The Central Bank of the Republic of Guinea published KPMG’s audit report on its 2024 financial statements. KPMG issued an unmodified opinion, concluding that the accounts fairly present, in all material respects, the bank’s financial position at Dec. 31, 2024, under its adopted accounting framework. The auditor nevertheless highlighted uncertainty over monetary gold held by a technical processing provider, without modifying its opinion. The provider failed in January 2022 to return 3.14 metric tons of gold. Although the bank obtained a favorable arbitration award in September 2024 and recovery proceedings are underway, it retained a provision of GNF 1,142.7 billion, equal to 50% of the deposit’s fair value. The accounts also maintained a GNF 1,141.4 billion provision covering the full market value of 1,568 kilograms of gold held by EMR because there had been no favorable development in that dispute. Total assets increased to GNF 48,795.70 billion from GNF 41,248.58 billion, while equity fell to GNF 3,083.78 billion from GNF 3,661.63 billion. The bank recorded a net loss of GNF 876.18 billion, compared with GNF 871.63 billion in 2023. Net banking income rose to GNF 1,324.27 billion, but the result was weighed down by GNF 1,403.03 billion in net asset impairment charges and a GNF 516.65 billion foreign exchange loss.
Central Bank of the Republic of Guinea publishes unmodified audit opinion on 2024 accounts, auditor flags gold recovery uncertainty
The Central Bank of the Republic of Guinea published an unmodified KPMG audit opinion on its 2024 financial statements, although the auditor highlighted uncertainty over the recovery of monetary gold held by a processing provider. The bank retained substantial provisions against disputed gold holdings and reported a GNF 876.18 billion net loss. Total assets rose to GNF 48,795.70 billion, while equity declined to GNF 3,083.78 billion.