BoG adds GHS 14.5bn to total assets value in 2021; liabilities rise to GHS 107bn
The Bank of Ghana (BoG), for the 2021 fiscal year grew its assets value by 14.5 billion
The Bank, per data provided in its 2021 Financial Statement, ended 2021 with a total assets value of Ghs 112.3 billion.
The Central Bank’s 2021 assets value compared to the Ghs 97.8 billion assets value recorded in 2020 represents over 14.9 percentage points increment year-on-year.
Assets value of the Central Bank was driven mainly by its securities holdings – both foreign and local.
Total value of securities held by the BoG for the period under review was Ghs 70.4 billion, an increase of some Ghs 3.8 billion from the 2020’s value of Ghs 66.6 billion.
Other factors such as the value of the Central Bank’s gold reserves, balances with the IMF and loans and advances to banks also contributed to the Bank’s increased assets value for the review period.
The value of the Bank’s gold reserves at the end of the reporting period stood at Ghs 3.08 billion, with its balances with the IMF also pegged at Ghs 11.8 billion.
Loans and advances made to the 23 commercial banks in the country by the Bank stood at Ghs 17.1 billion as at the end of 2021.
A careful perusal of the Bank’s financial statement revealed that its liabilities for the year under review increased by Ghs 13 billion – Ghs 1.5 billion less the recorded increment in assets value.
The huge increment in the Bank’s liabilities were on the account of increment in deposits from banks which increased from Ghs 23.1 billion in 2020 to Ghs 30.6 billion in 2021 and a marginal increase in liabilities to the IMF from Ghs 16 billion in 2020 to Ghs 16.6 billion at the end of 2021.
Meanwhile, the Bank for the 2020 fiscal year posted total operating income of Ghs 4.9 billion, a decline of some Ghs 864 million when compared to the Ghs 5.8bn recorded in 2020.
Operating expenses and taxes however, chipped away most of the income made by the Bank, resulting in the Bank ending 2021 with a net profit of Ghs 1.2 billion.
