Ghana’s Central bank on Tuesday announced an annual loss of GH¢34.95 billion (about $3.11 billion) for the year ending 31 December 2025, comprising an operating loss of GH¢15.63 billion and other comprehensive income losses of GH¢19.32 billion.
The Bank of Ghana said its negative equity widened from GH¢61.32 billion at the beginning of 2025 to GH¢96.28 billion by year-end, largely driven by the cost of open market operations and the Domestic Gold Purchase Programme, as well as the impact of the cedi’s appreciation on foreign reserves.
Despite the losses, the bank maintained that the figures reflect policy interventions aimed at stabilizing the economy rather than a depletion of reserves or institutional weakness.
These measures contributed to a decline in inflation from 23.8% in December 2024 to 5.4% in December 2025, further easing to 3.2% by March 2026.
The cedi also appreciated by 40.7%, while Gross International Reserves rose from $9.11 billion to $13.83 billion. The Bank added that public debt fell from 61.8% to 45.3% of GDP, while private sector credit growth rebounded from negative territory in 2024 to 13.1% in December 2025 and 19.93% by March 2026.
Historically, the Central bank recorded losses of GH¢60.8 billion in 2022, followed by GH¢10.50 billion in 2023 and GH¢9.49 billion in 2024, alongside rising negative equity. These years were also marked by high inflation and significant currency depreciation.