{"id":11849,"date":"2024-06-03T09:13:30","date_gmt":"2024-06-03T09:13:30","guid":{"rendered":"https:\/\/sotnews.agency\/?p=11849"},"modified":"2024-06-03T10:45:28","modified_gmt":"2024-06-03T10:45:28","slug":"bank-of-ghana-records-gh%c2%a210-5-billion-loss-in-2023","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=11849","title":{"rendered":"Bank of Ghana records GH\u00a210.5 billion loss in 2023"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 12 Second <\/div>\n\n <\/div>

The Bank and the group reported a loss of GH\u00a210.50 billion for the year 2023, as against the GH\u00a260.86 billion loss in 2022.<\/strong><\/p>\n

As of 31 December 2023, the total liabilities of Bank of Ghana and its subsidiaries exceeded its total assets by GH\u00a265.36 billion also as a gaint GH\u00a254.52 billion deficit recorded in 2022.<\/p>\n

In 2023, total operating income of the Bank and the Group increased by 47.3 per cent to GH\u00a28.80 billion, the\u00a0Bank of Ghana<\/a>\u2018s 2023 Annual Report and Financial Statement disclosed.<\/p>\n

This increase in operating income was driven to a large extent by interest earned on the Bank\u2019s investments in securities and bonds held abroad, fines imposed on institutions for regulatory breaches, and fees and charges.<\/p>\n

GHc60.8bn loss: Policy choices by BoG during difficult times were for the greater good of the economy \u2013 Addison<\/a><\/p>\n\n

Total operating expenses of GH\u00a219.2 billion reported for 2023 shows a decline when compared with the GH\u00a266.9 billion recorded in 2022.<\/p>\n

This was due to impairment charges on Loans and Advances and Bank of Ghana\u2019s holding of Government of Ghana securities. In 2022, these two-line items accounted for GH\u00a254.5 billion in expense charges on account of the Domestic Debt Exchange Programme.<\/p>\n

The combination of an increase in total income and reduction in operating expenses led to a total loss position of GH\u00a210.6 billion, representing an improvement when compared with the loss of GH\u00a260.9 billion recorded in 2022.<\/p>\n

The loss position was driven largely by an increase in total interest expense incurred on Open Market Operations by GH\u00a2 6.7 billion.<\/p>\n

The total cost of Open Market Operations (an activity by a central bank to exchange liquidity in its currency with a bank or a group of banks) in 2022 which stood at GH\u00a21.7 billion, increased to GH\u00a28.4 billion in 2023.<\/p>\n

The increase in costs associated with open market operations for 2023 was driven in large part by the need to mop up excess liquidity in the economy in 2023 and to support the dis-inflation process envisaged in the overall macroeconomic adjustment program.<\/p>\n

This Open Market Operations activity, which accounted for a significant portion of the loss incurred
\nyielded positive results.<\/p>\n

The aggressive mopping up operations, contributed in slowing down inflation to 23.2 per cent by the end of 2023, significantly down from the rate of 54.1 per cent at the end of 2022.<\/p>\n\n

The post Bank of Ghana records GH\u00a210.5 billion loss in 2023<\/a> first appeared on 3News<\/a>.<\/p>

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The Bank and the group reported a loss of GH\u00a210.50 billion for the year 2023, as against the GH\u00a260.86 billion loss in 2022. As of 31 December 2023, the total… <\/p>\n","protected":false},"author":1,"featured_media":11897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-11849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11849"}],"version-history":[{"count":2,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11849\/revisions"}],"predecessor-version":[{"id":11902,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11849\/revisions\/11902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/11897"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}