Bank of Ghana records GH¢60.81 billion loss in 2022 financial year

The Bank of Ghana has reported significant losses totaling GH¢60.81 billion for the financial year 2022, in stark contrast to the GH¢1.23 billion profit recorded in 2021.

Ernest Addison, Governor of the BoG

The losses were primarily attributed to the government's domestic debt restructuring activities and the depreciation of the local currency, among other factors.

The audited financial statement for 2022, released on July 28, revealed that as of December 31, 2022, the total liabilities of the central bank and its subsidiaries exceeded its total assets by GH¢54.52 billion. This decline in net worth was a direct consequence of the impact of the Domestic Debt Exchange Program (DDEP) and the impairment of certain assets of the Group.

The DDEP led to the impairment of the Government of Ghana's securities holdings by GH¢48.45 billion, while loans and advances granted to Quasi-government and financial institutions amounted to GH¢6.12 billion. Additionally, the depreciation of the local currency resulted in a net exchange loss of GH¢5.27 billion.

In response to the negative net worth position and solvency concerns, the Bank's Board of Directors and Management assessed the Group's ability to generate sufficient income to cover monetary policy operations and other operational costs. Despite the challenging financial situation, the Directors are committed to operating on a going concern basis. They are optimistic about an improved macroeconomic situation and policy actions aimed at strengthening the Bank of Ghana's balance sheet.


To recover and rebuild a positive equity position, specific steps and actions have been outlined. Retention of profits will contribute to rebuilding capital until equity returns to a positive region. Additionally, the Bank will refrain from monetary financing of the Government of Ghana's budget, as evidenced by a Memorandum of Understanding signed between the Bank of Ghana and the Ministry of Finance on April 26, 2023.

Immediate steps are being taken by the Bank of Ghana to optimize its investment portfolio and operating cost mix, aiming to bolster efficiency and enhance profits.

Despite the financial challenges, the Bank of Ghana remains committed to pursuing strategies that will ultimately strengthen its financial position and ensure its continued ability to fulfill its monetary policy operations effectively.


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