Finance Minister Dr. Cassiel Ato Forson has revealed that the Bank of Ghana (BoG) is currently operating with a negative equity of GHS55 billion, a situation inherited from the previous administration.
Speaking on The Point of View on Channel One TV on Wednesday, March 12, 2025, Dr. Forson stressed the urgent need for government intervention to restore the central bank’s financial stability.
“The Bank of Ghana, as we speak, has a negative equity of GHS55 billion due to the previous administration. This means the government will need to inject funds to help BoG transition from negative to positive equity,” he stated.
Dr. Forson also highlighted the mounting debts of key government institutions, including the Road Fund, COCOBOD, and the Electricity Company of Ghana (ECG).
According to him, the Road Fund owes GHS5.5 billion, COCOBOD is in debt by GHS32 billion, and ECG’s liabilities have surged to GHS68 billion. Additionally, ECG owes Independent Power Producers (IPPs) $1.73 billion.
“ECG’s situation is dire. They are supposed to collect revenue for the electricity they supply, but instead, they buy power, sell it to consumers, and struggle to pay their suppliers. Data shows that ECG collects around GHS1.5 billion monthly, but instead of settling its debts in full, it retains GHS500 million and pays only GHS1 billion,” he explained.
“As a result, they are unable to meet their obligations to IPPs. Currently, the government, through ECG, owes IPPs $1.73 billion, in addition to GHS68 billion owed to suppliers,” Dr. Forson added.
Credit: City News.
