Accra: The Government of Ghana has issued a GHS5 billion recapitalisation bond to the Bank of Ghana (BoG) as part of efforts to restore the central bank's financial strength following its negative net equity position. Presenting the 2026 Mid-Year Budget Review in Parliament, the Minister of Finance emphasized that this move aligns with the government's commitment under a Memorandum of Understanding (MoU) signed with the Bank of Ghana on January 6, 2025.
According to Ghana Web, the recapitalisation bond was issued in March 2026 to bolster the Bank of Ghana's equity base and aid in the restoration of its financial position. The minister conveyed to Parliament that the bond issuance was a direct reflection of the government's resolve to support the central bank's financial stability.
The Minister of Finance further revealed the government's intention to continue making annual budgetary provisions to recapitalize the central bank until its equity is fully restored. He stated, "Going forward, the Government of Ghana will make annual provision to capitalise the Bank of Ghana until the bank's equity is fully restored in accordance with the Bank of Ghana (Amendment) Act, 2025 (Act 1158)."
Additionally, the minister highlighted that while the government is extending financial support, the Bank of Ghana will implement measures aimed at improving its operational efficiency and ensuring long-term sustainability. "While the 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," he said.
In regard to the Ghana Accelerated Reserve Accumulation Policy, the Finance Minister announced a significant reduction in the cost of the programme, from an average of 14.5 percent of gold purchases to 5 percent. He mentioned that the government has allocated GHS5 billion in the 2026 Budget to support this programme within the existing appropriations.
"This investment is building an economic war chest to strengthen Ghana's international reserves, protect the cedi, reinforce economic stability, improve investor confidence and shield the economy from international shocks," the finance minister articulated. These announcements are part of the government's broader measures, outlined in the 2026 Mid-Year Budget Review, focused on strengthening macroeconomic stability, restoring confidence in key state institutions, and enhancing Ghana's resilience against external economic shocks.