The Bank of Ghana (BoG) says it has seen improvements in financial performance and position for 2024 despite a loss of GH¢9.49 billion.
In a statement, the BoG said the GH¢9.49 billion operating loss for 2024 was the result of total operating income of GH¢9.40 billion falling short of operating expenses of GH¢18.89 billion.
It said the performance led to GH¢4.02 billion gain in its equity position, bringing down equity position to
negative GH¢61.32 billion from GH¢65.34 billion in 2023.
A statement from the Bank said the key drivers of the operating loss included cost of open market operations of GH¢8.60 billion, revaluation and exchange differences (losses) totaling GH¢3.49 billion.
It said exchange losses of GH¢1.82 billion on the Government’s Gold-for-Oil Programme and currency issue expenses, of GH¢1.01 billion for 2024, from GH¢0.69 billion in 2023 contributed to the loss.
Another contributory factor was modification to the choice of accounting treatment of foreign exchange gains
and losses resulting from revaluation of the Bank’s assets and liabilities in gold, special drawing rights and foreign securities.
A statement issued by the Bank said the release of the 2024 Financial Statements reflected the Bank’s compliance with statutory obligations, continued commitment to transparency, accountability, and sound financial governance.
It said the Bank is committed to maintaining price and financial stability and creating an enabling environment for businesses and individuals to thrive.
The total assets for 2023 were GH¢140.41 billion and GH¢215.06billion
for 2024, while equity position for 2023 was negative GH¢65.34billion and Negative GH¢61.32 billion (Improved by GH¢4.02billion) for 2024.
GNA
