Bank of Ghana recorded over $146 million loss in 2018

The 2018 Annual report of the Bank of Ghana has shown that the central bank recorded a loss of GHC793 million (&146,903,250) resulting from its operations.

The Bank of Ghana

This figure is a drop of over 50%. In 2017, the BoG recorded GHC1.6 billion loss when the banking sector was facing challenges due to the new Minimum Capital Requirement set at the time.

The BoG undertook a clean-up of the banking sector where a total of nine local banks had their licenses revoked because they were insolvent.

The central bank’s Annual Report revealed that the bank succeeded in reducing its cost of operations from GHC4.4 billion in 2017 to about GHC3.9 billion in 2018.

In terms of income, the bank realized GHC3.1 billion in 2018. This is an 11.4% improvement in the amount generated in 2017.

In his foreword for the report, Dr. Ernest Addison, BoG Governor said 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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

5 African countries with the cheapest gas prices in 2022

5 African countries with the cheapest gas prices in 2022

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

20 African countries with the most expensive average prices of mobile data

20 African countries with the most expensive average prices of mobile data

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job