The Ministry of Finance has rejected the Bank of Ghana’s request for a Ghc 53 billion bailout.

Instead, the ministry has suggested the selling of the newly-built central bank’s headquarters and the exploration of internal solutions.

The Bank of Ghana has been reeling from a 70-billion-cedi loss, largely due to a 50% haircut from the controversial Domestic Debt Exchange Program under the former government.

The Minister of Finance, Dr. Cassiel Ato Forson, insists the government cannot step in just yet. This does not only leave the central bank in financial turmoil, but also puts Ghana on a collision course with the International Monetary Fund, IMF.

The IMF had expected the government and the central bank to work out a recapitalization plan but with no bailout in sight, tensions are mounting on how the regulator will restore its financial health.