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Finance Minister, Dr. Cassiel Ato Forson, stated that the government, through the Bank of Ghana (BoG), is seeking a GHS53 billion bailout to address its negative equity position.
He said the move by the central bank would be substantial to restore financial stability to the country’s financial challenges.
“My Speaker, the Bank of Ghana is also seeking for a bailout of about GHS53 billion to address their negative equity position,” Dr. Forson stated in his presentation of the 2025 Budget Statement and Economic Policy in Parliament on Tuesday, March 11.
He added at the end of December 2024, the central government arrears amounted to GHS67.5 billion with the validation process revealing that Ministries, Departments, and Agencies (MDAs) committed the government through contracts awards in excess of GHC194 billion, about 16.5% GDP.
“Mr. Speaker, most of these contracts were awarded without commencement certificates and authorization, and without budgetary provisions, a blatant violation of the Public Financial Management Act, 2016 (Act 921),” Dr. Ato Forson explained.
