Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has disclosed that the Bank of Ghana (BoG) is currently operating with a negative equity of GHS55 billion, a significant financial strain inherited from the previous administration. This, he says, underscores the urgent need for government intervention to restore the central bank’s financial stability.
Speaking on The Point of View on Channel One TV on Wednesday, March 12, 2025, Dr. Forson emphasized that the government must step in to bail out the Bank of Ghana to move it from negative to positive equity.
“The Bank of Ghana has a negative equity as we speak under the previous administration. They have a negative equity of GHS55 billion, and so their balance sheet is such that they will need the government to bail them out with some money so that they will be able to move from a negative equity to a positive equity,” he stated.
Dr. Forson further highlighted the alarming levels of debt owed by various government entities, which continue to strain the country’s financial system. These include:
Road Fund – GHS5.5 billion
COCOBOD – GHS32 billion
Electricity Company of Ghana (ECG) – GHS68 billion
Independent Power Producers (IPPs) – $1.73 billion
The Finance Minister particularly raised concerns about ECG’s financial mismanagement, explaining that despite its responsibility to collect and remit payments for electricity, it is failing to meet its obligations to power suppliers.
“ECG collects about GHS1.5 billion monthly but retains GHS500 million, paying only GHS1 billion to power producers. This situation has left the government of Ghana, through ECG, with a debt of $1.73 billion owed to IPPs, in addition to another GHS68 billion owed to suppliers,” Dr. Forson explained.
The Finance Minister’s revelations highlight the dire state of Ghana’s financial sector, particularly the challenges facing the Bank of Ghana and other key state agencies. As the government seeks solutions, Dr. Forson stressed the need for greater transparency and financial discipline to stabilize the country’s economy.
The government is expected to outline measures to address these financial challenges in the coming weeks as part of broader efforts to restore fiscal stability and ensure sustainable economic growth.