The Minister of Finance, Dr Cassiel Ato Forson has said that the 2023 Domestic Debt Exchange Programme (DDEP) had a significant adverse impact on the Bank of Ghana’s balance sheet.
He said this has substantially weakened the BoG’s capital and resulting in a negative net equity position.
To restore the Bank’s financial strength, the Government and the Bank of Ghana signed a Memorandum of Understanding (MoU) on 6th January 2025 to recapitalise the Bank over time.
The Finance Minister said this when presenting the 2026 mid year budget statement in Parliament on Thursday, July 23.
Dr Forson said that consistent with the commitments in the MoU and as a demonstration of this Government’s resolve to restore the Bank’s financial position, Government Resetting for Growth, Jobs, and Economic Transformation 2026 Mid-year Fiscal Policy Review issued a recapitalisation bond of GH₵5 billion to the Bank of Ghana in March 2026 to strengthen the Bank’s equity base.
“Going forward, government will make annual provision to recapitalise the Bank of Ghana until the Bank’s equity is fully restored, in accordance with the Bank of Ghana (Amendment) Act, 2025 (Act 1158).
“While Government is helping to restore the Bank of Ghana’s capital, the Bank itself will undertake a comprehensive operational efficiency review to reduce costs, strengthen financial management and rebuild its long-term financial sustainability
