Bank of Ghana Balances on a Knife Edge

Bank of Ghana published its audited financial statements for 2025 on April 30th, 2026. The statements should have been approved by the Board and submitted to the Finance Minister by end-March, but they were not. The Bank obtained a one-month extension, partly because it had changed auditors - from Deloitte to KPMG - and partly because additional scrutiny was requested around the gold operations and the Bank's exposure to the Ghana Gold Board (GoldBod). The statements were approved on April 29 and published on May 1.

The Bank of Ghana recorded a net loss of $1.25 billion for the year. An additional $1.55 billion in other comprehensive income charges pushed total comprehensive losses to $2.80 billion. Cumulative negative equity reached approximately $9 billion at the end-2025 closing rate, widening from $3.99 billion a year earlier. In 2025, the Bank purchased approximately 2.9 million fine ounces of doré gold, worth roughly $7.6 billion at average market prices. The Bank sold 869,915 ounces of refined bullion for approximately $3.6 billion, and also sold roughly 2.9 million ounces of doré under the Gold for Reserves programme. Reserves rose from around $6.5 billion in early 2024 to $13.8 billion by end-2025.