BoG can sell, lease new building for its GHS53 billion bailout; taxpayers’ money won’t be used — Finance Minister

The Minister for Finance, Dr. Cassiel Ato Forson, has addressed concerns over a memorandum signed between the past administration and the Bank of Ghana (BoG) for a ¢53 billion bailout following its GHS60 billion loss in 2022.

According to Dr. Ato Forson, the government cannot justify spending taxpayers’ money on the central bank’s recapitalisation when citizens urgently need schools, hospitals, and other social amenities.

Speaking on Accra-based JoyNews following the 2025 budget presentation on Tuesday, March 11, he urged the central bank to explore internal measures, including leasing its new head office, to raise funds for recapitalisation.

“Apparently, the previous administration in the Bank of Ghana had signed an MoU for the Government of Ghana, or the taxpayer, to recapitalise the central bank with ¢53 billion. I’ve asked the Bank of Ghana to look within, cut expenditure, because the taxpayer cannot afford ¢53 billion.

“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, cut expenditure, and reduce events. The taxpayer cannot afford ¢53 billion,” the minister stated.

Dr. Ato Forson further stressed that using public funds for the BoG bailout would deprive citizens of essential infrastructure and services.

“Giving ¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, schools, and 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.”

The former Majority Leader in Parliament further suggested that BoG offload some of its non-core assets to generate funds.

“They have hotels, like guest houses and others. Why are they in the guest house business? They should sell some of them and use the money to recapitalise. The taxpayer cannot be used as a punching bag,” he stressed.