Former Finance Minister Dr Mohammed Amin Adam has warned that Ghana’s recent macroeconomic gains may not be sustainable due to heavy reliance on one-off financial measures and rising underlying pressures at the country’s central bank.
In a detailed letter to the International Monetary Fund (IMF) on May 2, 2026, Dr Amin Adam questioned the durability of improvements reflected in the latest audited financial statements of the Bank of Ghana, arguing that headline gains mask deeper structural weaknesses.
“Without the one-off gain from the sale of gold reserves, OMO costs would have exceeded the Bank’s operating income, raising serious questions about the sustainability of current policy operations,” he said.
He cautioned that part of the Bank’s apparent financial improvement was driven by non-recurring transactions, particularly gains linked to gold sales, rather than a lasting strengthening of its core operations.
“The reported improvement in policy solvency may not reflect a fundamental strengthening of operations, but rather the impact of non-recurring income,” he noted.
Amin Adam also pointed to continued high costs of monetary operations, especially open market operations, arguing that they signal unresolved liquidity and policy transmission challenges in the economy.
“The scale of these costs suggests that underlying liquidity conditions and policy transmission challenges remain unresolved,” he said.
He further warned that the use of asset sales, including gold, to support financial performance raises concerns about the long-term stability of Ghana’s recovery path.
“Gold sales can support liquidity and reserves management, but gains are sensitive to prices, exchange rates, timing of disposal, and accounting treatment,” he said.
According to him, relying on such measures risks overstating the strength of the country’s fiscal and monetary position as Ghana transitions out of its IMF-supported programme.
The concerns come as Ghana seeks to consolidate recent gains in inflation reduction, exchange rate stability, and economic growth under the International Monetary Fund programme.
Amin Adam warned that without addressing these underlying weaknesses, the recovery risks being “fragile and vulnerable to reversal” once exceptional supports fade.
