The Bank of Ghana (BoG) has recorded a loss of GH¢9.49 billion resulting from a fall in total operating income in the 2024 financial year.
The 2024 year represents three consecutive losses by the central bank with GH¢60.9 billion and GH¢10.5 billion in losses for the 2022 and 2023 financial years, respectively.
Details available show that the total operating income of GH¢9.40 billion for 2024 was outpaced by total operating expenses of GH¢18.89 billion, leading to the deficit.
The recorded loss for the year has been attributed to the GH¢8.60 billion spent to manage excess liquidity and support monetary tightening in the form of open market operations.
FX revaluation and exchange losses amounting to GH¢3.49 billion, which include GH¢1.82 billion linked to the government’s Gold-for-Oil Programme.
During the period under review, currency issuance costs rose to GH¢1.01 billion, up from GH¢690 million in 2023, which means an increased cost of maintaining currency circulation.
In addition to these are accounting adjustments arising from the treatment of foreign exchange gains and losses from revalued assets, including gold holdings, Special Drawing Rights (SDRs) and foreign securities.
The bank’s equity position improved by GH¢4.02 billion, from a negative GH¢61.32 billion at the end of last year.
By: Rainbowradioonline.com/Ghana
