Former Finance Minister and Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has petitioned the International Monetary Fund (IMF) over concerns stemming from the Bank of Ghana’s audited 2025 financial statements, warning of potential “material implications” for the country’s macroeconomic stability and fiscal outlook.
In a detailed communication addressed to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C., Dr Amin Adam acknowledged the Fund’s support to Ghana but emphasised the need for closer oversight to preserve gains achieved under the programme. He stressed that greater attention must be devoted to ensuring the durability of these outcomes as Ghana transitions out of the arrangement.
Central to his concerns is the central bank’s deteriorating negative equity position. He cited figures indicating an increase from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025 at the group level, and from GH¢61.32 billion to GH¢96.28 billion for the Bank of Ghana itself. According to him, these trends suggest that substantive balance sheet repair has yet to begin.
Dr Amin Adam also pointed to escalating losses and rising monetary policy costs, noting that the Bank recorded a loss of GH¢15.63 billion in 2025, up from GH¢9.49 billion in 2024. He attributed this largely to elevated open market operation expenses and related financial pressures.
He cautioned that these developments could generate spillover effects on government finances and undermine debt sustainability. In response, he urged the IMF to strengthen post-programme surveillance mechanisms and promote full transparency in central bank operations.
Furthermore, he called for clearer reporting on gold transactions, the articulation of credible recapitalisation strategies, and stronger safeguards against monetary financing. He maintained that sustaining Ghana’s economic progress will depend on aligning fiscal consolidation efforts with transparent recognition of all public-sector obligations.
