Ghana: Bank of Ghana Records GH¢15.6bn Loss Amid Inflation Control Measures

The Bank of Ghana (BoG) has reported an operating loss of GH¢15.6 billion for the 2025 financial year, reflecting the rising cost of its aggressive monetary policy efforts to curb inflation and stabilise the economy.

The latest figure marks an increase from the GH¢9.48 billion loss recorded in 2024, extending a four-year trend of deficits following losses of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023.

According to the central bank’s 2025 Annual Report and Financial Statements, the widening loss is largely attributable to the financial burden of maintaining a tight monetary policy stance.

Despite the overall loss, the BoG recorded growth in operating income, which rose to GH¢22.23 billion. This was driven by improved returns on reserve management, higher fee-based income, and proceeds from bullion gold sales.

However, increased income was outweighed by a sharp rise in operational costs. Expenditure on Open Market Operations (OMOs) surged to GH¢16.73 billion in 2025, nearly doubling from GH¢8.59 billion in the previous year, as the Bank intensified efforts to manage liquidity within the financial system.

A significant portion of these costs stemmed from interest payments to commercial banks participating in OMO instruments.

The Bank also recorded substantial market-related losses, including GH¢9.05 billion linked to gold transactions and GH¢5.47 billion arising from foreign exchange revaluation and exchange rate movements.

Despite these pressures, the BoG maintained a positive policy solvency margin of GH¢5.5 billion, indicating that its core financial position remains sufficient to support ongoing monetary operations.

The results highlight the trade-offs central banks face in pursuing macroeconomic stability, particularly in high-inflation environments where policy tightening comes at a significant financial cost.