Bank of Ghana declares GHC1.8bn profit for 2019; refuses to approve dividends for the year

Bank of Ghana declares GHC1.8bn profit for 2019; refuses to approve dividends for the year

- For the year 2019, the Bank of Ghana recorded a profit of GHc1.8 billion

- In the preceding year, it recorded a loss which was half the result posted in 2019

- Its board of directors has, however, decided not to announce dividends for the year

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The Bank of Ghana (BoG) recorded a profit of GHC1.8 billion for the year 2019, YEN.com.gh has learned.

The 2019 result was twice the operating loss the central bank recorded in the preceding year.

The realization of profit was attributed to the strong performance it posted for the year under review.

READ ALSO: Bank of Ghana suspends the payment of dividends by banks for the 2019/2020 operational year

The BoG’s income from fee and penalties charged to commercial banks, interests among others, was GHC5.85 billion in 2019, compared to GHC3.12 billion in 2018.

A report by citibusinessnews.com shows that BoG’s expenditure items such as personnel costs, rent, repairs and renewals increased from GHc3.92 billion to GHc4 billion between 2018 and 2019.

However, it recorded more income for 2019 and this led to the profit recorded for the year.

YEN.com.gh understands that BoG’s total assets increased by 16% within the one year period; from GHc59 billion to about GHc69 billion.

This was composed of securities such as long-term government bonds, which topped with a share of GHc46.2 billion, followed by cash and balances with correspondent banks at GHc7.4 billion.

Balances with the International Monetary Fund (IMF) recorded the third-highest of GHc5.34 billion.

Despite the strong performance posted by the central bank in 2019, its board of directors did not approve the payments of dividends for the year.

Meanwhile, the Bank of Ghana (BoG) spent GHC306 million to print new Ghana cedi notes in 2019.

This represents a 108% increase from 2018 when GHC147 million was spent on printing new notes.

The BoG revealed in its 2019 annual report that GHC276 million was spent on the GHC200 notes while GHC149 million was spent on the GHC100 notes.

READ ALSO: Bank of Ghana explains why it suspended payment of dividends by banks

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