Ghana: Central Bank Reports $ 347 Million Loss in 2017

The Central Bank of Ghana (BoG) recorded a loss of just over 347 million dollars (1.64 billion GH ¢) in 2017, according to its annual report announcing a pre-tax profit of 150 million dollars, that is 709.5 million GH ¢.
However, the report shows an impairment loss of $ 85.5 million in 2016 and a rebound of 208.49% to $ 275 million in 2017.
The analysis of the depreciation performance shows that the situation is attributable to the regulator’s support to the Ghanaian banks the biggest contributors to the loss position.
Still according to the document, the total assets of the BoG increased from $ 10.53 million in 2016 to $ 11.6 billion in 2017, its loans and advances have dropped 14%, from $ 1.6 billion in 2016 to $ 1.3 billion following a reduction in its exposure to the banking industry.
As a reminder, in September 2017, the central bank increased the bank’s stated capital from $ 25.4 million to $ 84.7 million with a December 2018 maturity.