Business News of Saturday, 1 June 2024
Source: www.ghanaweb.com
The Bank of Ghana reported a loss of GH¢10.5 billion for the 2023 financial year.
According to the Bank of Ghana (BoG), the loss resulted from a substantial increase in total interest expenses on open market operations by the Central Bank.
The expenses on open market operations surged by GH¢6.7 billion during the period under review.
Explaining the exponential increase in the bank’s expenses, the BoG stated it incurred the loss due to the need to manage excess liquidity in the economy and support the disinflation process as part of the broader macroeconomic adjustment programme.
The Bank of Ghana explained that, “this Open Market Operations activity, which accounted for a significant portion of the loss incurred, yielded positive results.”
“The aggressive mopping-up operations contributed to slowing down inflation to 23.2 percent by the end of 2023, significantly down from 54.1 percent at the end of 2022,” the Bank of Ghana‘s 2023 Annual Report and Financial Statement disclosed.
As of December 31, 2023, the Bank of Ghana and its subsidiaries had total liabilities exceeding total assets by GH¢65.36 billion.
The total operating expenses for 2023 were GH¢19.2 billion, a notable decline from the GH¢66.9 billion recorded in 2022, attributed to lower impairment charges on loans and advances and the Bank’s holdings of Government of Ghana securities.
EAN/SA
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