The Bank of Ghana (BoG) has posted an operating loss of GHยข9.49 billion for the 2024 financial year, a significant but narrowed deficit compared to the GHยข13.23 billion loss restated for 2023.
According to the central bankโs newly published financial statements, the GHยข9.49 billion operating loss arose from total income of GHยข9.40 billion, which was far outweighed by operating expenses amounting to GHยข18.89 billion.
This outcome, while reflecting some improvement in financial performance, continues to underline the challenging fiscal and operational environment in which the central bank is functioning.
The report identifies three major contributors to the 2024 operating loss. Chief among them is the GHยข8.60 billion cost of open market operationsโa monetary policy tool used to manage liquidity and control inflation.
The second factor is a GHยข3.49 billion hit from revaluation and exchange rate losses, including GHยข1.82 billion specifically tied to the governmentโs Gold-for-Oil programme. Lastly, currency issuance expenses rose significantly, reaching GHยข1.01 billion in 2024 from GHยข0.69 billion the previous year.
In spite of the continued losses, the Bank reported a net comprehensive gain of GHยข4.02 billion in 2024, reversing a net comprehensive loss of GHยข9.19 billion recorded in 2023. This has led to a modest improvement in its equity position, which remains negative at GHยข61.32 billion but is better than the GHยข65.34 billion reported last year.
The Bank attributed the net comprehensive gain largely to modifications in accounting treatment related to the revaluation of its holdings in gold, special drawing rights (SDRs), and foreign securities. These adjustments have helped to offset some of the operational setbacks.
The BoGโs total assets have also grown substantially from GHยข140.41 billion in 2023 to GHยข215.06 billion in 2024, underscoring increased engagements in both foreign and domestic operations.
In a statement accompanying the release of the financials, the central bank said the publication reaffirms its โcontinued commitment to transparency, accountability, and sound financial governance.โ
It also reiterated its mandate to maintain price and financial stability while fostering an environment that supports business and individual economic activity.
Source : Graphiconline
