By Deborah Pofara Luu
Former Finance Minister, Dr. Mohammed Amin Adam has challenged President John Mahama’s assertion that he inherited a struggling economy, questioning the basis of Mahama’s call for a national economic dialogue.
Speaking on Joy News’ PM Express Business Edition on Thursday, February 6, 2025, Dr. Amin Adam expressed skepticism about Mahama’s characterization of the economic situation, pointing to recent positive evaluations by international financial institutions.
“This is why, when I hear President Mahama say that he inherited a struggling economy, I worry,” Dr. Amin Adam stated. “He’s calling for a national economic dialogue. I worry. I wonder, where is he from? Was he on Mars?”
The Karaga Member of Parliament emphasized that the International Monetary Fund (IMF), an institution Mahama’s government had also engaged with, had already assessed the state of Ghana’s economy before the transition. “Just on the 2nd of December, the IMF gave a judgment on our economy. The IMF that they have also been consulting since it came into government. They have been talking to the IMF. They have been talking to the World Bank, which on December 2, gave an emphatic judgment about the economy,” he argued.
Reflecting on his tenure at the Finance Ministry, Dr. Amin Adam highlighted the insights he gained into economic policies and the ministry’s operations. “For me, it was a learning experience as well,” he said. “Having served in the Ministry of Finance as Minister of State, it allowed me to learn first-hand what was happening at the Ministry of Finance, how they did the analysis, how they interpreted this analysis, and also some of the policies they have been pursuing.”
He detailed his contributions, particularly in managing Ghana’s debt restructuring with Eurobond holders and working with the IMF, which he described as pivotal moments in the country’s financial history. “I did a lot of external work, particularly working with the IMF to implement the IMF program and then also doing the debt restructuring with the Eurobonds. Those were significant moments in the history of our country, and I took them very seriously,” he explained.
Dr. Amin Adam also underscored the importance of his international engagements in securing favorable outcomes for Ghana. “I benefited from the international experience as well. I talked to many consultants and advisors, both in Ghana and abroad, and I was very happy that eventually, we had a successful negotiation and restructuring of our bonds,” he added.
Highlighting the achievements of his tenure, Dr. Amin Adam pointed to the smooth implementation of the IMF program, which he described as a major success. “The implementation of the IMF program has been one of the major success stories of my tenure, going through three successful reviews, the last review being on the second of December,” he noted.
His remarks come amid ongoing debates over the state of Ghana’s economy, with Mahama’s incoming administration calling for urgent interventions. However, Dr. Amin Adam’s comments suggest a stark disagreement with Mahama’s claims, setting the stage for a heated economic policy debate.
