Bank of Ghana recorded over $146 million loss in 2018

July 29, 2019 11:08 AM

The 2018 Annual report of the Bank of Ghana has shown that the central bank recorded a loss of GHC793 million (&146,903,250) resulting from its operations.

The Bank of Ghana

This figure is a drop of over 50%. In 2017, the BoG recorded GHC1.6 billion loss when the banking sector was facing challenges due to the new Minimum Capital Requirement set at the time.

The BoG undertook a clean-up of the banking sector where a total of nine local banks had their licenses revoked because they were insolvent.

The central bank’s Annual Report revealed that the bank succeeded in reducing its cost of operations from GHC4.4 billion in 2017 to about GHC3.9 billion in 2018.

In terms of income, the bank realized GHC3.1 billion in 2018. This is an 11.4% improvement in the amount generated in 2017.

In his foreword for the report, Dr. Ernest Addison, BoG Governor said that the overall, financial soundness indicators of the banking industry has improved significantly after the sector’s clean up.

He stated that there is an on-going strengthening of the Bank’s regulatory and supervisory framework which will further develop, strengthen, and modernise the financial sector to support the country’s economic vision and transformational agenda of Ghana beyond Aid.