BoG, ECG, and COCOBOD in massive financial distress

Finance Minister Dr Cassiel Ato Forson says the Bank of Ghana (BoG) currently holds a negative equity of GHS55 billion.

This significant financial challenge was inherited from the previous administration, and it underscores the need for immediate government intervention to stabilise the central bank’s financial position.

“The Bank of Ghana has a negative equity as we speak under the previous administration. They have a negative equity of GHS55 billion, and so their balance sheet is such that they will need the government to bail them out with some money so that they will be able to move from a negative equity to a positive equity,” stated Dr. Forson on The Point of View on Channel One TV on Wednesday March 12, 2025.

He also reiterated the significant debts owed by various government entities, including the Road Fund, COCOBOD, and the Electricity Company of Ghana (ECG).

Dr Forson said the Road Fund owed GHS5.5 billion, COCOBOD GHS32 billion and the ECG owes GHS68 billion to suppliers and $1.73 billion to IPPs.

“Road Fund owing about GHS5.5 billion, then you have the likes of GETFund, DACF they have their own debt. Then COCOBOD, ECG. COCOBOD owes GHS32 billion, ECG owes GHS68 billion. They owe contractors who have done work,” he stated

Further adding that “ECG’s situation is so bad that they are supposed to collect the power that they consume. Unfortunately, they buy the power they are supposed to sell to consumers like yourself, collect the money and pay, but the data we’ve seen so far shows ECG collects like GHS1.5 billion, keeps GHS500 million, and pays only GHS1 billion.

“As a result, they are unable to pay IPPs, and as we speak, the government of Ghana through ECG owes IPPs $1.73 billion. Coupled with the $1.70 billion, they also owe suppliers another GHS68 billion,” stated Dr. Forson.

source: citinewsroom.com