Finance Minister Dr. Cassiel Ato Forson has ruled out any government intervention to recapitalise the Bank of Ghana (BoG), stating that taxpayers cannot bear the burden of a ¢53 billion bailout.

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Following the presentation of the 2025 Budget Statement to Parliament on Tuesday, Dr. Forson addressed the central bank’s financial struggles in an interview on Joy News.

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He highlighted that under the previous administration led by Ernest Addison, an MoU had been signed for the government to inject ¢53 billion into the BoG.

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However, he made it clear that the institution must find internal solutions instead of relying on public funds.

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“I’ve asked the Bank of Ghana to look within, cut expenditure, because the taxpayer cannot afford ¢53 billion,” he said. “First of all, they have to look within. You know, you’ve seen their new Head Office, a very big building. They have a choice—a choice to sell and lease back if they want."

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"They have to look within and cut expenditure and reduce events. The taxpayer cannot afford ¢53 billion. Giving ¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, like schools, like hospitals. Is that what we want? Can we afford it? At this stage, the answer is no. We cannot afford that. And so the central bank must look within,” he asserted.

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Dr. Forson suggested that the BoG explore alternative revenue sources, including the sale of non-essential assets such as hotels and guest houses, to generate funds for recapitalisation.

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He questioned why the central bank was still engaged in such businesses when it faced significant financial challenges.

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“If the central bank is able to come to me with a reasonable offer, we can have a conversation. But it must start from them. I have also said that they may have to consider winding back their profit over the next 10 years to recapitalise. That can also be an option,” he added.

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He also proposed a long-term recovery plan, indicating that the BoG could reinvest its profits over the next decade to strengthen its financial position.

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Meanwhile, the Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has pledged to restore the financial strength of the central bank.

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He assured that the Board of Directors will work hard to restore confidence and the integrity of the bank.

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While Mr Forson remains open to discussions on a sustainable recapitalisation strategy, he insists that the initiative must first come from the central bank.

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