The Bank of Ghana entered 2025 on a stronger financial footing, with its cash reserves more than doubling by the close of 2024. According to the central bank’s latest audited financial statements, cash and cash equivalents stood at GH¢33.87 billion at the end of December 2024, up significantly from GH¢13.33 billion recorded the previous year.
The consolidated picture, which includes the Bank and its subsidiaries, reflects an even larger growth. Total Group cash rose to GH¢42.60 billion from GH¢20.47 billion in 2023, marking a 108 percent increase over the 12-month period.
This steady improvement comes at a time when Ghana continues to navigate an economic reform programme under the guidance of the International Monetary Fund. The increase in cash holdings suggests a clear emphasis on reserve strengthening, prudent liquidity management, and enhanced financial discipline at the central bank level.
Although cash reserves increased, the Bank’s operating cash flow for 2024 declined to GH¢17.66 billion, compared to GH¢28.88 billion the year before, a drop of nearly 38 percent. The Group also saw a moderate reduction in operating inflows, from GH¢29.36 billion in 2023 to GH¢23.78 billion in 2024. Despite these declines, the Bank’s ability to close the year with significantly higher cash balances points to tighter fiscal controls and deliberate financial planning.
In terms of foreign currency adjustments, the Bank recorded a gain of GH¢1.25 billion, while the Group experienced a loss of GH¢3.28 billion. This difference likely reflects currency translation impacts on the assets and liabilities held across its subsidiaries.
The report also shows a notable increase in long-term investment. Capital expenditure on property, plant and equipment rose to GH¢1.95 billion, up from GH¢1.11 billion in 2023. Despite this increased investment, overall liquidity remained strong, indicating that the Bank has managed to balance infrastructure development with financial sustainability.
These financial outcomes suggest a central bank that is quietly but steadily rebuilding its buffers while supporting broader macroeconomic reforms. With its year-end position reinforced, the Bank of Ghana appears better placed to respond to potential external shocks and contribute more reliably to Ghana’s economic stability.
