No taxpayer bailout for BoG- Ato Forson

Dr. Cassiel Ato Forson, the Finance Minister has strongly announced that the government will abstain from using taxpayer fund to recapitalise the Bank of Ghana (BoG). After the newly revealed information that the central bank had signed a memorandum of the understanding (MoU), under the earlier ¢53 billion bailout led by Ernest Addison administration.

Dr. Cassiel Ato Forson, spoke on JoyNews on Tuesday, March 11 after presenting the 2025 Budget Statement to Parliament, he reiterated the severe economic pressure on the Bank of Ghana (BoG) and ruled out any government interference that would further weight taxpayer.

Dr. Ato Forson expressed that “Following the release of the report, ¢60 billion hole remember, in my previous life as the Minority Leader, I repeatedly emphasized that Bank of Ghana had generated a lot of debt. Due to that, it balance sheet is in poor shape. They have also generated negative equity”

In the face of the Bank of Ghana’s financial instability, Dr. Cassiel Ato Forson stressed that the institution should be able to find internal solutions rather than depending on government funding.

He again said that “Obviously, the earlier administration in the Bank of Ghana had signed a memorandum of understanding (MoU) for the Government of Ghana or the taxpayer, to recapitalise central bank with  ¢53 billion. I’ve asked Bank of Ghana to look within, cut expenditure because the taxpayer cannot afford the ¢53 billion.”

Highlighting potential cost-cutting measures, he pointed to BoG’s recent expenditures and assets as areas for financial restructuring.

“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. They have to look within and cut expenditure and reduce events. The taxpayer cannot afford ¢53 billion,” he expressed.

Dr. Forson additionally cautioned that disbursing such a huge sum of money to recapitalise Bank of Ghana would deny citizens important public services.

He stressed that “Providing ¢53 billion to the Bank of Ghana 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 also emphasized the central bank to consider selling off non-essential assets to generate revenue.