Costly liquidity measures push BoG loss to GHC15.6bn in 2025

The Bank of Ghana posted an operating loss of 15.6 billion cedis for 2025, up sharply from 9.4 billion cedis a year earlier, due to rising costs of liquidity management operations. Open market operations nearly doubled to 16.7 billion cedis, while sterilisation liabilities to commercial banks jumped 186% to 93.6 billion cedis. Income from government securities fell significantly following the Domestic Debt Exchange Programme, with more than 12 billion cedis in forgone interest income. A near 40% appreciation of the cedi triggered a revaluation loss of 23.6 billion cedis on gold, Special Drawing Rights, and foreign securities. This, alongside a reclassification of gains on gold holdings, pushed total other comprehensive income to a loss of 19.9 billion cedis, compared with a gain of 13.8 billion cedis in 2024. The central bank recorded a 9.57 billion cedi gain from the disposal of some gold reserves, partially offsetting the overall loss. Government deposits at the central bank declined to 12.1 billion cedis from 29.9 billion cedis, while bridge financing to the government dropped to zero. Auditor KPMG noted that tighter monetary policy and improving macroeconomic conditions would likely ease losses in future, but warned of risks like volatile global oil prices and geopolitical tensions. The Bank of Ghana aims to stabilise inflation and the exchange rate while rebuilding positive equity over the medium to long term.