The Bank of Ghana (BoG) recorded a net loss of GH¢15.6 billion in 2025, widening sharply from the GH¢9.4 billion loss posted in 2024, as the central bank intensified efforts to stabilise inflation, strengthen the cedi, and build the country’s reserve buffers.
According to the BoG’s audited financial statements, the losses were driven largely by aggressive monetary tightening measures, reserve accumulation programmes, and valuation effects linked to the stronger performance of the Ghanaian cedi.
The central bank also recorded an additional GH¢19.32 billion charge under other comprehensive income. This was mainly due to the appreciation of the cedi, which reduced the domestic currency value of foreign-denominated assets such as dollar reserves and gold holdings.
As a result, the Bank’s balance sheet weakened further, with negative equity reaching GH¢35 billion in 2025. Total accumulated negative equity climbed to GH¢96.3 billion, compared to GH¢61.3 billion in 2024. This marks a significant reversal from the positive equity position of GH¢1.2 billion recorded just a year earlier.
Despite the worsening financial position, the central bank says the losses reflect the cost of restoring macroeconomic stability after a prolonged period of inflationary pressures and exchange rate volatility.
One of the biggest contributors to the losses was the cost of fighting inflation. In 2025, the Bank of Ghana intensified liquidity sterilisation operations by issuing short-term instruments to absorb excess cash from the financial system while paying interest on those instruments.
The cost of these operations nearly doubled from GH¢8.6 billion in 2024 to GH¢16.7 billion in 2025.
Although expensive, the strategy appears to have produced results. Inflation declined by 18 percentage points during the year, helping improve price stability and creating a more predictable environment for businesses and consumers.
The central bank also incurred significant costs under its gold reserve accumulation programme. Accounting costs linked to the initiative rose from GH¢5.7 billion in 2024 to GH¢9 billion in 2025.
However, the programme has significantly strengthened Ghana’s reserve position, with the country’s gold holdings increasing from less than one tonne in 2021 to about 111 tonnes in 2025.
Economists say the move enhances confidence in the cedi, strengthens Ghana’s external reserves, and reduces dependence on external borrowing, even though it weighs heavily on the BoG’s income statement in the short term.
The appreciation of the cedi also played a major role in the Bank’s reported losses. While the stronger currency helped reduce inflationary pressures and lower import costs, it also reduced the cedi value of the Bank’s foreign assets, resulting in the GH¢19.32 billion valuation charge.
Despite this accounting impact, Ghana’s gross international reserves improved significantly, rising from US$9.1 billion to US$13.8 billion.
Analysts note that the losses do not necessarily indicate that the Bank of Ghana is running out of resources, but rather reflect the financial cost of stabilising the economy after recent economic shocks.
Even though central banks can operate with negative equity, persistent losses could eventually affect financial flexibility and may require government recapitalisation in the future.
Still, the broader economy appears to be benefiting from the Bank’s policies, with lower inflation, a stronger currency, and improved reserve buffers supporting economic recovery and investor confidence.
The BoG’s 2025 performance highlights a difficult policy trade-off: protecting the economy and restoring stability has come at a substantial financial cost to the central bank itself.
