Former Finance Minister, Seth Terkper has cast doubt on President Akufo-Addo‘s choice to replace Ken Ofori-Atta with Dr. Mohammed Amin Adam as Finance Minister.
Mr Terkper, expressing skepticism, argues that the timing of this change, occurring during the country’s engagement with an IMF program, might hinder Dr. Adam’s ability to have a significant impact on the economic policies of the president and government.
Following his reassignment, Dr. Mohammed Amin Adam has pledged to prioritize revenue mobilization to fortify the nation’s finances and meet expenditure goals.
He has also reassured the International Monetary Fund (IMF) of the government’s commitment to the ongoing program, promising alignment with outlined policies and programs in the 2024 budget.
In an interview with Citi News, Terkper highlighted that budget and economic policies ultimately fall under the President’s authority. With the limited timeframe until the next general elections, he expressed concerns about Dr. Adam encountering challenges in implementing substantial policy changes.
Terkper remarked, “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.”