Finance Minister Dr. Cassiel Ato Forson has revealed that the Bank of Ghana (BoG) is currently facing a negative equity of GHS55 billion, a financial burden inherited from the previous administration.

He stressed the urgency of government intervention to restore stability to the central bank’s finances.

Speaking on Channel One TV on Wednesday, March 12, Dr. Forson explained that the BoG’s financial position remains deeply in deficit.

“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 also highlighted the significant debts owed by key government agencies, including the Road Fund, COCOBOD, and the Electricity Company of Ghana (ECG).

He revealed that the Road Fund has accumulated a debt of GHS5.5 billion, COCOBOD owes GHS32 billion, while ECG’s outstanding payments to suppliers amount to GHS68 billion, in addition to a $1.73 billion debt to Independent Power Producers (IPPs).

“Road Fund owing about GHS5.5 billion, then you have the likes of GETFund, DACF they have their own debt. Then COCOBOD, ECG. COCOBOD owes GHS32 billion, ECG owes GHS68 billion. They owe contractors who have done work,” he stated

He further pointed out that ECG’s financial struggles stem from its inability to fully remit collected revenue.

Dr. Forson warned that if these mounting debts—particularly in the energy sector are not urgently addressed, they could have severe consequences on the country’s financial stability.

“ECG’s situation is so bad that they are supposed to collect the power that they consume. Unfortunately, they buy the power they are supposed to sell to consumers like yourself, collect the money and pay, but the data we’ve seen so far shows ECG collects like GHS1.5 billion, keeps GHS500 million, and pays only GHS1 billion.

“As a result, they are unable to pay IPPs, and as we speak, the government of Ghana through ECG owes IPPs $1.73 billion. Coupled with the $1.70 billion, they also owe suppliers another GHS68 billion,” stated Dr. Forson.