We will reduce 2 major expenditure items to improve financial position – BoG assures – Nsemkeka

We will reduce 2 major expenditure items to improve financial position – BoG assures – Nsemkeka

We will reduce 2 major expenditure items to improve financial position – BoG assures

The Bank of Ghana has assured that the two major expenditure items that have historically contributed to over 68% of the total operating expenses will reduce and consequently improve the financial position of the bank.

The two expenditure items are cost of open market operations and revaluation losses arising out of exchange rate valuation.

In its 2024 Financial Report, the Central Bank said the Monetary Policy Committee will also continue to monitor risks in the economy and policies geared towards anchoring inflation expectations and minimising rate volatilities.

This will be done with the continuous efforts at restoring macroeconomic stability and debt sustianbility in addition to long term efforts at building reserves.

The Bank also stated in the report that it will continue to operate efficiently and effectively on a going concern basis and achieve its policy mandates despite the significant losses recorded in 2023 and 2024.

In 2024, the Central Bank recorded a loss of GH9.41 billion compared to GH13.17 loss in 2023.

As of December 2024, the total liabilities of the Bank and its liabilities exceed the total assets by GH58.62 billion.