The Bank of Ghana (BoG) has confirmed that the government is backing efforts to recapitalise the Central Bank following the severe strain on its balance sheet caused by the Domestic Debt Exchange Programme (DDEP).
In the past, the Minister for Finance, Dr. Cassiel Ato Forson, had ruled out the use of taxpayer funds for the recapitalisation of the BoG, referencing a previously signed Memorandum of Understanding for a ¢53 billion recapitalisation package under the former administration led by Dr. Ernest Addison.
Dr. Forson had maintained that any recapitalisation of the Central Bank should be driven by internal reforms and restructuring measures rather than direct budgetary support.
However, speaking at the 128th Monetary Policy Committee (MPC) press briefing on Wednesday, January 28, 2026, the Governor of the Bank of Ghana, Dr. Johnson Asiama, revealed that recent engagements with the government on restoring the Bank’s financial position have been positive, with recapitalisation now seen as an essential step toward safeguarding policy credibility and operational independence.
“I believe in the commitment of government to recapitalise the Central Bank following the hit it took to protect the economy amid the domestic debt restructuring programme. So far, discussions with government have been fruitful, and there is support to help repair the Bank’s balance sheet,” Dr. Asiama said in response to a question from Citi Business News’ Nii Larte Lartey.
He stressed that restoring the Bank’s capital position is critical to the effective delivery of its core mandate, including maintaining price stability, supervising the financial sector and managing macroeconomic conditions.
“It is only fair that the wounds suffered as a result are addressed,” the Governor noted, adding that recapitalisation would protect the Central Bank’s independence and help sustain confidence in monetary policy.
Beyond the BoG, Dr. Asiama also reported significant progress in the recapitalisation of Ghana’s commercial banking sector, pointing to improving resilience across the financial system.
He disclosed that as of the end of December 2025, 21 out of the 23 licensed banks had met the required capital adequacy thresholds, with the remaining two given until the end of March 2026 to comply.
“We have two more banks that are yet to meet the requirement, but they have been given until the end of March 2026,” he said. “Overall, we have made significant progress on the recapitalisation strategy, and we are monitoring closely to ensure full compliance.”
