Dr. Mohammed Amin Adam (Former Finance Minister and current Ranking Member on Parliament’s Finance Committee) submitted a detailed petition to the International Monetary Fund (IMF) Mission Chief for Ghana.
His petition raises significant red flags regarding the Bank of Ghana’s (BoG) audited 2025 financial statements and warns of “material implications” for the country’s macroeconomic stability as Ghana prepares to exit its IMF Extended Credit Facility (ECF) programme.
Key Concerns Raised in the Petition
- Surging Negative Equity: Dr. Amin Adam highlighted a drastically worsening negative equity position at the central bank. The BoG’s negative equity jumped from GH¢61.32 billion in 2024 to GH¢96.28 billion in 2025 (and from GH¢58.62 billion to GH¢93.82 billion for the broader group). He noted this data indicates that “meaningful balance sheet repair has not yet commenced in substance.”
- Rising Operating Losses: The central bank recorded a staggering loss of GH¢15.63 billion in 2025, a significant increase from the GH¢9.49 billion loss recorded in 2024. These losses were reportedly driven by high open market operation expenses and other monetary policy pressures.
- Opaque Gold Transactions: He raised concerns over the transparency and volatility of the BoG’s gold-related transactions. He argued that the actual economic net benefit of the gold programme is “significantly smaller than the headline gains suggest.”
- Spillover Fiscal Risks: He warned that these mounting central bank losses and monetary policy costs could threaten Ghana’s broader debt sustainability and have severe spillover effects on government finances.
Demands and Recommendations to the IMF
To safeguard the economic gains made during the bailout, Dr. Amin Adam outlined several urgent calls to action for the IMF:
- Transparent Recapitalization Plan: The IMF must mandate a clear central bank recapitalization plan based on the existing agreement between the Ministry of Finance and the BoG. This plan needs clearly defined financing terms, repayment structures, and parliamentary approval processes.
- Explicit Fiscal Recognition: The government’s medium-term fiscal framework must explicitly recognize the BoG’s negative equity as a direct or contingent fiscal obligation. Leaving it out, he argued, risks distorting debt sustainability assessments.
- Full Disclosure on Gold: There must be clearer disclosure regarding all gold transactions, including the counterparties involved, internal approvals, and risk controls.
- Tighter Post-Programme Surveillance: He urged the IMF to enforce strict post-programme safeguards to ensure full transparency in central bank operations and to firmly “protect the prohibition on monetary financing” (preventing the central bank from financing the government).
While acknowledging the critical support provided by the IMF and the World Bank during Ghana’s financial crisis, Dr. Amin Adam stressed that the durability of the country’s economic progress will ultimately depend on whether fiscal consolidation is backed by the transparent recognition of all public-sector obligations.
