BoG records GH¢25bn joint loss from reserve revaluations and monetary policy costs 

The Bank of Ghana (BoG) incurred a combined loss of about GH¢25 billion in the 2025 financial year from reserve‑related revaluations and sterilisation costs.

The loss was driven largely by tight monetary policy decisions aimed at restoring macroeconomic stability.

According to the Bank's 2025 financial statements, sterilisation and liquidity management costs alone amounted to GH¢16.73 billion, reflecting the high interest expenses incurred in mopping up excess liquidity to contain inflation and stabilise the cedi.

In addition, the Bank recorded an estimated reserve‑related loss of about GH¢8.3 billion, arising from exchange rate movements and valuation effects on foreign assets and gold reserves.

The losses were partially offset by GH¢9.57 billion in realised gains from the sale of 18 tonnes of gold, valued at about GH¢40.3 billion, resulting in a reported net loss of GH¢15.6 billion for the year.

The BoG explained that the losses were largely accounting and policy‑driven, rather than operational, and were a consequence of deliberate decisions taken to fight inflation, stabilise the foreign exchange market and restore confidence during a period of severe economic stress.

The Bank has indicated that arrangements are in place for medium‑term recapitalisation, in line with recent amendments to the Bank of Ghana Act, to restore its balance sheet strength over time.

GNA