"Central Bank’s assets value grows by Ghs 29.1 billion in 2020"

" \n Central Bank's assets value grows by Ghs 29.1 billion in 2020 \n \n\n \n The Bank of Ghana (BoG), for the 2020 fiscal year grew its assets value by 29.1 billion \n \n\n \n The Bank, per data provided in its 2020 Annual Report and Financial Statement ended 2020 with a total assets value of Ghs 97.8 billion. \n \n\n \n The Central Bank's 2020 assets value compared to the Ghs 68.6 billion assets value recorded in 2019 represents over 42 percentage points increment year-on-year. \n \n\n \n Assets value of the Central Bank was driven mainly by its securities holdings - both foreign and local. \n \n\n \n Total value of securities held by the BoG for the period under review was Ghs 66.6 billion, an increase of some Ghs 20 billion from the 2019's value of Ghs 46.2 billion. \n \n\n \n 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. \n \n\n \n The value of the Bank's gold reserves at the end of the reporting period stood at Ghs 3.07 billion, with its balances with the IMF also pegged at Ghs 5.7 billion. \n \n\n \n Read: Gains in MTN and GOIL rallies the stock market upwards; returns 44.87% to investors \n \n\n \n Loans and advances made to the 23 commercial banks in the country by the Bank stood at Ghs 12.4 billion as at the end of 2020. \n \n\n \n A careful perusal of the Bank's financial statement for the year 2020 revealed that its liabilities for the year under review increased by Ghs 27 billion - Ghs 7 billion more than the recorded increment in assets value. \n \n\n \n BoG per the report ended the 2020 fiscal year with total assets value of Ghs 94 billion. \n \n\n \n The huge increment in the Bank's liabilities were on the account of increment in deposits from banks which increased from Ghs 19.3 billion in 2019 to Ghs 23.1 billion in 2020 and increased liabilities to the IMF which grew from Ghs 10 billion in 2019 to Ghs 16 billion at the end of 2020. \n \n\n \n Meanwhile, the Bank for the 2020 fiscal year posted total operating income of Ghs 5.8 billion. \n \n\n \n Operating expenses and taxes however, chipped away most of the income made by the Bank, resulting in the Bank ending 2020 with a net profit of Ghs 1.57 billion. \n \n\n \n \n "

"Central Bank’s assets value grows by Ghs 29.1 billion in 2020"

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