Accra: The Bank of Ghana (BoG) says it has seen improvements in financial performance and position for 2024 despite a loss of GHS9.49 billion. In a statement, the BoG said the GHS9.49 billion operating loss for 2024 was the result of total operating income of GHS9.40 billion falling short of operating expenses of GHS18.89 billion.

According to Ghana News Agency, the performance led to a GHS4.02 billion gain in its equity position, bringing the negative equity position down to GHS61.32 billion from GHS65.34 billion in 2023. The BoG outlined that key drivers of the operating loss included costs of open market operations amounting to GHS8.60 billion and revaluation and exchange differences resulting in losses totaling GHS3.49 billion.

Further contributing to the loss were exchange losses of GHS1.82 billion on the Government’s Gold-for-Oil Programme and currency issue expenses, which rose to GHS1.01 billion in 2024, up from GHS0.69 billion in 2023. The Bank also noted that modifications in the choice of accounting treatment for foreign exchange gains and losses from the revaluation of its assets and liabilities in gold, special drawing rights, and foreign securities were also factors.

A statement issued by the Bank highlighted that the release of the 2024 Financial Statements reflected the Bank’s compliance with statutory obligations and its continued commitment to transparency, accountability, and sound financial governance. The BoG reiterated its dedication to maintaining price and financial stability while fostering an environment where businesses and individuals can prosper.

The total assets for 2023 were reported at GHS140.41 billion, increasing to GHS215.06 billion in 2024, whereas the equity position for 2023 was negative GHS65.34 billion, which improved by GHS4.02 billion to negative GHS61.32 billion in 2024.