• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Bank of Ghana reports GHS 65.3bn deficit in 2023

1 year ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
209
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Bank of Ghana reports GHS 65.3bn deficit in 2023

In its 2023 Annual Report, the Bank of Ghana reveals a significant deficit, with total liabilities surpassing assets by GH₵65.36 billion, representing an increase from the previous year’s GH₵54.52 billion deficit.

Despite this concerning shortfall, the Bank managed to navigate through operational complexities, demonstrating resilience and adaptability in its financial management.

The Bank’s total operating income witnessed a notable surge, soaring by 47.3% to reach GH₵8.80 billion in 2023. This remarkable increase was primarily attributed to several contributing factors, including interest earned on investments in securities and bonds held abroad, fines imposed on institutions for regulatory breaches, and various fees and charges.

The Bank’s total operating expenses of GH¢19.2 billion reported for 2023 show a decline when compared with the GH¢66.9 billion recorded in 2022. This was due to impairment charges on Loans and Advances and the Bank of Ghana’s holding of GoG securities.

In 2022, these two line items accounted for GH¢54.5 billion in expense charges on account of the Domestic Debt Exchange Programme.

Despite the reduction in operating expenses, the Bank still reported a total loss position of GH₵10.6 billion for 2023. While this loss represents an improvement from the GH₵60.9 billion loss recorded in 2022, it underscores the ongoing challenges faced by the institution.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

A significant contributing factor to this loss was the substantial increase in total interest expense incurred on Open Market Operations, which surged by GH₵6.7 billion. The cost of Open Market Operations escalated from GH₵1.7 billion in 2022 to GH₵8.4 billion in 2023, reflecting the Bank’s efforts to manage excess liquidity in the economy and support the disinflation process as part of its broader macroeconomic adjustment programme.

However, despite the incurred losses, the Bank of Ghana maintains its policy solvency, a critical indicator of its financial health. The income generated in 2023, totaling GH₵8.8 billion, was sufficient to cover the costs associated with conducting monetary operations, which amounted to GH₵8.4 billion.

This positive policy solvency factor of GH₵0.4 billion reaffirms the Bank’s ability to navigate financial challenges while fulfilling its monetary policy mandates effectively.

While the institution grapples with a significant deficit and operational losses, its strategic management of income and expenses underscores resilience and a commitment to maintaining policy solvency amidst evolving economic conditions.

Tags: assetsBank of Ghana reports GHS 65.3bn deficit in 2023BOGdDeficitliabilitiesOMOpolicy solvent
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.