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Finance Minister Dr. Cassiel Ato Forson has revealed that the Bank of Ghana (BoG) is seeking a GHS53 billion bailout to resolve its financial difficulties and restore stability.
Speaking during the presentation of the 2025 Budget Statement in Parliament on Tuesday, Dr. Forson emphasized the severity of BoG’s financial state, citing the need for immediate intervention.
“The BoG is also seeking an amount of GHS53 billion as a bailout to be able to address their negative equity challenge,” he stated.
Dr. Forson also disclosed that total government arrears had reached GHS67.5 billion as of December 2024, equivalent to 5.2% of Ghana’s GDP. The road sector alone accounts for GHS21 billion of this amount.
“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 in January 2025, Dr. Forson stated that his ministry was flooded with payment requests from contractors and suppliers. In response, the Ministry of Finance (MoF) launched an inquiry on January 28, 2025, to determine the full extent of unpaid claims across Ministries, Departments, and Agencies (MDAs).
According to Dr. Forson, the GHS67.5 billion arrears include:
- GHS49.2 billion in unpaid invoices from MDAs
- GHS18.3 billion in bank transfers stuck at the Controller and Accountant General’s Department
Additionally, he clarified that these figures do not include:
- $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
- GHS5.75 billion owed by the Ghana Road Fund
