Former Finance Minister Dr Mohammed Amin Adam has escalated concerns over the Bank of Ghana’s worsening financial position by petitioning the International Monetary Fund (IMF), warning that the central bank’s latest losses could undermine Ghana’s economic recovery.
In a letter addressed to the IMF’s Ghana Mission Chief under the Extended Credit Facility programme in Washington, D.C., Dr Amin Adam urged the Fund to closely monitor developments at the Bank of Ghana as the country moves toward exiting the programme.
While acknowledging the IMF’s role in helping stabilise Ghana’s economy, he cautioned that recent financial trends at the central bank could threaten the progress made so far.
At the centre of his concerns is the Bank of Ghana’s deepening negative equity position, which he said worsened significantly in 2025.
According to him, the group’s negative equity increased from GH¢58.62 billion in 2024 to GH¢93.82 billion in 2025, while the Bank’s standalone negative equity rose from GH¢61.32 billion to GH¢96.28 billion.
He argued that the figures suggest that efforts to restore the central bank’s balance sheet remain inadequate.
Dr Amin Adam also flagged the Bank’s growing annual losses, noting that its deficit rose from GH¢9.49 billion in 2024 to GH¢15.63 billion in 2025.
He attributed the losses largely to high open market operation costs and other financial pressures, warning that the trend could eventually spill over into government finances and worsen debt sustainability concerns.
The former Finance Minister called on the IMF to intensify oversight after Ghana’s programme ends and ensure greater transparency in central bank operations.
He also urged clearer disclosures on gold transactions, recapitalisation strategies and measures to prevent monetary financing, arguing that such safeguards are necessary to protect Ghana’s hard-won economic gains.
