BoG made profit under Mahama but losses under Akufo-Addo – Economist

A recent analysis by economist Scott Bolshevik, has shed light on the Bank of Ghana’s (BoG) financial trajectory, revealing a decline in performance under President Akufo-Addo’s administration.

Taking to the X platform, he shared data from 2012 to 2023 illustrating a stark contrast between former president, John Dramani Mahama’s tenure and president Akufo-Addo.

His data revealed that in 2012, BoG recorded a profit of GH₵574 million, reflecting a stable and positive financial environment.

The following year, 2013, saw an increase in profit to GH₵713 million, continuing the positive trend and suggesting effective financial management and growth.

I apologize for the error in the stats.

The Bank of Ghana's losses were GH₵60.8 billion in 2022 not 2023 and GH₵10.5 billion in 2023 instead

I am facing significant criticism for this mistake, while the president is being hailed as the best president ahead of Nkrumah. https://t.co/Sxhrn5FVon

— Scottbolshevik (@scottbolshevik) July 28, 2024

The year 2014 maintained profitability with GH₵580 million, though slightly lower than the previous year.

This was followed by a rise in 2015, where the bank achieved a profit of GH₵616 million, indicating ongoing stability.

In 2016, the bank’s performance improved further with a profit of GH₵813 million, demonstrating robust financial health.

The positive trend, however, reversed in 2017 when the Bank of Ghana reported a profit of GH₵929 million, the highest in this period.

Despite this peak, the financial outlook began to deteriorate the following year.

In 2018, the bank experienced its first significant loss of GH₵1.8 billion, signaling the beginning of financial troubles. The situation worsened in 2019, with losses escalating to GH₵3.1 billion.

This downward spiral continued into 2020, with the losses reaching a severe GH₵6.1 billion, highlighting critical issues in the bank’s financial management.

The year 2021 saw a reduction in losses to GH₵4.6 billion, but this was still substantial, reflecting ongoing financial instability.

The situation further deteriorated in 2022, with the Bank of Ghana reporting an unprecedented loss of GH₵60.8 billion, marking the peak of its financial crisis.

In 2023, the losses slightly decreased to GH₵10.5 billion, but this reduction did little to offset the previous years’ severe financial setbacks.