Bank of Ghana declares no dividend for 2019 despite GHC1.8bn profit

June 10, 2020 11:36 AM

The Bank of Ghana (BoG) recorded a profit of GHC1.8 billion for 2019.

The Bank of Ghana

The profit which is about twice the operating loss of GHC793 million recorded in 2018 has been attributed to the strong performance the central bank posted for the year under review.

In the year under review, the BoG’s income from fees, penalties charged to commercial banks, interests among others, reached GHC5.85 billion compared to the GHC3.12 billion recorded in 2018.

The BoG’s expenditure items increased from GHC3.92 to GHC4billion between 2018 and 2019. These include personnel costs, rent, repairs, and renewals. The central bank posted more income for 2019 which contributed to the profit.

Meanwhile, the banking sector regulator’s total assets, which are those items it can lay claim to; increased by 16%; from GHC59 to about GHC69 billion.

Securities such as long-term government bonds was number one with a share of GHC46.2 billion; followed by cash and balances with correspondent banks at GHC7.4 billion. The third highest of GHC5.34 billion was balances with the IMF.

The total liabilities which are items the central bank cannot lay claim to; went up to GHC67 billion an increase of 13.4%. In 2018, total liabilities stood at GHC59 billion.

Deposits with the BoG comprising those facilities belonging to the Ghanaian government and other financial institutions, contributed the highest of GHC19.4 billion.

It is followed by currency in circulation and liabilities to the IMF with a share of 16.3 and 10 billion cedis.

Even though the BoG saw a strong performance in 2019, the Board did not approve the payments of dividends for the year.