The Centre for Economic Research and Policy Analysis (CERPA) has raised fresh concerns over the worsening financial position of the Bank of Ghana after the central bank recorded a GH¢15.6 billion net loss in 2025.

According to a new policy brief released by CERPA, the latest figure represents a 66 per cent increase from the GH¢9.4 billion loss recorded in 2024, signalling what the think tank describes as a deepening structural challenge rather than a temporary setback.

“While central bank losses are not inherently destabilising, the persistence and escalation of losses raise important fiscal, monetary, and credibility concerns,” the policy brief stated.

The report traces the origins of the crisis to the 2022 Domestic Debt Exchange Programme (DDEP), introduced during Ghana’s economic restructuring efforts under the previous Nana Akufo-Addo administration.

Under the programme, financial institutions, including the Bank of Ghana, were required to absorb significant losses on government securities as part of efforts to reduce the country’s debt burden.

CERPA noted that the central bank suffered a historic GH¢60.8 billion loss in 2022 following the debt exchange exercise. Although losses declined to GH¢10.5 billion in 2023 and GH¢9.4 billion in 2024, the rebound in 2025 has triggered renewed concern among economists and policy analysts.

The think tank attributed the latest losses to a combination of residual sovereign debt impairments, high monetary policy costs, exchange rate pressures, and quasi-fiscal interventions such as the government’s Gold-for-Oil programme.

Analysts warn that continued losses could weaken the central bank’s balance sheet and eventually force government intervention through recapitalisation.

“This creates a fiscal-monetary interdependence that may compromise operational independence,” the report cautioned.

CERPA is therefore recommending a structured recapitalisation plan for the central bank, alongside reforms to clearly separate fiscal policy responsibilities from monetary policy operations.

The development comes as Ghana continues efforts to stabilise its economy following years of high inflation, currency depreciation, and debt restructuring measures linked to the country’s programme with the International Monetary Fund.

Economists say maintaining the credibility and independence of the central bank will be critical to sustaining investor confidence and preserving macroeconomic stability in the years ahead.

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CERPA links BoG losses to debt issues, Gold-for-Oil programme

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