BANK OF GHANA CAN LEASE-BACK ITS HEAD OFFICE TO RAISE GHC53BILLION REQUIRED TO RECAPITALISE –– Finance Minister, Ato Forson

The Finance Minister has decided not to use taxpayer money to help the Bank of Ghana (BoG) after it reported a ¢60 billion loss, which put it in a bad financial situation.

Dr. Cassiel Ato Forson talked about this on Joy News’ PM Express on Tuesday, March 11, right after the 2025 Budget Statement was presented to Parliament.

He emphasized that BoG should solve its financial issues internally instead of depending on ¢53 billion from public funds.

“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 sale and lease back if they want. They have to look within and cut expenditure and reduce events. The taxpayer cannot afford ¢53 billion.”

A leaseback is when a company sells an asset but then rents it back from the new owner.

Dr. Forson noted that an agreement was already made by the previous government and BoG, through a Memorandum of Understanding, for the Government of Ghana to provide ¢53 billion for the bank.

However, he questioned if this approach would really work.

“Do you have the money? I’ve asked the Bank of Ghana to look within, cut expenditure because the taxpayer cannot afford ¢53 billion. I’ve communicated that to the Governor. They can look within,” he stressed.

He argued that using public money to bail out BoG would mean less money for important infrastructure and social services for Ghanaians.

“Giving ¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, like schools, like hospitals. Is that what we want? Can we afford it? At this stage, the answer is no. We cannot be able to afford that,”he said.

Dr. Forson also suggested that the central bank could raise funds by selling non-essential assets, like guest houses.

 

NKONKONSA.com