Ato Forson Reveals BoG's GHS53 Billion Bailout Request in 2025 Budget
Accra, Ghana - 11 March, 2025 - Ghana's Finance Minister, Dr. Cassiel Ato Forson, has revealed that the country's central bank is seeking a massive GHS53 billion bailout to address its financial struggles.
The revelation came during the presentation of the 2025 Budget Statement and Economic Policy in Parliament on Tuesday March 11, 2025.
Dr. Forson emphasized the urgent need for the bailout to restore stability to the Bank of Ghana (BoG).
In addition to the central bank's financial woes, Dr. Forson also disclosed that the government is grappling with a staggering GHS67.5 billion in arrears, equivalent to 5.2% of Ghana's GDP. The road sector alone accounts for GHS21 billion of these unpaid debts.
According to him, the government has taken steps to validate the arrears, with the Ministry of Finance (MoF) holding a special hearing with Ministries, Departments, and Agencies (MDAs) to confirm the outstanding amounts.
“The BoG is also seeking an amount of GHS53 billion as a bailout to be able to address their negative equity challenge they face,” Dr. Forson stated.
“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.
“Subsequently, Mr. Speaker, the MoF held a special hearing with the MDAs to validate the arrears submitted for payment. The response from the MDAs revealed that a staggering amount of GHS67.5 billion is owed to government contractors and suppliers,” he noted.
Source: Lead News Online
