In a significant announcement during the presentation of the 2025 Budget Statement and Economic Policy on March 11, 2025, Finance Minister Dr. Cassiel Ato Forson revealed that the Bank of Ghana (BoG) is requesting a GH₵53 billion bailout to resolve its financial difficulties caused by negative equity.
Dr. Forson highlighted the central bank’s dire need for substantial financial support to stabilize its operations and address the ongoing challenges. He explained that the bailout request is critical to help restore BoG’s financial health and ensure it can continue its functions effectively.
Fiscal Pressures and Government Arrears
Dr. Forson also addressed the wider fiscal challenges the government faces. He disclosed that as of December 2024, Ghana’s total arrears had risen to GH₵67.5 billion, equivalent to 5.2% of the country’s GDP. A significant portion of this amount—GH₵21 billion—is attributed to the road sector.
The Finance Minister expressed concerns about the mounting payment requests from contractors and suppliers since the beginning of 2025. He revealed that a special hearing held by the Ministry of Finance had confirmed these arrears. The total figure included GH₵49.2 billion in unpaid interim invoices and GH₵18.3 billion in transfers to the Controller and Accountant General’s Department.
Furthermore, Dr. Forson clarified that the arrears do not cover additional debts, such as $1.73 billion owed to Independent Power Producers (IPPs), GH₵68 billion owed by the Electricity Company of Ghana (ECG), and GH₵32 billion owed by COCOBOD.
Key Points:
- Bank of Ghana is seeking GH₵53 billion to address negative equity.
- Government arrears total GH₵67.5 billion, with the road sector contributing GH₵21 billion.
- Ongoing challenges with unpaid debts to contractors, suppliers, and state agencies.
These financial strains underline the significant economic challenges Ghana faces as the government works toward stabilizing the country’s fiscal health.
