Accra, Ghana – May 5, 2025 – The Bank of Ghana (BoG) has reported a net loss of GH¢15.6 billion for the 2025 fiscal year, accompanied by an other comprehensive income charge of GH¢19.32 billion and a negative equity position of GH¢96.3 billion. However, Chairman of Parliament’s Economic Committee, Eric Afful, urged the public on Tuesday, May 5, not to interpret these figures through the narrow lens of commercial banking, emphasizing they reflect the central bank’s role in economic stabilization.
Context of Macroeconomic Instability
Understanding the 2025 financial results necessitates a review of Ghana’s recent economic history. Between 2022 and 2024, the nation experienced one of its most severe macroeconomic crises. During this period, the Bank of Ghana incurred cumulative losses totaling approximately GH¢80.85 billion.
The year 2022 marked a significant downturn, with the Bank recording a loss of GH¢60.81 billion. This was followed by losses of GH¢10.55 billion in 2023 and GH¢9.49 billion in 2024. These figures align with a period of soaring inflation, which peaked at 54.13% in 2022 before gradually easing to 23.84% by the end of 2024.
The Ghanaian cedi also suffered substantial depreciation during this time. By December 2024, the exchange rate had reached approximately GH¢17 to the US dollar, representing a depreciation of about 19.7%. Gross international reserves dwindled to about $9.3 billion in 2024, sufficient for roughly four months of import cover. The Bank’s equity position weakened considerably, standing at negative GH¢64.34 billion in 2023 and improving only slightly to negative GH¢61 billion in 2024.
2025 Performance as Policy Intervention
Mr. Afful framed the 2025 financial outcome as a continuation of deliberate and necessary policy interventions aimed at restoring macroeconomic stability. He stated that despite the negative equity position of approximately GH¢96 billion in 2025, the macroeconomic indicators show a strong and decisive turnaround.
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