Amin Adam: BoG's 2025 Accounts Signal Fiscal Pressures
Amin Adam has called for careful policy attention following the release of the Bank of Ghana's audited 2025 financial statements. Dr. Amin Adam acknowledged progress made under Ghana's Extended Credit Facility (ECF) programme, particularly in stabilising inflation and strengthening external reserves. He emphasized the importance of safeguarding these gains as the country transitions into a post-programme phase.
The central bank's negative equity widened from GH¢61.32 billion in 2024 to GH¢96.28 billion in 2025. Losses increased from GH¢9.49 billion in 2024 to GH¢15.63 billion in 2025, despite growth in operating income. The cost of Open Market Operations (OMO) rose to GH¢16.73 billion in 2025, up from GH¢8.60 billion the previous year. Dr. Amin Adam suggested that distinguishing between recurring operational income and one-off gains could provide a clearer picture of the Bank's underlying financial strength.
Dr. Amin Adam proposed policy considerations, including the development of a transparent recapitalisation framework for the Bank of Ghana, enhanced reporting of quasi-fiscal operations, and the publication of a clearer measure of policy solvency that excludes one-off items. He also encouraged continued adherence to safeguards that limit monetary financing of government expenditure, as well as ongoing engagement with international partners.
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Dr. Mohammed Amin Adam is calling for policy attention after reviewing the Bank of Ghana's 2025 financial statements. Certain trends could have implications for Ghana's fiscal outlook and post-programme economic management - but what are they?
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