The Bank of Ghana recorded an operating loss of GH¢15.6 billion in 2025. This is up from GH¢9.4 billion in 2024.
The new figures show an increase of about GH¢6.2 billion. The Bank released the data in its latest audited financial statements.Negative equity also worsened. It rose from GH¢58.62 billion to GH¢93.82 billion.
Total assets increased to GH¢237 billion from GH¢215 billion. Total liabilities climbed to GH¢333 billion from GH¢276 billion.
What drove the losses
High monetary policy costs drove the losses. The Bank spent more to control inflation and manage liquidity. Open Market Operations jumped by about 95% to GH¢16.7 billion. Sterilisation liabilities to banks rose by 186% to GH¢93.6 billion. Money market liabilities also more than doubled to GH¢93.8 billion.
The Domestic Debt Exchange Programme reduced returns on government securities. This caused a sharp drop in interest income. The Bank said forgone income for 2025 exceeded GH¢12 billion.
Exchange rate movements added more pressure. The cedi gained nearly 40% in value. This led to a GH¢23.6 billion revaluation loss on gold, Special Drawing Rights, and foreign securities. Other Comprehensive Income recorded a loss of GH¢19.9 billion. This compares to a gain of GH¢13.8 billion in 2024. The Bank earned GH¢9.57 billion from gold sales. This helped offset part of the losses.
Other key changes
Government deposits at the Bank fell sharply. They dropped from GH¢29.9 billion to GH¢12.1 billion. Bridge financing also declined to zero from GH¢4.55 billion.
The Bank said it complied with the April 2023 zero-financing agreement. IMF-related liabilities also fell from GH¢33.0 billion to GH¢21.8 billion.
Auditor’s view
Audit firm KPMG said the Bank remains operational. It noted that the central bank can still meet its policy goals.
KPMG expects improving economic conditions to reduce pressure. Lower inflation and interest rates should cut costs.
Outlook for 2026
The Bank of Ghana does not expect similar losses in 2026. It believes tighter policy and lower inflation will reduce the need for heavy interventions. Planned legal reforms may also limit central bank financing of government.
However, risks remain. These include global oil price swings and tensions in the Middle East. The Bank says it will focus on stabilising inflation and the exchange rate. It also aims to rebuild positive equity over time.
