Mounting costs associated with stabilising Ghana’s economy have significantly deepened the central bank’s financial losses in 2025, as high-interest monetary operations and sharp valuation swings outweighed strong income growth.
The latest financial statements highlight how the burden of liquidity management and exchange rate pressures combined to widen the deficit, reflecting the lingering impact of recent macroeconomic challenges.
The central bank’s total operating expenses nearly doubled to GH¢37.91 billion in 2025, up from GH¢18.89 billion the previous year. A significant portion of this increase was attributed to the cost of open market operations (OMO), which rose sharply to GH¢16.73 billion from GH¢8.60 billion in 2024.
OMO costs represent the expense incurred in managing liquidity in the financial system—primarily through the issuance of instruments to absorb excess cash. The sharp rise reflects the high-interest-rate environment that prevailed during the period, which increased the cost of sterilisation.
In addition, the Bank recorded revaluation and exchange losses of GH¢5.47 billion, reversing a gain of GH¢2.17 billion in the previous year. These losses were largely driven by exchange rate movements affecting foreign-denominated assets.
Losses on gold-related transactions also remained substantial at GH¢9.05 billion, further compounding the Bank’s financial challenges.
Other operating expenses, including administrative and operational costs, rose to GH¢5.22 billion, while currency issuance and asset maintenance expenses added further pressure.
Despite these rising costs, the Bank’s operating income grew significantly to GH¢22.28 billion, supported by strong gains from gold sales and increased interest income.
However, these gains were insufficient to offset the scale of expenditure.
Mounting costs associated with stabilising Ghana’s economy have significantly deepened the central bank’s financial losses in 2025, as high-interest monetary operations and sharp valuation swings outweighed strong income growth.
The latest financial statements highlight how the burden of liquidity management and exchange rate pressures combined to widen the deficit, reflecting the lingering impact of recent macroeconomic challenges.
The central bank’s total operating expenses nearly doubled to GH¢37.91 billion in 2025, up from GH¢18.89 billion the previous year. A significant portion of this increase was attributed to the cost of open market operations (OMO), which rose sharply to GH¢16.73 billion from GH¢8.60 billion in 2024.
OMO costs represent the expense incurred in managing liquidity in the financial system—primarily through the issuance of instruments to absorb excess cash. The sharp rise reflects the high-interest-rate environment that prevailed during the period, which increased the cost of sterilisation.
In addition, the Bank recorded revaluation and exchange losses of GH¢5.47 billion, reversing a gain of GH¢2.17 billion in the previous year. These losses were largely driven by exchange rate movements affecting foreign-denominated assets.
Losses on gold-related transactions also remained substantial at GH¢9.05 billion, further compounding the Bank’s financial challenges.
Other operating expenses, including administrative and operational costs, rose to GH¢5.22 billion, while currency issuance and asset maintenance expenses added further pressure.
Despite these rising costs, the Bank’s operating income grew significantly to GH¢22.28 billion, supported by strong gains from gold sales and increased interest income.
However, these gains were insufficient to offset the scale of expenditure.
