Dr. Mohammed Amin Adam flanked by other Minority MPs
The Minority in Parliament has called on the government to present a comprehensive and time-bound plan to recapitalise the Bank of Ghana (BoG), arguing that the central bank’s negative equity position remains unresolved despite repeated assurances from the Finance Minister.
Addressing the media after the presentation of the 2026 Mid-Year Budget Review, the former Finance Minister and Ranking Member on Parliament’s Finance Committee, Dr. Mohammed Amin Adam, criticised the government for failing to outline concrete measures to restore the financial health of the central bank.
“We want to hear from the minister comprehensive measures aimed at truly recapitalising the Bank of Ghana and not the gymnastics that we are seeing today. We need that with timelines,” he said.
Dr. Amin Adam argued that the government’s claims of prudent economic management were misleading, insisting that the improvement in the country’s debt indicators was largely the result of the previous administration’s debt restructuring programme rather than any policies introduced by the current government.
According to him, the Domestic Debt Exchange Programme (DDEP) negotiated under the previous government led to the outright cancellation of about US$5 billion of Ghana’s debt, while generating an additional US$4.7 billion in debt service savings.
“That is why the debt-to-GDP ratio has come down to about 45 percent and not because the minister implemented any policies,” he stated.
He accused the government of reversing the gains achieved through the debt restructuring exercise by embarking on fresh borrowing.
“If anything, the minister has borrowed more and they continue to borrow,” he added.
The former Finance Minister also questioned the government’s revenue performance, describing the Finance Minister’s presentation as misleading.
He alleged that the government reduced its programmed revenue target for the first half of 2026 by GH¢2 billion in the Mid-Year Budget Review to create the impression that it had achieved its revenue objectives.
“The problem is that programme revenue for the half year was reduced by GH¢2 billion in order for the minister to tell Ghanaians that he has met the target. Revenue is not coming. They are not doing well. They are not efficient,” Dr. Amin Adam asserted.
He challenged journalists and the public to compare the half-year revenue projections contained in the 2026 Budget Statement with those presented in the Mid-Year Review, insisting that the figures had been altered.
Dr. Amin Adam further criticised the government’s customs revenue mobilisation efforts, arguing that the introduction of the artificial intelligence (AI)-powered customs valuation system had not produced better results than those achieved under the previous administration.
He noted that although the Finance Minister reported a 15 percent increase in customs revenue, annual growth under the previous government consistently exceeded 20 percent without the AI system.
“The only thing the minister could impose on customs was the AI Publican System, and today he is telling us customs revenue has increased by 15 percent. While we didn’t have the AI, customs revenues increased by over 20 percent year on year. So what has the AI done?” he questioned.
Dr. Amin Adam maintained that the government must be transparent about the true state of the economy and provide clear policy measures to address the BoG’s financial position instead of relying on what he described as accounting “gymnastics” to reassure the public.
By Ernest Kofi Adu, Parliament House     Â