Accra, Ghana – The Bank of Ghana has announced substantial losses for the fiscal year 2022, attributing the dismal financial performance to the Domestic Debt Exchange Programme (DDEP). The program, aimed at managing the nation’s debt, has instead resulted in unexpected financial setbacks for commercial banks. The bank’s financial statement revealed a staggering loss of GHS 60.81 billion for the year, a situation that caught many by surprise.

Despite these significant losses, the Bank of Ghana remains resolute in its efforts to restore balance to its financial standing. Bank directors have implemented strategic measures to rejuvenate the institution’s balance sheet, pledging their commitment to reversing the negative trajectory. Notably, Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana, has assured the public that government financing has been suspended since January 2023, with this strategy anticipated to persist for the next three years. The goal is to foster the bank’s return to profitability in the near future.

The Ghanaian cedi, which had shown stability and even rallied against the dollar for five consecutive weeks, could experience a slight downturn due to a 60 basis point increase in inflation, bringing it to 43.10%.

While the economic landscape poses challenges, the Bank of Ghana remains steadfast in its efforts to navigate the financial terrain and restore confidence in the national currency. Further reading can be found in the Bank of Ghana’s Annual Report 2022 and various news sources such as Joy Online and Citi Business News.