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| Finance Minister Dr. Cassiel Ato Forson. |
In order to solve its negative equity problem, the Bank of Ghana (BoG) is requesting a GHS53 billion bailout, according to Finance Minister Dr. Cassiel Ato Forson.
Dr. Forson emphasized the central bank's dire financial problems and the pressing necessity for a sizable rescue to restore stability when he presented the 2025 Budget Statement and Economic Policy before Parliament on Tuesday, March 11.
“The BoG is also seeking an amount of GHS53 billion as a bailout to be able to address their negative equity challenge they face,” Dr. Forson stated.
“At the end of December 2024, total central government arrears amounted to GHS67.5 billion, representing 5.2% of GDP. Mr. Speaker, with the road sector recording arrears of GHS21 billion,” he added.
When Dr. Forson took office on January 23, 2025, he was inundated with requests for payments from suppliers and contractors. On January 28, 2025, the Ministry of Finance (MoF) formally requested information on all unpaid claims in order to calculate the total amount of arrears that remain owed across all Ministries, Departments, and Agencies (MDAs).
“Subsequently, Mr. Speaker, the MoF held a special hearing with the MDAs to validate the arrears submitted for payment. The response from the MDAs revealed that a staggering amount of GHS67.5 billion is owed to government contractors and suppliers,” he hinted.
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