Dr. Mohammed Amin Adam
The former Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr. Mohammed Amin Adam, has refuted claims by his colleague from the ruling National Democratic Congress (NDC), Isaac Adongo that the recent signs of macroeconomic stability in Ghana are the result of policies by the new Mahama-led administration.
In a rejoinder issued on Sunday, Dr. Amin Adam argued that the country’s ongoing recovery stems from years of structured economic reforms, not a sudden turnaround by the government in power for barely four months.
Dr. Adam described Mr. Adongo’s assertions as misleading, emphasising that the country’s improving indicators – such as the appreciating cedi, declining inflation, and credit rating upgrades – are built on a foundation laid by the previous New Patriotic Party (NPP) administration.
“The idea that four months of governance has reversed the country’s economic trajectory is not only false but dangerous,” the NPP MP for Karaga stated and added, “The economic recovery we see today is the result of deliberate reforms undertaken between 2022 and 2024, including fiscal consolidation, revenue mobilisation, and international negotiations to restore macroeconomic credibility.”
Citing the International Monetary Fund’s (IMF) April 2025 review, the former Finance Minister noted that the IMF recognised Ghana’s economic improvements such as stronger-than-expected growth, external sector resilience, and accumulation of reserves before the current government assumed office.
He also referenced the IMF’s December 2024 report that highlighted recovering growth and improved fiscal and external balances.
On debt management, Dr. Adam attributed recent credit upgrades and improved debt sustainability to the difficult but essential debt restructuring efforts by the previous administration. These included the October 2024 Eurobond exchange, domestic debt restructuring, and bilateral debt negotiations that culminated in nearly $12.5 billion in debt relief and rescheduling.
“These processes were concluded before the new government took office. Ghana’s debt-to-GDP ratio fell from 80.4% in 2020 to 61.8% by December 2024, and further to 53.7% in January 2025. Unfortunately, that trend has reversed under the current government, with debt rising to 55% and total public debt increasing by over GH¢42 billion in just three months,” the former Finance Minister indicated.
He further dismissed claims of improved export performance under the Mahama administration, pointing out that the trade surplus of 6.1% of GDP in 2024 was achieved through consistent export growth strategies under the NPP.
In terms of reserves and exchange rate stability, Dr. Adam emphasised that the current foreign reserve level of nearly $9 billion was built by the former government, enabling the Bank of Ghana to intervene strongly in the forex market.
Despite these achievements, Dr. Adam warned that inflation and high interest rates still signal fragility. He called on the government to move beyond claiming credit and focus on clearing arrears, restoring access to external finance, and launching its own economic plan.
“The time for political credit wars must end,” he concluded. “Ghanaians deserve sustainable progress—not applause built on someone else’s hard work.”
By Ernest Kofi Adu