The Bank of Ghana (BoG) has reported an operating loss of GH¢15.6 billion for the 2025 financial year, deepening from the GH¢9.48 billion loss recorded in 2024.
This marks the fourth consecutive year of financial strain for the Central Bank, following losses of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.
According to its 2025 Annual Report and Financial Statements for the year ended December 31, the latest loss signals the high cost of the Bank’s aggressive monetary policy stance aimed at controlling inflation.
Although total operating income rose to GH¢22.23 billion supported by improved reserve management returns, fee income, and significant proceeds from bullion gold sales.
This was outweighed by substantial expenses.
The Bank spent GH¢16.73 billion on Open Market Operations (OMOs) in 2025, nearly double the GH¢8.59 billion recorded the previous year.
These costs stemmed from efforts to mop up excess liquidity and stabilise prices, with interest paid to commercial banks on OMO instruments forming the bulk of the expense.
Further pressure came from market-related losses.
The BoG recorded a net loss of GH¢9.05 billion on gold transactions, alongside GH¢5.47 billion in foreign exchange revaluation and exchange rate losses.
Despite these challenges, the Bank maintained a positive policy solvency margin of GH¢5.5 billion, as core operating income was sufficient to cover its liquidity management costs.
