The continued delay in the publication of the Bank of Ghana’s 2025 institutional annual accounts is drawing increasing attention from financial markets, policy analysts and development partners, even as the central bank insists the figures will be released soon.
Governor Dr Johnson Asiama has sought to calm nerves, indicating in recent public remarks that the accounts are “well advanced” and will be published imminently. But the prolonged wait—well beyond the central bank’s typical reporting timeline—has heightened anticipation, particularly given expectations that the accounts will reflect another year of substantial financial losses linked to macroeconomic stabilization efforts.
Historically, the Bank of Ghana has maintained a relatively predictable reporting cycle. Its annual accounts are typically released between late March and early May of the following year, often accompanied by the Auditor-General’s certification and a detailed report on monetary policy implementation and financial system oversight.
For instance, the 2022 and 2023 accounts were both made public well within the first four months of the subsequent year, even amid the turbulence of Ghana’s domestic debt restructuring programme. The delay in publishing the 2025 accounts—now stretching toward the end of April—marks a departure from that pattern and has fueled speculation about the scale and composition of the central bank’s financial position.
Market participants argue that timely disclosure is particularly important in the current environment, where investor confidence in Ghana’s macroeconomic recovery remains sensitive to transparency and policy credibility.
Losses expected from stabilization measures
Governor Asiama has acknowledged that the forthcoming accounts will reflect losses incurred as part of the Bank’s interventions to stabilize the Ghanaian economy and financial markets in 2025.
“We undertook necessary measures to safeguard macroeconomic stability and ensure the orderly functioning of financial markets,” he said at a recent stakeholder engagement. “These actions carry financial implications, but they were essential in the broader national interest.”
Such losses are not unusual for central banks operating in crisis or post-crisis environments. In Ghana’s case, they are expected to arise from several key channels:
One is the central bank’s open market operations and liquidity support. The BoG has continued to provide liquidity to banks and financial institutions, often at below-market rates, to sustain credit flows and prevent systemic stress.
Another is its exchange rate interventions. Efforts to stabilize the cedi have required the central bank to deploy foreign reserves or engage in forward transactions at a cost.
A third cause of the central bank losses is interest rate differentials. With policy rates adjusted to manage inflation, the BoG incurs costs where the interest it pays on sterilization instruments exceeds returns on its asset holdings.
Then there are the impacts of domestic debt restructuring. Residual effects from the restructuring of government securities—initiated under the previous administration—continue to weigh on the central bank’s balance sheet.
These dynamics can produce accounting losses even when policy actions are successful in achieving macroeconomic objectives.
Implications for policy, credibility and mandates
The prospect of continued losses raises important questions about the central bank’s financial strength and its ability to execute its core mandates. The Bank of Ghana has had negative equity since 2023, a year which ended with the central bank having a capital deficit of a whopping GH¢61.32 billion after two consecutive annual losses amounting to a cumulative tune of GH¢71.36 billion.
As Ghana’s monetary authority, the Bank of Ghana is responsible for price stability, financial sector regulation and acting as banker to the government. Persistent losses have eroded its capital base, potentially constraining its operational independence if not properly managed.
However, economists note that central banks are not profit-maximizing entities. “A central bank can operate effectively even with negative equity, provided it retains policy credibility and has the backing of the sovereign,” a senior official at the Ministry of Finance noted.
Indeed, global experience shows that many central banks—including those in advanced economies—have recorded significant losses in recent years due to aggressive monetary tightening and crisis interventions.
The key issue, therefore, is not the existence of losses per se, but how they are financed, disclosed and ultimately resolved. Transparency in reporting and clear communication of the underlying causes are seen as critical to maintaining market confidence.
The Bank of Ghana’s position is further complicated by its role as banker to the Government of Ghana. Losses on its balance sheet may have implications for fiscal-monetary coordination, particularly as recapitalization has become necessary.
Under Ghanaian law, the central bank already requires recapitalization by the government to restore its capital adequacy and discussions are ongoing between the two as to how to do it. This adds to fiscal pressures at a time when the government is pursuing consolidation under its IMF-supported programme.
A senior official at Ghana’s Ministry of Finance has acknowledged the issue, but assures that: “We are closely monitoring the Bank’s financial position. Any recapitalization needs will be addressed in a manner consistent with our fiscal framework and macroeconomic objectives.”
History repeats itself
The expected losses in the 2025 accounts will inevitably invite comparisons with the tenure of the immediate part Governor, Dr Ernest Addison, under whom the central bank recorded historically large losses of GH¢60.86 billion in 2022 and GH¢10.50 billion in 2023.
Those losses were largely attributed to the Bank’s participation in the domestic debt exchange programme, as well as foreign exchange interventions and COVID pandemic-related support measures.
Dr Addison defended those outcomes at that time as necessary sacrifices to stabilize the economy during an unprecedented crisis. The current leadership appears to be adopting a similar stance, emphasizing that financial losses are a byproduct of policy effectiveness rather than mismanagement.
Governor Asiama has reiterated this perspective: “Central banking is about delivering stability. The financial results must be understood within that broader mandate.”
Internationally, central banks have increasingly faced the challenge of balancing financial sustainability with aggressive policy interventions.
The European Central Bank, the Bank of England and the Federal Reserve have all reported losses or declines in remittances to their respective governments in recent years due to higher interest expenses and market operations.
Best practice in such situations emphasizes robust transparency and timely reporting, a clear separation between monetary policy objectives and financial outcomes, credible plans for restoring capital buffers over time and strong legal frameworks ensuring operational independence.
Analysts argue that the Bank of Ghana’s credibility will hinge on how closely it adheres to these principles in the forthcoming accounts.
Market expectations and the road ahead
For investors and financial institutions, the delayed release of the 2025 accounts is more than a procedural issue. It is a key signal of the central bank’s transparency and the underlying health of Ghana’s macroeconomic framework.
“The numbers themselves matter, but equally important is the narrative that accompanies them,” said a treasury manager at a leading commercial bank in Accra. “We need to understand the drivers of the losses and the outlook for the Bank’s balance sheet.”
There is also keen interest in whether the accounts will provide forward-looking guidance on how the central bank intends to manage its financial position, including any plans for recapitalization or adjustments to its operational framework.
As the wait continues, the Bank of Ghana faces a delicate balancing act: reassuring stakeholders while preserving the integrity of its reporting process.
Governor Asiama’s assurances of an imminent release suggest that the delay may be due to final audits or internal reconciliations rather than deeper structural concerns. Nevertheless, the episode underscores the importance of timely financial disclosure in sustaining confidence during a fragile economic recovery.
When the 2025 accounts are finally published, they are likely to offer a detailed account of the costs—and consequences—of the central bank’s efforts to stabilize Ghana’s economy. For now, stakeholders remain watchful, aware that in central banking, credibility is built not just on policy actions, but also on transparency and trust.
By: Toma Imirhe / businesspostonline
