The Bank of Ghana (BoG) recorded an operational loss of GHS15.6 billion in 2025, according to its latest audited financial statements, as the cost of stabilising the economy and controlling inflation placed significant pressure on the central bank’s balance sheet.

The latest figure represents a sharp increase from the GHS9.4 billion loss recorded in 2024, reflecting an additional GHS6.2 billion loss within a year. Negative equity also worsened considerably, rising from GHS58.62 billion to GHS93.82 billion.

Despite the losses, the Bank’s total assets increased from GHS215 billion in 2024 to GHS237 billion in 2025, while total liabilities climbed from GHS276 billion to GHS333 billion.

According to the financial statements, one of the main causes of the losses was the high cost of monetary policy operations aimed at reducing inflation and stabilising the cedi. Open Market Operations, which the central bank uses to control liquidity in the economy, surged by about 95% to GHS16.7 billion. Sterilisation liabilities to commercial banks also jumped by 186% to GHS93.6 billion, while money market liabilities rose above GHS93.8 billion.

The Bank explained that the Domestic Debt Exchange Programme also reduced earnings from government securities, leading to a major decline in interest income. Forgone income linked to the programme is estimated to have exceeded GHS12 billion in 2025.

Exchange rate developments further added to the pressure. The strong appreciation of the cedi, estimated at nearly 40%, resulted in a revaluation loss of GHS23.6 billion on gold holdings, Special Drawing Rights and foreign securities. Combined with a GHS7.99 billion reclassification of gains on gold disposal, the Bank recorded a total Other Comprehensive Income loss of GHS19.9 billion, compared to a gain of GHS13.8 billion in 2024.

However, the disposal of some gold reserves generated a gain of GHS9.57 billion, helping to offset part of the overall losses.

The report also showed that government deposits at the Bank declined sharply from GHS29.9 billion to GHS12.1 billion, while bridge financing facilities dropped to zero from GHS4.55 billion. The central bank reaffirmed its commitment to the April 2023 agreement that prevents direct financing of government spending. IMF-related liabilities also reduced from GHS33 billion to GHS21.8 billion.

Auditing firm KPMG stated that although the losses were substantial, the Bank of Ghana remains operational and capable of carrying out its mandate. The auditors noted that improving macroeconomic conditions, lower inflation and declining interest rates could reduce the cost of future interventions.

The Majority in Parliament has also defended the central bank’s performance, arguing that the 2025 losses may represent the peak of the financial strain. According to Finance Committee member Atta Issah, falling inflation and lower policy rates are expected to significantly reduce the cost of liquidity management operations in the coming years.

Inflation in Ghana has been easing steadily, with the Bank of Ghana projecting that inflation could return to its medium-term target range of 8 ± 2% if current conditions continue. The central bank recently reduced the Monetary Policy Rate to 14% following improvements in macroeconomic indicators.

Looking ahead, the Bank of Ghana says it does not expect a repeat of the heavy 2025 losses. It believes tighter monetary policy, lower inflation and better liquidity conditions in the banking sector will reduce the need for expensive interventions. However, it warned that global oil price volatility, geopolitical tensions and external financing pressures remain key risks to the economy.