Accra: Ranking Member on Parliament's Finance Committee, Dr Mohammed Amin Adam, has called for urgent reforms concerning the financial management of the Bank of Ghana under the ongoing IMF-supported programme in Ghana. He emphasizes the need for enhanced transparency and stricter fiscal-risk monitoring as the programme nears its conclusion.
According to Ghana Web, Dr Amin Adam addressed his concerns in a letter to the IMF Mission Chief on May 2, 2026. He urged the IMF to mandate a 'transparent central bank recapitalisation plan,' aligning with an existing agreement between the Ministry of Finance and the Bank of Ghana. The former Finance Minister highlighted the importance of clearly defining financing terms, repayment structures, and ensuring parliamentary approval processes for the plan.
Dr Amin Adam, who also represents Karaga, recommended that the IMF incorporate central bank recapitalisation into Ghana's fiscal-risk analysis. He argued that the government's medium-term fiscal framework should acknowledge the central bank's negative equity as a potential fiscal obligation. He cautioned that neglecting this could lead to distorted assessments of debt sustainability.
Expressing concerns over the Bank of Ghana's gold-related transactions, Dr Amin Adam pointed out issues of volatility and transparency. He noted that the economic net benefit of the gold programme might be overstated, urging for more detailed disclosure of transactions, including information on counterparties, approvals, and risk controls.
Dr Amin Adam criticized perceived inconsistencies in programme implementation and policy advice, suggesting that the IMF's inconsistent policy positions have hindered policy consensus in Ghana. Despite these criticisms, he acknowledged the contributions of the IMF, World Bank, and other partners, while stressing the importance of safeguarding against monetary financing and reinforcing post-programme safeguards.