BoG Record Loss of GH¢9.49 Billion for 2024 - What dey happen?
Colaboradores
Eei! The Bank of Ghana (BoG) ein financial report dey show say dem chop operating loss of GH¢9.49 billion for the 2024 financial year. Chale, this be serious matter! Even though e be smaller loss compared to the GH¢13.23 billion wey dem lose for 2023, e still be big money.
According to the report, dem get total income of GH¢9.40 billion, but dem spend GH¢18.89 billion. See wahala! The report talk say the main reason for the loss be say dem spend GH¢8.60 billion for open market operations. Dem dey use this one control inflation and manage money for the system inside.
Another thing be say, dem lose GH¢3.49 billion from revaluation and exchange rate wahala, including GH¢1.82 billion wey dey come from the government ein Gold-for-Oil programme. Plus, currency issuance expenses rise waa, from GH¢0.69 billion to GH¢1.01 billion.
But chale, make we no forget say even though dem lose money, the Bank still make net comprehensive gain of GH¢4.02 billion for 2024. Last year, dem lose GH¢9.19 billion. This one dey help dem small, but dem still dey negative at GH¢61.32 billion. But e better pass the GH¢65.34 billion wey dem report last year.
Why dem dey make gain after loss?
The Bank dey say the gain come from how dem dey calculate ein gold, special drawing rights (SDRs), and foreign securities. This one dey help dem cover some of the losses.
What next for BoG?
E be clear say BoG dey face hard times, but dem dey try improve things. We go dey watch we eye to see how dem go take manage the economy and bring things back to normal. Make we all pray for Ghana!
- BoG record loss of GH¢9.49 billion
- Open market operations cost GH¢8.60 billion
- Exchange rate losses contribute to loss