The Bank of Ghana (BoG) incurred an operating loss of GH¢9.49 billion in 2024, driven largely by the high cost of open market operations (OMO) aimed at stabilising the economy.

According to the central bank’s 2024 annual report, OMO costs reached GH¢8.6 billion, up slightly from GH¢8.37 billion in 2023. These operations were designed to absorb excess liquidity in a bid to curb inflation and reinforce macroeconomic stability. In total, BoG sterilised GH¢134 billion in liquidity during the year—equivalent to 1.7% of GDP.

Despite this effort, the sterilisation intensity was lower than in 2023, when liquidity absorption hit 3% of GDP. The decline reflects a more measured tightening approach following significant disinflation in 2023, which saw inflation fall from a peak of 54.1% to 23.2%. In 2024, inflation remained high but stable, fluctuating between 23% and 25%.

The OMO operations were supplemented in early 2025 by intensified liquidity control. In the first quarter alone, BoG absorbed GH¢15.5 billion in February, GH¢21.6 billion in March, and GH¢33.3 billion in April—a record monthly figure. These were supported by new tools, including a 273-day sterilisation bill and a revised cash reserve ratio framework.

While these tools helped stabilise the economy, they came at a steep cost. As of December 31, 2024, BoG's balance sheet showed total assets of GH¢215.06 billion against liabilities of GH¢276.38 billion, leaving a negative equity position of GH¢61.32 billion—slightly improved from the GH¢65.34 billion shortfall in 2023.

Operating income rose to GH¢9.4 billion in 2024, up from GH¢8.71 billion in 2023. This was driven by higher interest income on domestic securities, regulatory fines, and service charges. However, total operating expenses stood at GH¢18.88 billion, down from GH¢21.96 billion the previous year. The reduction was mainly due to reclassifying exchange gains rather than lower monetary policy costs.

A key contributor to the overall loss was the central bank’s involvement in the Gold for Oil (G4O) programme. BoG committed GH¢4.69 billion in seed capital but recorded a loss of GH¢1.82 billion from the programme in 2024 alone. Cumulative losses now exceed GH¢2.1 billion. In March 2025, the board approved BoG’s withdrawal from the initiative.

In response to sustained losses and negative equity, BoG, the Ministry of Finance, and the International Monetary Fund (IMF) signed a Memorandum of Understanding on January 6, 2025. The agreement outlines a plan to recapitalise the central bank while preserving its operational independence.

Despite its financial challenges, BoG’s 2024 financial statements were prepared on a going concern basis. The board affirmed the bank’s policy solvency, meaning it can continue funding its core operations through realised income.

“The Bank will continue to operate efficiently and effectively on a going concern basis and achieve its policy mandates,” the board noted, pointing to expectations of improved macroeconomic conditions, falling inflation, and reduced interest rates.