Ranking Member on Parliament’s Finance Committee, Dr. Mohammed Amin Adam, has urged authorities to quickly review how Ghana handles the Bank of Ghana’s finances under the ongoing IMF programme.
He believes the country must improve openness and closely track financial risks as the programme approaches its final stage.
In a letter he sent on May 2 to the IMF Mission Chief, he outlined several proposals.
He asked the IMF to enforce a “transparent central bank recapitalisation plan” rooted in the existing understanding between the Ministry of Finance and the Bank of Ghana.
Dr Amin Adam explained that such a plan should clearly show how funds will be raised, how repayments will be structured, and how Parliament will be involved in approving the process.
Representing Karaga in Parliament, he also pressed for the inclusion of the central bank’s financial position in Ghana’s overall fiscal risk review.
He stressed 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 leaving this out could give a false picture of the country’s debt sustainability.
Turning to the central bank’s gold-related activities, Dr. Amin Adam expressed concern about instability and a lack of clarity.
He argued that “the economic net benefit of the gold programme is therefore significantly smaller than the headline gains suggest”.
He further called for more detailed disclosure, including information on transaction partners, approval steps, and safeguards against risk.
Dr Amin Adam questioned the consistency of policy guidance under the programme. According to him, “the Fund’s inconsistent positions on some policies have been unhelpful in building policy consensus in Ghana”.
Despite these criticisms, he acknowledged the role of the IMF, the World Bank, and other development partners in supporting Ghana.
He emphasized the need to uphold rules that prevent monetary financing and to put in place firm protections after the programme ends.
