BoG Defends GH¢15.6bn 2025 Loss, Says It Reflects Cost of Stabilising Economy

The Bank of Ghana (BoG) has said its GH¢15.6 billion net loss for 2025 reflects the cost of restoring economic stability and should not be seen as a failure.

Presenting its 2025 financial results, the Bank said it is not designed to make profit.

“The right test of a central bank’s annual performance is whether it has delivered on its statutory mandate. By that test, 2025 was a year of significant achievement.”

Loss Increased but Linked to Policy Actions

The Bank said the loss rose from GH¢9.4 billion in 2024 to GH¢15.6 billion in 2025.

It added that a GH¢19.32 billion charge in other comprehensive income was mainly due to the impact of a stronger cedi on the value of foreign reserves.

“These numbers reflect the cost of the work that was done.”

Inflation, Cedi and Reserves Improve

BoG linked the losses to gains in the economy, noting that:

• Inflation dropped from 23.8% in 2024 to 5.4% in 2025, and further to 3.2% by March 2026
• The cedi, which lost value in 2024, gained 41% in 2025
• International reserves rose from $9.1bn to $13.8bn, and later to $14.5bn
• The policy rate fell from 27% to 14%, while lending rates also declined

“For the family paying school fees, electricity bills, and hospital costs, the stability is real.”

Key Drivers of the Loss

The Bank identified three main causes:

• High cost of controlling inflation through liquidity management
• Increased cost of building reserves through gold purchases
• Accounting impact of a stronger cedi on foreign assets

“The costs you see in the financial statements are the costs of producing the outcomes you are living through. The institution carried them on its books. The country received the benefits.”

Negative Equity Not a New Issue

BoG said its negative equity position started in 2022 after the Domestic Debt Exchange Programme (DDEP), which reduced its income from government bonds.

It stressed that this does not affect its operations.

“These results do not affect the Bank of Ghana’s ability to set and implement monetary policy… The Bank’s authority comes from law, not from its balance sheet.”

Outlook for Improvement

The Bank said its financial position is expected to improve due to lower inflation, reduced policy rates and new policies such as the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).