Dr. Mohammed Amin Adam, has expressed confidence that President John Mahama’s administration will provide economic stability achieved in recent years, rather than engaging in political maneuvering. Speaking on Joy News’ PM Express Business Edition on Wednesday, Dr. Adam emphasized the significant recovery the Ghanaian economy had experienced and cautioned against reversing this progress for political reasons.
While acknowledging that the economy was a dominant issue during the recent elections, Dr. Adam pointed out that the economic difficulties were not unique to Ghana, noting that many countries faced similar challenges around the same time. “The economy really dominated the political debate,” he stated, explaining that external factors were largely to blame for the crisis, rather than domestic mismanagement.
Dr. Adam highlighted Ghana’s resilience in recovering swiftly from the downturn, referencing data from 2022 to 2024 which showed a quicker recovery than initially anticipated by institutions like the World Bank and the IMF. “The recovery was faster than even anticipated by the World Bank, IMF, and many economic analysts,” he explained. He further noted that despite the ongoing debt restructuring, Ghana had maintained a positive growth rate of about 6.4% in the previous year, a figure that defied the typical contraction seen in countries undergoing such restructuring.
Dr. Adam emphasized the need for the incoming government to build upon the solid economic foundation laid by the previous administration, rather than dismantling it for political reasons. “The Ghanaian people decided that they wanted a change, and this is why I expect the new government to sustain the gains that we have made so that they translate into tangible benefits for the people,” he remarked. He warned that focusing on political maneuvering rather than preserving economic stability would hinder progress.
In a separate interview on Thursday, Dr. Amin Adam also pushed back against President Mahama’s claim that he inherited a struggling economy, questioning the foundation of Mahama’s call for a national economic dialogue. “When I hear President Mahama say that he inherited a struggling economy, I worry,” he said, expressing disbelief at the former president’s characterization of the economic situation. Dr. Adam referred to recent positive assessments from international financial institutions, such as the IMF and the World Bank, which had already provided positive evaluations of Ghana’s economy prior to the change in administration.
Reflecting on his tenure as Finance Minister, Dr. Adam highlighted the importance of his work with the IMF, particularly regarding Ghana’s debt restructuring efforts to help provide economic stability. He emphasized that those moments were critical to the country’s financial history, noting his successful negotiation and restructuring of Eurobonds. “I did a lot of external work, particularly working with the IMF to implement the IMF program and doing the debt restructuring with the Eurobonds,” he stated. Dr. Adam also credited his international engagements for ensuring the success of Ghana’s financial negotiations to support economic stability.
Dr. Adam viewed the smooth implementation of the IMF program as one of the major success stories of his leadership at the Ministry of Finance. He reflected on the three successful reviews, with the most recent review completed on December 2. His comments, which sharply contradicted Mahama’s economic claims, have set the stage for an ongoing debate about Ghana’s economic outlook under the new administration.
