BoG records GHc15.6bn operating loss amid inflation control efforts
The Bank of Ghana (BoG) has recorded an operating loss of GH¢15.6 billion for the 2025 financial year, widening from the GH¢9.48 billion loss posted in 2024.
This extends the Central Bank’s streak of losses to four consecutive years, following deficits of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.
Details contained in the BoG’s 2025 Annual Report and Financial Statements for the year ended December 31 indicate that the latest loss reflects the high cost of the Bank’s tight monetary policy measures aimed at curbing inflation.
Total operating income rose to GH¢22.23 billion, driven by improved returns on reserve management, increased fee-based income, and significant earnings from bullion gold sales. However, this was outweighed by rising operational and market-related expenses.
The Bank’s expenditure on Open Market Operations (OMOs) surged to GH¢16.73 billion in 2025, almost double the GH¢8.59 billion recorded in 2024. The increase is largely attributed to efforts to absorb excess liquidity from the financial system, with interest payments to commercial banks on OMO instruments accounting for a significant portion of the cost.
Additionally, the Central Bank faced notable market-related losses. It 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 the challenging financial outturn, the BoG maintained a positive policy solvency margin of GH¢5.5 billion, indicating that its core operating income remained sufficient to cover liquidity management obligations.
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