BoG to restore capital by 2032 after debt restructuring impact

The Bank of Ghana says it will restore its capital base by 2032 following losses that pushed it into negative equity, according to its 2025 Report and Financial Statements released on May 1, 2026.

This follows a deepening of the Bank’s financial position, with the Bank of Ghana and its subsidiaries recording negative equity of GH¢93.82 billion at the end of December 2025, up from GH¢58.62 billion in 2024.

The central bank attributed the situation to the impact of the Domestic Debt Exchange Programme and recent monetary policy operations.

“The Bank of Ghana recorded negative equity as a consequence of the Domestic Debt restructuring and the monetary policy operations of 2024 and 2025,” the report stated.

Government has, however, committed to recapitalising the Bank under a formal agreement.

The report noted that “the Government of Ghana has acknowledged its obligation to restore the Bank’s capital base,” with a memorandum of understanding signed between the Bank and the Ministry of Finance on January 6, 2025.

FULL TEXT: Inside BoG's 2025 Report and Financial Statements

Under the plan, recapitalisation will be carried out in phases between 2026 and 2032 through a mix of financial instruments and cash transfers.

“A phased recapitalization programme has been agreed under which the Government will transfer instrument(s) and/or cash over the period 2026–2032,” the report said.

The Bank expressed confidence that the measures will reverse its current position.

It added that the planned inflows, together with a projected return to profitability, “are expected to result in positive net equity by 2032” and rebuild reserves to prudent levels.

Despite the current challenges, the Central Bank's Directors maintained that the institution remains financially viable, stating they have “no reason to believe that the business will not be a going concern.”



SA/MA