Accra: The Bank of Ghana (BoG) incurred a combined loss of approximately GHS25 billion in the 2025 financial year as a result of reserve-related revaluations and monetary policy costs.
According to Ghana News Agency, the loss was primarily driven by strict monetary policy decisions aimed at achieving macroeconomic stability. The Bank's 2025 financial statements reveal that sterilisation and liquidity management costs alone amounted to GHS16.73 billion. This reflects the substantial interest expenses incurred in absorbing excess liquidity to manage inflation and stabilise the national currency, the cedi.
Additionally, the Bank reported an estimated reserve-related loss of around GHS8.3 billion. This loss was attributed to exchange rate movements and valuation effects on foreign assets and gold reserves. Despite these challenges, the losses were partially mitigated by GHS9.57 billion in realised gains from the sale of 18 tonnes of gold, valued at approximately GHS40.3 billion, resulting in a net loss of GHS15.6 billion for the year.
The BoG clarified that these losses were predominantly accounting and policy-related rather than operational. They were the outcome of strategic decisions made to combat inflation, stabilise the foreign exchange market, and restore confidence during a period of significant economic stress.
Moreover, the Bank has announced that plans are underway for medium-term recapitalisation. These plans align with recent amendments to the Bank of Ghana Act, aiming to restore the institution's balance sheet strength over time.