Amin Adam petitions IMF over BoG losses, warns of risks to Ghana’s economic stability
Former Finance Minister and Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has petitioned the International Monetary Fund (IMF) over concerns arising from the Bank of Ghana’s audited 2025 financial statements, warning of potential risks to the country’s macroeconomic stability and fiscal outlook.
In a detailed letter addressed to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, DC, Dr Amin Adam urged the Fund to intensify its oversight as Ghana prepares to exit the programme.
While commending the IMF for its support, he emphasised the need to safeguard the gains achieved so far, stressing that more attention must be paid to ensuring their sustainability beyond the programme period.
A key concern raised in the letter is the worsening negative equity position of the central bank. Dr Amin Adam cited figures indicating that negative equity for the Bank of Ghana group increased from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025, while the Bank’s standalone position deteriorated from GH¢61.32 billion to GH¢96.28 billion over the same period.
He said the figures suggest that meaningful balance sheet repair has yet to take place.
The former Finance Minister also pointed to rising financial losses at the central bank, noting that the Bank recorded a GH¢15.63 billion loss in 2025, up from GH¢9.49 billion in 2024. He attributed the losses largely to high costs associated with open market operations and other monetary policy interventions.
Dr Amin Adam warned that the central bank’s financial challenges could have broader implications for government finances and debt sustainability.
He therefore called on the IMF to strengthen its post-programme surveillance and promote greater transparency in central bank operations.
According to him, preserving the gains made under the IMF programme will depend on a clear and transparent accounting of all public sector obligations.
He further urged the Fund to ensure clarity in the treatment of gold transactions, outline credible recapitalisation plans for the Bank of Ghana, and enforce safeguards against monetary financing to protect the country’s economic progress.
Comments (0)