The Central Bank of Ghana, has recorded a streak of losses, dipping Ghana into further debt.
The losses recorded year in and year out are significantly worse than previous years, making the Dr. Ernest Addison administration one of the worse performing in the Bank of Ghana’s (BOG) history.
The Bank of Ghana has seen significant profit making from 2012, but ended that phase in 2017, and has since then seen a downward trend in its fortunes.
This is according to a post made made by Uncle Paa Kwesi on X.
The Bank of Ghana made a substantial loss of $60.8 billion in 2023. The central bank is currently undergoing recapitalisation, spearheaded by the Ministry of Finance.
However, the annual report of the BoG revealed some disparities in the data shared on X by Uncle Paa Kwesi (@paakwesi_jr).
Despite significant losses starting in 2018, the BoG made profits in 2020 and 2021.
However, the biggest loss was in 2022, when it recorded a 60.8 billion loss.
According to the Bank of Ghana, these losses were because the government’s domestic debt restructuring exercise.
Bank of Ghana’s performance from 2013
12: profit GH574 milion
13: Profit GH713m
14: Profit GH580m
15: Profit GH616m
16: Profit GH813m
17: Profit GH929m
18: Loss GH1.8 b
19: Loss GH3.1 b
20: Loss GH6.1 b
21: Loss GH4.6 b
22: Loss GH7.2 b
23: Loss GH60.8 b#Choose8ToBreakTheir8 pic.twitter.com/gsYRFkwUYC— Uncle Paa Kwesi (@papakwesi_jr) October 10, 2024
