BoG sees improvement in financial performance despite loss

 The Bank of Ghana (BoG) saw an improved performance in its financial performance and position in 2024 relative to the performance of 2023.

The Bank reported a loss of GH¢9.49 billion in the period un­der review compared to the loss of GH¢10.5 billion the previous year.

In the year under review, the BoG saw an enhancement in its equity position, as the GH¢4.02 billion enhancement in its equity position to close the year 2024 at a negative value of GH¢61.32 billion, compared to the GH¢65.34 billion in 2023.

The BoG in a statement issued by the Communications Department last Thursday on its 2024 financial statement, and copied to the media, said the publication was under Section 58(1b) of the Bank of Ghana Act, 2002 (Act 612) as amended.

“The release of the 2024 financial statements reflected the Bank’s compliance with statutory obligations, continued commit­ment to transparency, account­ability, and sound financial gover­nance,” the statement said.

It said the Bank’s 2024 financial statement provided a comprehensive overview of the Bank’s financial performance and position over the past year.

The BoG said the operating loss of GH¢9.49 billion incurred in 2024 was largely driven by the Open Market Operations (OMO) of the Bank.

It said total operating in­come in the period under review stood at GH¢9.40 billion, falling short of the total expenses of GH¢18.89 billion.

The BoG said the cost of OMO operations in 2024 stood at GH¢8.60 billion and constitut­ed 90.6 per cent of the operating loss.

It said other key drivers of the loss were revaluation and exchange differences (losses) to­taling GH¢3.49 billion, exchange losses of GH¢1.82 billion on the government’s Gold-for-Oil Pro­gramme, currency issue expenses, of GH¢1.01 billion for 2024, from GH¢0.69 billion in 2023.

The statement said the “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,” also contribut­ed to the loss in 20204.

It said the Bank was com­mitted to maintaining price and financial stability and creating an enabling environment for busi­nesses and individuals to thrive.

 BY KINGSSLEY ASARE