BoG Reports GH¢9.49 Billion Loss for 2024 Attributed to High Operational Costs

Bank of Ghana Records GH¢9.49 Billion Operating Loss for 2024

The Bank of Ghana (BoG) has reported a GH¢9.49 billion loss for the 2024 financial year, driven by a significant gap between its income and expenditures. This marks the third consecutive year of financial setbacks for the central bank.

In 2024, the BoG generated a total operating income of GH¢9.40 billion, while its operating expenses soared to GH¢18.89 billion. Among the main contributors to the shortfall was a GH¢8.60 billion expenditure on liquidity management and monetary tightening through open market operations.

Exchange rate fluctuations and foreign currency losses also weighed heavily on the bank’s finances, with FX revaluation losses totaling GH¢3.49 billion. This figure includes GH¢1.82 billion in losses linked to the government’s Gold-for-Oil initiative.

The cost of issuing currency also increased substantially, rising to GH¢1.01 billion from GH¢690 million in the previous year. Additionally, adjustments in accounting for foreign assets, such as gold holdings, Special Drawing Rights (SDRs), and international securities, further contributed to the loss.

Despite the poor performance, the BoG managed to strengthen its equity position slightly, recording a GH¢4.02 billion improvement. However, it ended the year with a negative equity of GH¢61.32 billion, an improvement compared to 2023, but still a sign of continued financial distress.



Comments

Post a Comment

Popular posts from this blog

BECE Timetable Adjusted Following Eid-ul-Adha Holiday on June 9

Image
New BECE 2025 Schedule Released as Monday, June 9 Declared Public Holiday. Due to the celebration of Eid-ul-Adha, Monday, 9th June 2025 has been declared a public holiday. As a result, the Basic Education Certificate Examination (BECE) will now commence on Tuesday, 10th June 2025 instead of the original start date. The West African Examinations Council (WAEC) has officially released the final timetable for the 2025 BECE. This year’s exam, which will be conducted under the newly introduced curriculum, is scheduled to run from Tuesday, 10th June to Tuesday, 17th June 2025 for both school and private candidates. The timetable outlines subject-by-subject schedules over the six-day period. Each day features a blend of essay and objective papers, with some days requiring candidates to write two core subjects. Overview of the Timetable Tuesday, 10th June 2025 •Social Studies 2 (Essay): 9:00 a.m. – 10:00 a.m. •Social Studies 1 (Objective): 10:00 a.m. – 10:45 a.m. •Computing 2 (Essay): 1:00 p.m...
Read more

CAGD Salary Payment Schedule for the Months of 2025

Image
CAGD Announces Official Salary Payment Date for March 2025. The Controller and Accountant-General’s Department (CAGD) has officially confirmed the salary payment date for March 2025 for all government employees in Ghana. This announcement, signed by Kwasi Agyei, the Controller and Accountant-General, applies to civil servants, employees of the Ghana Education Service (GES), and other public sector workers who receive their salaries through the Government of Ghana’s payroll system. Assurance from CAGD The CAGD has assured all public sector workers that any changes to the scheduled payment dates will be promptly communicated to the relevant Ministries, Departments, Agencies, Assemblies, and respective banks. The department remains committed to delivering efficient Public Financial Management Services by leveraging skilled personnel and advanced technology to ensure a smooth and transparent payment process. March 2025 Salary Payment Date According to the memo issued by the CAGD, salaries ...
Read more

Government Approves 2025 Salary Increase for Public Sector Workers on the Single Spine Salary Structure

Image
2025 Salary Adjustment Announced for Public Service Institutions on the Single Spine Structure The Government of Ghana has approved a 10% across-the-board salary increase for all public sector institutions under the Single Spine Salary Structure (SSSS).  This follows the successful conclusion of negotiations on the 2025 base pay, as confirmed in a recent communication from the Fair Wages and Salaries Commission. According to an official directive issued by the Controller and Accountant-General’s Department, the new salary structure, captured in Appendix A of the circular, takes effect from January 1, 2025.  The adjustment aligns with the government's commitment to ensuring fair and sustainable remuneration for public service workers. It’s important to note that despite the upward adjustment in base pay, the interim market premium for eligible personnel remains unchanged.  In accordance with the Government’s White Paper on the implementation of the market premium, this ben...
Read more