Director of Communications for the United Party (UP), Solomon Owusu, has slammed former Finance Minister, Mohammed Amin Adam Antah, over his letter to the International Monetary Fund (IMF) urging action on the BoG recapitalisation, gold sales, and monetary risks.
According to Owusu, Mr. Antah chose to write to the Bretton Woods Institute over the weekend when he felt bored at home; insisting the letter has no substance.
In a letter addressed to the IMF Mission Chief on Saturday, May 2, 2026, Mr. Antah recommended that the Fund require a “transparent central bank recapitalisation plan” based on the existing agreement between the Ministry of Finance and the Bank of Ghana.
The former Finance Minister said the plan should clearly define financing terms, repayment structure, and parliamentary approval processes.
The Karaga lawmaker also urged the IMF to include central bank recapitalisation in Ghana’s fiscal-risk analysis, arguing 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 failure to do so could distort debt sustainability assessments.
On gold-related transactions by the Bank of Ghana, Dr Amin Adam raised concerns about volatility and transparency, stating that “the economic net benefit of the gold programme is therefore significantly smaller than the headline gains suggest.”
The former Finance Minister further called for clearer disclosure of transactions, including counterparties, approvals, and risk controls.
He also criticised what he described as inconsistencies in programme implementation and policy advice, arguing that “the Fund’s inconsistent positions on some policies… have been unhelpful in building policy consensus in Ghana.”
Despite his concerns, he acknowledged contributions from the IMF, World Bank, and other partners, while stressing the need to “protect the prohibition on monetary financing” and strengthen post-programme safeguards.
Reacting to the letter on the BigIssue segment on the NewDay morning show on Wednesday, May 6, 2026, Solomon Owusu said the letter contained nothing worth the attention of the Fund.
“His (Amin Antah) opening paragraph makes me see the letter as not serious. I bet my last pesewa that this letter never got to the [IMF] Mission Chief because it is much ado about nothing,” he stated.
The UP Communications Director says “the opening statement; ‘it is my pleasure’. What is pleasure? The guy was happy, he had eaten and he was just writing something to appease himself”, saying he doesn’t see the “head and tail” of the letter.
Amin Adam petitions IMF over BoG’s 2025 accounts, flags fiscal risks
