Dr Mohammed Amin Adam, the former Finance Minister and Ranking Member on Parliament’s Finance Committee, has run to the International Monetary Fund (IMF) over the Bank of Ghana’s (BoG) audited 2025 financial statements.
The Former Finance Minister petitioned the International Monetary Fund (IMF) over the BoG’s 2025, flagging the fiscal risks.
According to Dr Amin Adam, in a detailed letter addressed to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C. to pay gains made by Ghana under the programme.
Parts Amin Adam’s letter read, “First of all, let me commend the Fund for your support to Ghana under the ECF arrangement and for the role played in helping restore macroeconomic stability following the crises Ghana faced between 2022 and 2023. As the programme comes to an end, it is imperative that greater attention is paid to safeguarding the durability of these gains.
However, the publication of the 2025 financial statements of the Bank of Ghana has raised deep concerns, and I would like to draw the Fund’s attention to significant fiscal, monetary, and governance risks arising from the statements, and to propose recommendations for strengthening fiscal-risk management, the central bank balance sheet repair, and post-programme policy sustainability.
As you already know, our ECF arrangement has been anchored on restoring macroeconomic stability, ensuring debt sustainability, and laying the foundation for higher and more inclusive growth. These objectives remain highly relevant beyond the review cycle, especially as Ghana transitions from programme implementation to post-programme surveillance, market re-entry, and long-term fiscal credibility.
I have no doubt that the Fund, by now, has made an assessment of the direct implications of the Bank’s financial performance for the Government’s current fiscal position, future fiscal obligations, debt sustainability, and the credibility of the post-programme policy framework.
This letter, therefore, reiterates issues that require urgent attention, especially the need to address key structural matters that could place significant strain on the Bank’s balance sheet and the broader macroeconomic framework if left unaddressed.
This has become necessary because there are indications that this NDC administration has missed key structural reform benchmarks under the programme since it assumed office in January 2025.
As you know, programme conditionalities and reforms are legally binding under
IMF programmes, and this makes us wonder how the programme has continued to progress despite the weakening of reform momentum.
For fear of digressing on the key reason for this letter, let me, for now, park this issue of the weakened reform momentum as the programme winds up and focus on the main reason why I am writing to you”.
Meanwhile, the Minority in Parliament has disputed the official Bank of Ghana’s (BoG) figures, which claimed they made a GH¢15.6 billion operating loss for the 2025 financial year.
According to the Minority, they acknowledge the BoG’s transparency in its public disclosure, but disputed the figures.
Kojo Oppong Nkrumah, the Member of Parliament (MP) for Ofoase-Ayirebi and Ranking Member of Parliament’s Economy and Development Committee, alleged that the central bank employed “artificial recognition” and “clever accounting” to move portions of the deficit into “other comprehensive income”.
He detailed that the move effectively downplayed the scale of the operating loss.
Kojo Oppong Nkrumah argued that the BoG’s “true operating loss” is closer to GH¢34.9 billion, adding that once gold sale proceeds are factored in, the total comprehensive loss nears GH¢44 billion.
Speaking at a press conference on Sunday, May 3, Kojo Oppong Nkrumah disputed official figures, saying, “The government and its spin doctors, led by the NDC party officials who did that press conference, are trying to convince the people of Ghana that their loss is GH¢15.6 billion.
“We regret to tell the people of Ghana that this is not true. The true operating loss of the Bank of Ghana for the year 2025 is GH¢34.9”, he remarked.
He stated, “The government says the loss is GHC15.6 billion. The true operating loss of the Bank is actually GHC34.9 billion cedis.
In fact, if you add back the 9.6 billion cedis proceeds from the Gold sales, the recalculated loss is actually GHC44 billion.”
See the petition below: