Former Finance Minister and Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has sounded the alarm over Ghana’s economic future, petitioning the International Monetary Fund (IMF) to closely scrutinise the Bank of Ghana’s latest audited financial statements.
In a detailed letter addressed to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C., Dr Amin Adam expressed deep concern over what he termed the “material implications” of the central bank’s mounting financial challenges on Ghana’s macroeconomic stability and fiscal outlook.
Dr Amin Adam began by commending the IMF for its support throughout Ghana’s ECF programme, which has helped steer the country through turbulent economic conditions. However, with Ghana preparing to exit the programme, he urged the Fund to ensure that the hard-won gains are not undermined by emerging risks. “Greater attention is needed to safeguard the durability of these gains,” he stressed.
Central to his concerns is the Bank of Ghana’s worsening negative equity position. Dr Amin Adam cited figures from the 2025 audited financial statements showing the group’s negative equity ballooning from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025, while for the Bank itself, the figure grew from GH¢61.32 billion to GH¢96.28 billion over the same period. He warned that this sharp deterioration signals that “meaningful balance sheet repair has not yet commenced in substance.”
The letter also highlighted the Bank’s escalating losses and rising monetary policy costs. Dr Amin Adam noted that the Bank recorded a loss of GH¢15.63 billion in 2025, up from GH¢9.49 billion in 2024, attributing the surge to high open market operation expenses and other financial pressures. He cautioned that such developments could spill over into government finances and jeopardise Ghana’s debt sustainability.
Calling for action, Dr Amin Adam urged the IMF to ramp up post-programme surveillance and ensure full transparency in the central bank’s operations. He insisted that the durability of Ghana’s economic progress would depend on “transparent recognition of all public-sector obligations” and that fiscal consolidation must be accompanied by clear and open accounting.
In his petition, Dr Amin Adam also called for clearer treatment of gold transactions, comprehensive recapitalisation plans for the Bank of Ghana, and robust safeguards against monetary financing. These measures, he argued, are essential to protect Ghana’s economic gains and ensure a stable path forward as the country navigates its post-ECF future.
Source: Apexnewsgh.com