Finance Minister Dr. Cassiel Ato Forson has ruled out any government-funded bailout for the Bank of Ghana (BoG), insisting the central bank must resolve its financial woes internally.
Speaking on Joy News on Tuesday, March 11, after presenting the 2025 Budget Statement to Parliament, Dr. Forson revealed that the previous BoG administration had signed a memorandum of understanding (MoU) for a ¢53 billion recapitalization. However, he firmly stated that taxpayers would not foot the bill.
“The Bank of Ghana must look within, cut expenditure, and restructure its finances. The taxpayer cannot afford ¢53 billion,” he stressed.
He pointed to BoG’s recent expenditures, including its new headquarters, as areas for potential cost-cutting.
“They have a choice—to sell and lease back their new head office if necessary. They also have hotels and guest houses. Why is the central bank in the hospitality business? They should sell some assets and use the funds to recapitalize,” he suggested.
Dr. Forson warned that bailing out BoG would deprive Ghanaians of essential public services.
“Giving ¢53 billion to the central bank means denying taxpayers good roads, schools, and hospitals. Is that what we want? The answer is no,” he emphasized.
While rejecting an immediate bailout, he left the door open for a long-term strategy, suggesting BoG could reinvest its profits over the next decade to rebuild its financial standing.
“If they come with a reasonable plan, we can have a conversation. But it must start with them,” he concluded.