Dr. Cassiel Ato Forson announced that taxpayer money will not be used to recapitalize the Bank of Ghana, rejecting a previously signed GH¢53 billion bailout agreement. He urged the BoG to implement internal financial measures and highlighted the negative repercussions on public services if taxpayer funds were diverted for the bailout.
Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, has emphatically asserted that the government will not utilize taxpayer funds to recapitalize the Bank of Ghana (BoG). This statement aligns with recent disclosures indicating that the previous Ernest Addison-led administration had executed a memorandum of understanding for a GH¢53 billion bailout to rectify the central bank’s fiscal challenges.
In a recent interview with Joy News on March 11, 2025, following his presentation of the 2025 Budget Statement to Parliament, Dr. Forson highlighted the BoG’s serious financial difficulties. He remarked that any governmental intervention could exacerbate the financial burden on taxpayers, reinforcing his previous concerns regarding the bank’s significant debt and unhealthy balance sheet.
Dr. Forson maintained that the BoG must pursue internal solutions instead of relying on taxpayer support. He informed that the prior administration had indeed agreed to a GH¢53 billion bailout contingent on taxpayer funding. He urged the BoG to reassess its expenditures and find means to cut costs as the taxpayer cannot shoulder this financial load.
In summary, Dr. Ato Forson unequivocally ruled out the use of taxpayer funds for the Bank of Ghana’s purported GH¢53 billion bailout, suggesting instead that the central bank must implement internal cost-cutting measures. He emphasized the need for the BoG to sell non-essential assets and focus on rebuilding its financial condition without imposing additional burdens on the citizens. This stance reflects a commitment to prudent fiscal management and prioritizing public services over financial bailouts.
Original Source: www.ghanaweb.com
