Dr. Mohammed Amin Adam, a former Finance Minister and Ranking Member on Parliament’s Finance Committee, has taken a bold step by petitioning the International Monetary Fund (IMF) over the Bank of Ghana’s (BoG) 2025 financial statements. This move is a significant development that highlights the potential risks to Ghana’s macroeconomic stability and fiscal outlook. In his detailed letter to the IMF, Dr. Adam emphasizes the need for the Fund to pay closer attention to safeguarding the gains made under the Extended Credit Facility (ECF) program as Ghana exits it.
One of the key concerns raised by Dr. Adam is the worsening negative equity position at the central bank. The figures are alarming, with the group’s negative equity increasing from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025, and for the Bank of Ghana itself, the figure rose from GH¢61.32 billion to GH¢96.28 billion. This indicates that the balance sheet repair has not yet been substantial, which is a critical issue that needs immediate attention.
Another critical point raised is the rising losses and monetary policy costs. The Bank of Ghana recorded a loss of GH¢15.63 billion in 2025, compared to GH¢9.49 billion in 2024. This increase is largely driven by high open market operation expenses and other financial pressures. Dr. Adam warns that these developments could have spillover effects on government finances and debt sustainability, which is a serious concern that should not be overlooked.
Dr. Adam’s petition also calls for the IMF to strengthen post-programme surveillance and ensure full transparency in central bank operations. He insists that the durability of the progress made will depend on whether fiscal consolidation is supported by transparent recognition of all public-sector obligations. Additionally, he calls for clearer treatment of gold transactions, recapitalisation plans, and safeguards against monetary financing to protect Ghana’s economic gains.
In my opinion, Dr. Amin Adam’s petition is a necessary and timely intervention. It highlights the potential risks and challenges that Ghana may face as it exits the ECF program. The IMF should take these concerns seriously and work closely with the BoG to address the issues raised. The transparency and accountability called for by Dr. Adam are crucial to ensuring that Ghana’s macroeconomic stability and fiscal outlook are protected.
What makes this particularly fascinating is the potential impact on Ghana’s economic stability and the broader implications for the region. If the issues are not addressed, it could lead to a loss of confidence in the financial system and have a negative impact on the country’s economic growth. This raises a deeper question about the effectiveness of the ECF program and the role of the IMF in safeguarding the gains made by participating countries.
In conclusion, Dr. Amin Adam’s petition is a significant development that should not be ignored. It highlights the need for the IMF to take a more proactive approach to safeguarding the gains made under the ECF program. The transparency and accountability called for by Dr. Adam are crucial to ensuring that Ghana’s economic stability is protected. The IMF and the BoG should work together to address the issues raised and ensure that Ghana’s economic gains are sustained.
