The appointment of Dr. Mohammed Amin Adam as Finance Minister instead of Ken Ofori-Atta by President Nana Addo Dankwa Akufo-Addo has been met with skepticism from former Finance Minister Seth Terkper.
As per Mr. Terkper, the timing of the shift coincides with the country’s enrollment in an IMF program, implying that Dr. Adam may not have enough time to have a significant influence on the president’s and government’s economic policies.
To strengthen the country’s finances and meet its spending targets, Dr. Mohammed Amin Adam has promised to give priority to revenue-gathering initiatives following his reassignment.
He also pledged to stick to the government’s objectives and projects as stated in the 2024 budget, reassuring the International Monetary Fund (IMF) of the government’s dedication to the current program.
In an interview with Citi News, Mr. Terkper noted that the President ultimately has the authority over the budget and economic policy. Given the short time until the next general elections, he voiced concerns that Dr. Adam might have trouble putting major policy changes into effect.
“We are a country where we could not do a turnaround of the economy, and we were preemptive, with everybody blaming it on COVID-19 and the Ukraine war, where some $6 billion flowed into the economy without the ability to turn it around.”
“This administration is not the only one that has suffered global or domestic setbacks, from droughts or floods to the global financial crisis, and so I think the situation is dire, and so we have to ask ourselves if nine months is enough time to do a turnaround.”
