In 2022, according to the Bank of Ghana’s Annual Report and Financial Statements, a loss of 60.8 billion Ghana cedis was incurred.
The Central Bank suffered a record loss in 2022 following a profit of 1.2 billion in 2021.
The loss is attributed in the Annual Report and Financial Statements to an impairment of some assets as well as a decline in the Group’s net worth position as a result of the Domestic Debt Exchange Programme (DDEP).
Once more, its total liabilities and affiliates were 54.52 billion more than its total assets.
The Central Bank reported a surplus of 5.72 billion yen in 2021.
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This resulted from the depreciation of the local currency, which resulted in a net exchange loss of 5.27 billion dollars, impairment of loans and advances made to quasi-government and financial institutions totaling $6.12 billion, and impairment of the Government of Ghana’s holdings of securities, which totaled 48.45 billion dollars.
It was brought about by the Domestic Debt Exchange Program of the Government of Ghana.
The BoG claims that its Board of Directors and Management evaluated the effects of the negative net worth position on policy solvency as well as the group’s ability to continue to make enough money to pay for its monetary policy operations and other operational expenses.
The directors believe that the Central Bank will continue to operate as a going concern due to a number of factors supported by expectations of an improved macroeconomic environment and specific policy actions aimed at strengthening its balance sheet.
