The immediate past Finance Minister is expectant that President John Mahama’s administration will sustain the economic gains achieved in recent years rather than engage in political manoeuvring.
Dr Mohammed Amin Adam speaking on Joy News’ PM Express Business Edition on Wednesday, stressed the significant recovery the Ghanaian economy had witnessed and warned against reversing progress for political reasons.
“I do not disagree that the economy was the major issue on the ballot because we all knew that the economy was difficult,” he admitted.
“But as I explained, it wasn’t only the Ghanaian economy. Most incumbents across the world who went through elections around the same time lost, so it wasn’t peculiar to Ghana. The economy really dominated the political debate.”
The former minister defended the previous administration’s handling of the economic downturn, stressing that external factors were largely responsible for the crisis, not domestic mismanagement.
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He pointed out that many countries faced similar challenges but commended Ghana’s resilience in bouncing back quickly.
“If you look at the data from 2022 to 2023 and then 2024, you will see that the turnaround was quick. The recovery was faster than even anticipated by the World Bank, IMF, and many economic analysts, even in Ghana,” he explained.
“We were of the view that once the economy had turned around, the recovery was swift. Conditions were improving. We were getting stability—macro stability—which is a condition for economic growth.”
Dr Amin Adam further highlighted Ghana’s ability to maintain positive growth despite undergoing debt restructuring, which typically leads to economic contractions.
“Even after doing a debt restructuring—where countries that have done restructuring usually record negative growth—we were recording an average of about 6.4% last year,” he stated.
“It just shows that the economy was turning to positive levels, which, when sustained, could really reduce the suffering and economic hardship faced by the people.”
He acknowledged that the electorate opted for change in the last election but stated that the incoming government must build on the economic foundation laid by its predecessors rather than dismantle 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 said.
“But if you come in to do politics as usual, you lose the point, and you are not really able to sustain those gains. And this is what I’ve seen President Mahama doing.”
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