NorvanReports, EGP X Space Discussion to Interrogate BoG Losses and Implications for Macroeconomic Stability
NorvanReports, in collaboration with the Economic Governance Platform (EGP), will tonight at 7:00pm host an X Space discussion on the theme, “The Price of Stability: Did BoG’s Loss Deliver Real Gains for Ghana’s Economy?”
The discussion is expected to bring together experts from academia, industry and policy circles to examine the implications of the Bank of Ghana’s recent financial performance on the broader economy.
Scheduled speakers for the session include Dr Theo Acheampong, Technical Advisor at the Ministry of Finance; Prof. Ebo Turkson, Economist at the University of Ghana; and Seth Twum-Akwaboah, CEO of the Association of Ghana Industries (AGI).
The conversation will be streamed live via the link https://x.com/i/spaces/1aKbdbYnndRJX.
The dialogue comes on the back of the central bank’s latest financial disclosures, which show a deepening operating loss of GH¢15.6 billion for the 2025 financial year, up from GH¢9.48 billion recorded in 2024.
This extends a streak of losses over the past four years, following deficits of GH¢60.9 billion in 2022 and GH¢10.5 billion in 2023, underscoring sustained financial pressure on the central bank.
As a result, the Bank’s negative equity position has worsened significantly, rising from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025 on a group basis, while the standalone negative equity position of the bank stands at GH¢96.28 billion.
According to the Bank’s 2025 Annual Report and Financial Statements, the losses largely reflect the cost of its aggressive monetary policy measures aimed at curbing inflation and stabilising the macroeconomic environment.
Notably, the Bank incurred GH¢16.73 billion in Open Market Operations (OMO) costs in 2025, nearly double the GH¢8.59 billion recorded in 2024, driven mainly by interest payments on liquidity absorption instruments issued to commercial banks.
In addition, the central bank recorded a net loss of GH¢9.05 billion on gold transactions, alongside GH¢5.47 billion in foreign exchange revaluation and exchange rate losses.
The X Space discussion is expected to interrogate whether these financial costs have translated into tangible economic gains, particularly in terms of inflation control, exchange rate stability and overall macroeconomic resilience.
