Former Finance Minister Seth Terkper has expressed skepticism about President Akufo-Addo’s decision to replace Ken Ofori-Atta with Dr. Mohammed Amin Adam as Finance Minister.
Terkper believes that the timing of the change, coming at a critical juncture when Ghana is under an IMF program, may hinder Dr. Adam’s ability to make a substantial impact on economic policy.
Dr. Mohammed Amin Adam, upon his reassignment, has pledged to prioritize revenue mobilization efforts to strengthen the nation’s finances and achieve its expenditure goals.
He has also reassured the IMF of the government’s commitment to the ongoing program, promising to adhere to the government’s policies and programs outlined in the 2024 budget.
Terkper, in an interview with Citi News, noted that the budget and economic policy are ultimately under the President’s authority. Given the limited timeframe until the next general elections, he expressed concerns that Dr. Adam may face challenges in implementing significant policy changes.
“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.”