Full Breakdown
Bank of Ghana 2025: Deep Losses, Negative Equity, Resilience
5/3/2026, 1:06:16 PM
2025 Losses, Negative Equity
In 2025 the Bank of Ghana posted a net loss of GH¢15.3 billion, up from GH¢9.4 billion in 2024. The loss reflects heightened costs of open-market operations (GH¢16.7 billion) and revaluation, exchange and gold-related transaction losses. Total liabilities exceeded assets, leaving negative equity of GH¢93.82 billion.
Context & Policy
The losses occurred amid elevated inflation, currency depreciation and sovereign-debt stress. The central bank’s Domestic Debt Exchange Programme, which restructured government securities, imposed impairments on the Bank’s holdings. The Domestic Gold Purchase Programme generated income through refined gold sales, offsetting operating costs. Open-market operations were used to manage liquidity and curb inflation, but they carried a price.
Key Financial Figures
- Net loss: GH¢15.3 billion (2025) vs. GH¢9.4 billion (2024)
- Negative equity: GH¢93.82 billion; OMO cost: GH¢16.7 billion
- Operating income: strong, driven by interest earnings, fees, commissions and gold-sale gains; cash and balances with correspondent banks increased, a liquidity buffer
Official Statements & Responses
The Bank’s 2025 report emphasizes that operating income was bolstered by interest earnings, fees, commissions and gains from refined gold sales. It also notes operating cash flows from reserve-management activities, indicating the institution can sustain monetary operations without external financing.
Policy Solvency and Operational Resilience
Policy solvency, defined as the ability to fund monetary-operation costs from income, remained positive. Operating income exceeded OMO expenses, allowing the Bank to continue policy implementation without extra financing. Robust cash flows and a liquidity position further support its capacity to respond to market pressures.
Government Recapitalisation Plan (2026-2032)
The Ghanaian government has outlined a recapitalisation programme spanning 2026-2032. Capital injections aim to restore positive equity and strengthen the Bank’s financial resilience. Execution is critical; delays could extend the weakened capital position.
Implications for Ghana’s Economy
Despite a fragile balance sheet, the Bank’s operational capacity enables price stability and financial-system support. Continued disinflation and easing of policy rates should reduce OMO costs. Exchange-rate volatility and slower-than-anticipated inflation decline pose risks to recovery.
Verbatim Quotes
- “The Bank of Ghana’s 2025 financial statements present a striking paradox; one that would appear alarming in any conventional financial institution but is, in the context of central banking, more nuanced.” — Bank of Ghana, Financial Statement
- “82 billion at the end of 2025, a sharp deterioration from the previous year.” — Bank of Ghana, Financial Statement
- “In 2025, the Bank generated sufficient operating income to exceed the costs of its OMO activities, resulting in a positive policy solvency position.” — Bank of Ghana, Financial Statement
