The Bank of Ghana (BoG) says it remains policy solvent and on a clear path to financial recovery despite ending the 2025 financial year with a negative equity position of GH¢93.82 billion, up from GH¢58.62 billion in 2024.
In its Report of the Directors to the Minister for Finance, approved on April 29, 2026, the Board attributed the weaker equity position largely to losses from the Domestic Debt Exchange Programme and the cost of tight monetary policy operations in 2024 and 2025.
Nevertheless, the central bank said its accounts were prepared on a going concern basis, citing improving macroeconomic conditions, stronger operating income, and an agreed government recapitalisation programme running from 2026 to 2032 under the Bank of Ghana (Amendment) Act, 2025 (Act 1158).
The Government has formally committed to restoring the Bank’s capital through phased transfers of cash and financial instruments, with the objective of returning the BoG to positive equity by 2032.
Crucially, the Bank reported a marked improvement in policy solvency in 2025. Operating income rose to GH¢22.23 billion, supported by higher interest income, increased fees and commissions, and a GH¢9.57 billion gain from refined gold sales under the Domestic Gold Purchase Programme.
After accounting for GH¢16.73 billion in open market operation costs, policy solvency stood at GH¢5.5 billion, significantly higher than the GH¢793 million recorded in 2024.
Looking ahead, the Board expressed confidence that falling inflation, lower interest rates, reduced sterilisation costs, and sustained income from reserves and gold operations will support the Bank’s financial recovery. No dividend was declared for the 2025 financial year.
By: Christian Akorlie / businesspostonline
