Finance Minister Dr. Cassiel Ato Forson has revealed that the Bank of Ghana (BoG) is seeking a GHS53 billion bailout to address its negative equity challenge.
Presenting the 2025 Budget Statement and Economic Policy in Parliament on Tuesday, March 11, Dr. Forson underscored the central bank’s severe financial difficulties and the urgent need for a substantial bailout to restore stability.
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.
He further disclosed that total central government arrears had reached GHS67.5 billion as of December 2024, accounting for 5.2% of Ghana’s GDP, with the road sector alone recording arrears of GHS21 billion.
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 explained.
Upon assuming office on January 23, 2025, Dr. Forson faced an influx of payment requests from contractors and suppliers. To determine the total outstanding arrears across all Ministries, Departments, and Agencies (MDAs), the Ministry of Finance (MoF) formally requested details on all unpaid claims on January 28, 2025.
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 noted.
The arrears include GHS49.2 billion in outstanding interim payment invoices from the MDAs and GHS18.3 billion in bank transfers at the Controller and Accountant General’s Department.
Dr. Forson also clarified that this figure excludes an additional $1.73 billion owed to Independent Power Producers (IPPs), GHS68 billion owed by the Electricity Company of Ghana (ECG) to contractors, GHS32 billion owed by COCOBOD, and GHS5.75 billion owed by the Ghana Road Fund to various contractors.
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