The Government has issued a GH¢5 billion recapitalisation bond to the Bank of Ghana as part of efforts to restore the central bank’s balance sheet following the impact of the 2023 Domestic Debt Exchange Programme (DDEP).
The DDEP resulted in significant losses for the Bank of Ghana, leaving it in a negative net equity position. In response, the government and the central bank agreed on a framework to restore the institution’s financial position.
Presenting the 2026 Mid-Year Fiscal Policy Review to Parliament, Finance Minister Dr. Cassiel Ato Forson said the government had taken the first step under that framework.
“Consistent with the commitments in the MoU and as a demonstration of this Government’s resolve to restore the Bank’s financial position, Government issued a recapitalisation bond of GH¢5 billion to the Bank of Ghana in March 2026 to strengthen the Bank’s equity base,” he said.
The GH¢5 billion bond represents the first tranche of a multi-year recapitalisation programme. Under the Bank of Ghana (Amendment) Act, 2025 (Act 1158), the government is required to make annual budgetary provisions until the central bank’s capital position is restored.
The Ministry of Finance also indicated that the Bank of Ghana is undertaking an internal operational efficiency review aimed at reducing expenditure, improving administrative efficiency, and supporting the long-term restoration of its balance sheet.
The recapitalisation forms part of broader efforts to strengthen Ghana’s financial sector. It comes alongside government capital support for some commercial banks, including UMB Bank and Prudential Bank Limited, as part of measures to enhance the resilience of the country’s banking system.
