Minority Petitions IMF Over BoG Losses

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 oversight as Ghana prepares to exit the programme.

While commending the IMF’s support in stabilising the economy, he stressed the need for “greater attention… to safeguarding the durability of these gains,” cautioning that recent financial indicators from the central bank raise significant concerns.

Central to his petition is what he described as a “worsening negative equity position” at the Bank of Ghana. He cited figures indicating that the central bank’s negative equity rose sharply 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.

According to him, these developments suggest that “meaningful balance sheet repair has not yet commenced in substance,” raising questions about the central bank’s financial resilience.

Dr Amin Adam also highlighted escalating losses, noting that the Bank recorded a loss of GH¢15.63 billion in 2025, up from GH¢9.49 billion in 2024. He attributed the increase largely to high costs associated with open market operations and broader monetary policy pressures.

He warned that the Bank’s financial position could have spillover effects on government finances, particularly in relation to debt sustainability and fiscal consolidation efforts.

The former Finance Minister further called on the IMF to strengthen post-programme surveillance mechanisms and ensure full transparency in central bank operations.

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

He also urged greater clarity on the treatment of gold-related transactions, the implementation of credible recapitalisation plans for the central bank, and safeguards to prevent monetary financing.