Former Finance Minister Dr Mohammed Amin Adam has criticised the government’s economic management, arguing that key fiscal and monetary objectives have not been achieved despite claims of macroeconomic stability.
Speaking in Parliament on June 2, the Karaga MP said government had fallen short of important revenue mobilisation targets under the IMF-supported programme.
“They were supposed to achieve a target as far as revenue to GDP is concerned, they have brought it down to 13%, they failed,” he said.
Dr Amin Adam also questioned the government’s claims of economic stability, insisting that improvements in inflation had not translated into lower borrowing costs.
“Stability, when we talk about stability, is supposed to achieve a certain purpose which is to bring down the cost of borrowing,” he stated.
According to him, government had not succeeded in lowering financing costs despite a decline in inflation.
“Even with inflation of 23%, they couldn’t achieve it,” he said.
The former Finance Minister argued that economic stability should be measured not only by headline indicators but also by improvements in access to affordable credit and stronger fiscal outcomes.
He urged government to focus on achieving tangible economic gains rather than relying on political narratives about economic recovery.
Dr Mohammed Amin Adam claimed that the government’s decision to pursue an IMF Policy Coordination Instrument (PCI) was necessitated by shortcomings in implementing structural reforms.
Addressing Parliament during debate on Ghana’s exit from the IMF programme, Dr Amin Adam argued that the PCI arrangement reflects concerns by the IMF regarding reform implementation.
“The reason this government opted for the PCI is that number one, the PCI is more about reforms and that is why they are not going to give you money,” he said.
The Karaga MP expressed surprise that government had agreed to undertake IMF-monitored reforms without securing additional financial support.
“I am surprised that this government will accept conditionalities without any money coming from the IMF,” he remarked.
Dr Amin Adam asserted that Ghana had fallen short on some structural benchmarks under the programme.
“One of the targets you were supposed to meet in respect of the structural benchmarks you failed,” he said.
He compared Ghana’s reform implementation record with that of other African countries.
“We have brought it to 70% implementation just like our peers, Kenya 71%, Zambia 72%, and by the time that you exited the IMF programme you had brought it to 55%,” he stated.
According to him, the IMF’s concerns over reform implementation largely informed the country’s transition to the PCI framework.
“That is the reason the IMF forced you to accept the PCI because you didn’t implement the structural reforms,” he argued.
The former Finance Minister maintained that the government should focus on meeting reform commitments rather than portraying the transition as a major policy achievement. Dr Mohammed Amin Adam has claimed that the government’s decision to pursue an IMF Policy Coordination Instrument (PCI) was necessitated by shortcomings in implementing structural reforms.
Addressing Parliament during debate on Ghana’s exit from the IMF programme, Dr Amin Adam argued that the PCI arrangement reflects concerns by the IMF regarding reform implementation.
“The reason this government opted for the PCI is that number one, the PCI is more about reforms and that is why they are not going to give you money,” he said.
The Karaga MP expressed surprise that government had agreed to undertake IMF-monitored reforms without securing additional financial support.
“I am surprised that this government will accept conditionalities without any money coming from the IMF,” he remarked.
Dr Amin Adam asserted that Ghana had fallen short on some structural benchmarks under the programme.
“One of the targets you were supposed to meet in respect of the structural benchmarks you failed,” he said.
He compared Ghana’s reform implementation record with that of other African countries.
“We have brought it to 70% implementation just like our peers, Kenya 71%, Zambia 72%, and by the time that you exited the IMF programme you had brought it to 55%,” he stated.
According to him, the IMF’s concerns over reform implementation largely informed the country’s transition to the PCI framework.
“That is the reason the IMF forced you to accept the PCI because you didn’t implement the structural reforms,” he argued.
The former Finance Minister maintained that the government should focus on meeting reform commitments rather than portraying the transition as a major policy achievement.
Source: Office of Dr Mohammed Amin Adam
