BoG losses: MoU for recapitalization to be signed by end of 2024 third quarter

The Bank of Ghana (BoG) is set to sign a Memorandum of Understanding (MoU) with the Ministry of Finance by the end of Q3 to address significant financial losses.

This strategic move aims to restore the central bank's financial health and positive equity after posting a GHS 10.5 billion loss in 2023 and a GHS 60.9 billion loss in 2022.

The recapitalization plan, discussed with the IMF, will detail required capital, timelines, and funding sources.

The recapitalization will support BoG's domestic and international operations and uphold the agreement of zero financing of the government’s budget. Despite losses, BoG remains policy solvent.