The Bank of Ghana says the Ghana cedi appreciated by 40.7 per cent against the US dollar in 2025, a development that had significant accounting effects on its financial statements.
According to the Bank, the appreciation of the cedi reduced the cedi value of foreign-currency-denominated assets held on its books, resulting in valuation losses.
The central bank explained that it holds substantial foreign assets, including Special Drawing Rights (SDRs) from the International Monetary Fund, foreign securities such as government bonds and deposits, monetary gold, and other foreign balances.
It said when the cedi strengthens, these assets are worth less in local currency terms, leading to accounting charges.
For 2025, the Bank reported:
A profit and loss charge of GH¢5.5 billion, and
An other comprehensive income (OCI) charge of GH¢23.6 billion,
bringing the total impact to GH¢29.1 billion.
The Bank noted that this reflects a reversal of gains recorded in 2024, when the weakening of the cedi increased the value of foreign assets in local currency terms.
It recorded in 2024:
A profit and loss gain of GH¢2.2 billion, and
An OCI gain of GH¢10.5 billion,
which together added GH¢12.7 billion to equity.
The central bank said these changes are accounting entries and do not represent cash movements or losses of underlying assets.
It added that as exchange rates stabilise, the valuation effects are expected to normalise.
