitigating even deeper losses; without this intervention, the central bank's total loss could have surpassed GH¢25 billion, raising concerns about the sustainability of relying on reserves for financial cushioning.

The financial results have sparked a sharp divide among policy experts and political figures. Dr. Gideon Boako, MP for Tano North, labeled the loss a "new low" for the central bank, criticizing the management for reversing prior recovery trends through what he suggested were politically motivated policy choices. Similarly, former Finance Minister Dr. Mohammed Amin Adam questioned the accounting treatment of the gold sales, arguing that the reported loss is understated and calling for greater transparency. Conversely, Nelson Cudjoe Kuagbedzi of UMB Capital defended the BoG, asserting that the bank’s performance should be judged by its core mandate of price stability and currency confidence rather than its balance sheet, describing the operational costs as a public investment in long-term economic health.

Despite a significant increase in negative equity, which escalated from GH¢58.62 billion to GH¢93.82 billion, external auditors from KPMG have affirmed the Bank of Ghana’s operational status. The central bank maintains a positive solvency margin of GH¢5.5 billion, suggesting its core operations remain capable of supporting liquidity management initiatives. Looking ahead, the BoG anticipates that tighter monetary policies and proposed legal reforms will eventually stabilize its financial position. However, officials remain cautious of external risks, including global oil price volatility and geopolitical tensions, which could continue to exert pressure on the bank's financial health as it prioritizes national economic stability over short-term profitability.