BoG Shrinks Losses to GH¢9.49Bn in 2024, But Financial Wounds Still Linger

Central Bank shows signs of recovery after 2022 debt-induced crisis, but remains in negative equity

The Bank of Ghana (BoG) continues its slow climb out of the financial hole it plunged into in 2022, posting a significantly reduced loss of GH¢9.49 billion for the 2024 fiscal year—down from GH¢13.23 billion in 2023 and the staggering GH¢60 billion loss in 2022.

According to a financial performance statement released on June 5, 2025, the central bank is making progress, albeit modest, as it tries to rebuild its financial position and credibility following the government’s Domestic Debt Exchange Programme (DDEP) and the economic crisis that followed.

From Record Losses to Gradual Recovery

The reduced loss in 2024 represents a key milestone in the BoG’s recovery journey. The bank also posted a net comprehensive gain of GH¢4.02 billion, thanks largely to favorable revaluations of its assets. However, BoG still operates under negative equity, with its net equity improving only slightly from -GH¢65.34 billion in 2023 to -GH¢61.32 billion in 2024.

While this reflects progress, it also underlines the fact that the Bank still owes more than it owns—a condition that limits its policy space and raises concerns about the long-term implications for monetary stability.

The 2022 Collapse: A Quick Recap

The BoG has consistently stated that its GH¢60 billion loss in 2022 wasn’t due to internal mismanagement, but rather a consequence of the government’s DDEP. The program aimed to meet debt sustainability conditions required for an IMF bailout and forced the central bank to take significant financial hits:

• GH¢32.3 billion in impairment from a 50% haircut on non-marketable government debt

• GH¢16.1 billion in impairment losses on marketable government debt

• GH¢4.7 billion in impaired loans to COCOBOD

• GH¢5.2 billion in exchange rate and price-related losses

The BoG stepped in as a stabilizing force when Ghana was shut out of international markets, domestic bond auctions failed, and foreign reserves dried up.

2024: Less Bleeding, More Structure

Despite narrowing its losses, BoG’s 2024 operations still ended in red ink. It recorded GH¢9.40 billion in total income against GH¢18.89 billion in operating expenses. The breakdown of key expenditure drivers is as follows:

• Open Market Operations: GH¢8.60 billion

  Used to manage liquidity and short-term interest rates but comes at a high cost in Ghana’s current economic context.

• Revaluation & Exchange Losses: GH¢3.49 billion

  Of this, GH¢1.82 billion was linked to the government’s Gold-for-Oil initiative, reflecting ongoing currency management pressures.

• Currency Issue Expenses: GH¢1.01 billion

  Up from GH¢0.69 billion in 2023, this represents the cost of printing and distributing physical cash.

Additionally, the Bank revised its accounting methods for gains and losses related to foreign exchange, gold reserves, Special Drawing Rights (SDRs), and foreign securities, introducing more complexity into its balance sheet but aligning with international standards.

Silver Linings: Asset Growth and Comprehensive Gains

While the losses persist, there are encouraging signs. The BoG’s total assets grew from GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024, and the net comprehensive gain of GH¢4.02 billion helped cushion the negative equity. However, analysts note that these gains are largely paper-based and not tied to actual cash inflows.

Why This Matters to Ghanaians

The health of the central bank has far-reaching implications—from interest rates, inflation, and the strength of the cedi to investor confidence and economic resilience. A financially weak central bank limits Ghana’s ability to respond to economic shocks and maintain monetary policy credibility.

Experts have raised concerns that continued operation under negative equity could undermine BoG’s role as the lender of last resort, which could, in turn, threaten macroeconomic stability.

Outlook: Slow But Intentional Recovery

Although BoG is still far from full recovery, its narrowed losses and increased asset base suggest that the bank is on the right path. Governor Dr. Johnson Asiama has initiated reform measures to further stabilize the institution, restore credibility, and eventually rebuild equity over the medium term.

The Bank of Ghana’s 2024 financial performance shows real, albeit slow, progress. The losses have shrunk, and asset values have increased, but negative equity and high operational costs remain major concerns. The road to recovery is long, but the foundation for a turnaround appears to be under construction.

Last Updated on March 9, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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