Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has called for urgent reforms in the treatment of Bank of Ghana finances under Ghana’s IMF-supported programme.
He is urging stronger transparency and tighter fiscal risk monitoring ahead of the programme’s conclusion.
In a letter to the IMF Mission Chief dated May 2, he recommended that the Fund require a “transparent central bank recapitalisation plan” based on the existing agreement between the Ministry of Finance and the Bank of Ghana.
The former Finance Minister said the plan should clearly define financing terms, repayment structure, and parliamentary approval processes.
The Karaga lawmaker also urged the IMF to include central bank recapitalisation in Ghana’s fiscal risk analysis, arguing that “the Government’s medium-term fiscal framework should explicitly recognise the central bank’s negative equity as a contingent or direct fiscal obligation.”
He warned that failure to do so could distort debt sustainability assessments.
On gold-related transactions by the Bank of Ghana, Dr Amin Adam raised concerns about volatility and transparency, stating that “the economic net benefit of the gold programme is therefore significantly smaller than the headline gains suggest.”
The former Finance Minister further called for clearer disclosure of transactions, including counterparties, approvals, and risk controls.
He also criticised what he described as inconsistencies in programme implementation and policy advice, arguing that “the Fund’s inconsistent positions on some policies… have been unhelpful in building policy consensus in Ghana.”
Despite his concerns, he acknowledged contributions from the IMF, World Bank, and other partners, while stressing the need to “protect the prohibition on monetary financing” and strengthen post-programme safeguards.
READ ALSO:
BoG cuts currency issuance cost to GH¢471m as cash in circulation rises to GH¢83.8bn
We are living on borrowed time – Oppong Nkrumah
BoG losses would have hit GH₵44bn without gold sales – Oppong Nkrumah
