Amin Adam petitions IMF over BoG’s 2025 accounts, flags fiscal risks

Former Finance Minister and Ranking Member on Parliament’s Finance Committee, Mohammed Amin Adam, has formally petitioned the International Monetary Fund (IMF) over concerns arising from the Bank of Ghana’s audited 2025 financial statements, cautioning that recent developments could pose significant risks to Ghana’s macroeconomic stability.

In a detailed letter addressed to the IMF’s Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C., Dr. Amin Adam acknowledged the Fund’s role in supporting Ghana’s recent economic recovery but urged greater vigilance to ensure that the gains achieved are sustained beyond the programme period.

While commending the IMF for its continued assistance, he stressed the importance of maintaining strict oversight as Ghana prepares to exit the programme. “Greater attention must be paid to safeguarding the durability of these gains,” he noted, warning that unresolved financial vulnerabilities could undermine progress.

A central concern raised in the petition is the worsening negative equity position of the Bank of Ghana. According to figures cited in the audited accounts, the central bank’s negative equity increased significantly 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 itself.

Dr. Amin Adam argued that these figures suggest that “meaningful balance sheet repair has not yet commenced in substance,” raising questions about the long-term financial health and credibility of the central bank.

He also highlighted a sharp rise in annual losses, noting that the Bank of Ghana recorded a loss of GH¢15.63 billion in 2025, compared to GH¢9.49 billion in 2024. He attributed this increase largely to the high costs associated with open market operations, as well as broader monetary policy pressures.

According to him, the continued accumulation of losses at the central bank could have serious spillover effects on public finances, potentially complicating government efforts to maintain fiscal discipline and manage debt sustainably.

Dr. Amin Adam further called on the IMF to strengthen its post-programme surveillance mechanisms and ensure greater transparency in the operations of the Bank of Ghana. He emphasized that sustainable economic recovery depends not only on fiscal consolidation but also on full disclosure of public-sector financial obligations.

“The durability of Ghana’s progress will depend on whether fiscal consolidation is supported by transparent recognition of all public-sector obligations,” he stated.

Additionally, he urged the IMF to push for clearer reporting and policy direction in key areas, including the treatment of gold transactions, the central bank’s recapitalisation strategy, and safeguards to prevent monetary financing of government deficits.

These measures, he argued, are essential to preserving investor confidence, strengthening institutional credibility, and protecting the economic gains made under the IMF-supported programme.

The petition comes at a critical time as Ghana navigates its post-crisis recovery path, with policymakers under increasing pressure to balance fiscal discipline, monetary stability, and sustainable growth.