The Bank of Ghana recorded an operating loss of GH¢15.6 billion in 2025, up from GH¢9.4 billion in 2024, an increase of about GH¢6.2 billion.
Its negative equity worsened significantly, rising to GH¢93.82 billion from GH¢58.62 billion.
While total assets grew to GH¢237 billion, liabilities also climbed sharply to GH¢333 billion.
The losses were mainly driven by high monetary policy costs.
Open Market Operations nearly doubled to GH¢16.7 billion, while sterilisation and money market liabilities surged significantly.
The Domestic Debt Exchange Programme reduced earnings on government securities, leading to over GH¢12 billion in lost interest income.
At the same time, the cedi’s nearly 40% appreciation caused a GH¢23.6 billion revaluation loss on foreign assets.
Although some gold sales brought in gains, overall financial performance weakened, with Other Comprehensive Income swinging to a GH¢19.9 billion loss from a gain the previous year.
Despite this, auditors KPMG say the Bank remains operational and capable of delivering its mandate.
The Bank expects conditions to improve, with lower inflation and interest rates likely to reduce costs.
It also does not anticipate a repeat of the 2025 losses but warns that global risks such as oil price volatility and geopolitical tensions could still affect the outlook.
