The Bank of Ghana (BoG) has reported a GH¢9.49 billion loss for the 2024 financial year, marking the third consecutive year of major fiscal deficits for the central bank.

According to its audited financial statements, total operating income stood at GH¢9.40 billion, significantly outweighed by total operating expenses of GH¢18.89 billion. This shortfall follows earlier losses of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023, continuing a troubling financial trend.

Key contributors to the 2024 deficit include:
• GH¢8.60 billion spent on open market operations to manage excess liquidity and tighten monetary conditions.
• GH¢3.49 billion in FX revaluation and exchange losses, of which GH¢1.82 billion is linked to the Gold-for-Oil Programme.
• A rise in currency issuance costs to GH¢1.01 billion, up from GH¢690 million in 2023.
• Accounting adjustments related to foreign exchange gains and losses from revalued assets such as gold holdings, SDRs, and foreign securities.

Despite the heavy loss, the central bank reported a GH¢4.02 billion improvement in equity, reducing its net negative position to GH¢61.32 billion, down from the previous year’s deeper deficit.

While this marginal equity gain signals a step toward balance sheet recovery, the Bank of Ghana remains in negative net worth territory, raising ongoing concerns about central bank resilience and fiscal health.