The 2025 financial results of the Bank of Ghana tells a story of trade-offs. The central bank posted a net loss of GH¢15.6 billion, significantly higher than the GH¢9.4 billion loss recorded in 2024, reflecting the high cost of stabilising the economy after a turbulent period.
At the heart of the losses are deliberate policy choices. To curb inflation, the BoG intensified its monetary tightening measures, mopping up excess liquidity from the banking system at a steep cost.
These operations alone nearly doubled in expense to GH¢16.7 billion. The payoff, however, was evident— inflation dropped sharply by 18 percentage points, improving price stability and easing pressure on households and businesses.
The central bank also invested heavily in strengthening Ghana’s external buffers. Its gold accumulation programme pushed reserves to about 111 tonnes in 2025, up from less than one tonne just a few years ago. While this came with a GH¢9 billion accounting cost, it enhances long-term financial resilience and reduces reliance on external borrowing.
Another major hit came from the appreciation of the cedi. A stronger currency reduced the cedi value of foreign assets, resulting in a GH¢19.32 billion accounting charge. Yet, in real terms, Ghana’s reserves actually grew significantly to US$13.8 billion, underscoring that the losses are largely valuation effects rather than actual declines in wealth.
These combined pressures have pushed the central bank into negative equity, raising concerns about its financial position. Still, central banks are not profit-oriented institutions, and such outcomes are often the price of economic stabilisation.
In essence, the Bank of Ghana has absorbed short-term financial losses to secure longer-term gains—lower inflation, a more stable currency, and stronger reserves. The challenge ahead will be rebuilding its balance sheet while maintaining these hard-won economic improvements.
