- Dr. Forson said taxpayer money won’t help the Bank of Ghana
- He said the Bank of Ghana should fix its problems on its own
- He suggested saving money by selling assets and cutting costs
Finance Minister Dr. Cassiel Ato Forson has made it clear that the government will not use taxpayer money to help recapitalize the Bank of Ghana (BoG) after it was revealed that the central bank had signed an agreement under the previous Ernest Addison-led administration for a ¢53 billion bailout.
Speaking on Joy News on Tuesday, March 11, after presenting the 2025 Budget to Parliament, Dr. Forson emphasized the financial problems facing the BoG and rejected any government help that would put more strain on taxpayers.
“After seeing the ¢60 billion deficit report, I’ve said before, when I was Minority Leader, that the Bank of Ghana had a lot of debt and deficits. As a result, their finances are not healthy and they have negative equity,” he explained.
Despite the BoG’s financial troubles, Dr. Forson said the bank should find ways to fix the problem internally, rather than relying on public money. “The previous government signed an agreement for the government or taxpayers to give ¢53 billion to recapitalize the central bank. I’ve told the Bank of Ghana to find ways to reduce costs because the taxpayer cannot afford ¢53 billion,” he said.
He pointed to areas where the bank could save money, like its recent spending and assets.
“First, they need to look within. For example, they have a new big office building. They can sell it and lease it back if they want. They need to cut costs and reduce unnecessary events. The taxpayer cannot afford ¢53 billion,” he added.
Dr. Forson also warned that giving such a large sum to the BoG would mean cutting back on important public services. “If we give ¢53 billion to the central bank, it would mean taking away public services like roads, schools, and hospitals. Is that what we want? Can we afford it? The answer is no. We cannot afford it. The central bank must find solutions on its own,” he stressed.
He also suggested the BoG could sell off unnecessary assets to raise money.
“They have hotels, like guest houses. Why are they in the guest house business? They should sell some of them and use the money to recapitalize. The taxpayer shouldn’t be the one paying for this,” he said.
While ruling out any immediate government help, Dr. Forson suggested a long-term plan for the BoG to improve its financial situation. “If the central bank comes to me with a reasonable plan, we can talk. But it has to come from them,” he said.
He also mentioned that “BoG could think about cutting back on its profits over the next 10 years to help recapitalize. “That could also be an option,” he added.
