The Bank of Ghana(BoG) has assured that it remains policy solvent despite recording an Operating Loss GH¢9.49 billion in 2024.
The Bank in its 2024 Financial Statement explained that a “central bank is said to be policy solvent when it is able to generate enough realized income to cover costs associated with the conduct of monetary policy operations”.
It added that the 2024 Financial Statement was prepared on a going concern assumption.
The statement showed that the Bank’s Total Assets improved from GH¢ 140 .41 billion to GH¢ 215 billion.
Proposed measures by BOG
The Board announced steadfast implementation of policy measures alongside fiscal rectitude, continued maintenance of a tight monetary policy stance, and the pursuit of critical structural reforms to underpin sustainability of progress made so far.
“This the Board will provide enough basis for continued operational policy efficiency and the existence of the Bank of Ghana for the foreseeable future”.
The Board also emphasized that it will refrain from monetary financing of the Government of Ghana’s budget — a critical measure that will help, improve its position going forward.
“In this regard, the Bank will continue to adhere to the terms of the Memorandum of Understanding on zero financing of the budget signed between the Bank of Ghana and the Ministry of Finance”, it said.
The Board also promised to continue with policy measures aimed at optimizing Bank of Ghana’s investment portfolio and operating cost mix to bolster efficiency and profitability.
Dividend Payment
Based on the performance of the Bank of Ghana in 2024, the Directors, recommended that the payment of dividend will be made to its shareholder (Government) for the year ended 31 December 2024 (2023: Nil).
Gold for Oil Programme
The Bank of Ghana also announced that it has withdrawn from the Gold for Oil programme.
The decision was taken after a meeting held by the Board on March 13, 2025.
This was due to the material loss it recorded.
As at December 331, 2024, the bank had committed seed capital amounting to GH¢4.69 billion towards the Gold for Oil programme.
Notwithstanding the investment, the bank recorded a loss of GH¢41.82 billion on the Gold for Oil programme for the financial year ending December 31, 2024 (2023:loss of GH¢317 million).
A notable component of the exchange losses was the GH¢1.82 billion on government’s Gold For Oil programme.
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