Bank of Ghana Reports ¢9.49 Billion Operating Loss In 2024

According to the country’s Central bank, a GH¢9.49 billion operating loss was recorded in the previous year.

The amount is down from GH¢13.23 billion recorded in 2023, per the data from the Bank of Ghana (BoG).

In addition, it reported a net Comprehensive Gain of GH¢4.02 billion; GH¢215.06 billion in Total Assets; and a Negative GH¢61.32 billion Equity Position.

It explained that the loss in 2024 is the result of a total operating income of GH¢9.40 billion, falling short of total operating expenses of GH¢18.89 billion.

The Bank cited the Cost of Open Market Operations (GH¢8.60 billion), Revaluation and exchange differences losses (GH¢3.49 billion), Currency issue expenses (GH¢1.01 billion) and 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 as key drivers of the operating loss.

“In summary, the 2024 financial year saw improvements in the Bank’s financial performance and position, as evidenced in the reported loss for the year of GH¢9.49 billion, and the GH¢4.02 billion enhancement in its equity position to close the year at a negative value of GH¢61.32 billion.”

Source: https://opemsuo.com/author/hajara-fuseini/