BoG records GHS793m loss in 2018 - Annual Reports reveals

By Mutala Yakubu

The Bank of Ghana's Annual Reports shows that they recorded a loss of GHS793 million resulting from its operations in 2018.

This figure from the reports represents more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak.

The Bank of Ghana's Annual Report published which was published on their website showed some positives as they succeeded in reducing its cost of operations from GHS4.4 billion in 2017 to about GHS3.9 billion in 2018.

The bank in terms of income generated GHS3.1 billion in the year under review – a figure which was an 11.4 percent improvement of the amount realised in 2017.

The more than 50 percent drop in the losses recorded by the bank comes after the central bank undertook a clean-up of the banking sector where a total of nine local banks – mostly insolvent with some on BoG’s life support, had their licenses revoked.

Governor of Bank of Ghana, Dr. Ernest Addison

Dr Ernest Addison, BoG Governor in his foreword for the report, stated that the overall, financial soundness indicators of the banking industry has improved significantly after the sector’s clean up.

He stated that there is an on-going strengthening of the Bank’s regulatory and supervisory framework which will further develop, strengthen, and modernise the financial sector to support the country’s economic vision and transformational agenda of Ghana beyond Aid.