Dr. Mohammed Amin Adam is former Finance Minister
Former Finance Minister Dr Mohammed Amin Adam has acknowledged that Ghana’s financial state of affairs performed a central position within the current elections.
The Karaga MP famous that whereas financial difficulties weren’t distinctive to Ghana, they closely influenced voter choices.
Talking on Pleasure Information’ PM Specific Enterprise Edition on Thursday, Dr Amin Adam defined that financial hardship was a world phenomenon, however Ghana’s restoration had been remarkably swift.
“I don’t disagree that the economic system was the key concern on the poll as a result of all of us knew that the economic system was troublesome,” he said.
“And as I defined, it wasn’t solely the Ghanaian economic system. Most incumbents internationally who went by means of elections across the identical time misplaced, so it wasn’t peculiar to Ghana, after which the economic system actually dominated the political debate.”
He argued that the financial challenges weren’t primarily brought on by home insurance policies however have been largely influenced by exterior shocks, which additionally affected many different international locations.
“However our view is that these components that led to our financial difficulties weren’t typically domestic-induced components, and so many different international locations have been dealing with the identical downside,” he mentioned.
Regardless of the financial turbulence, Dr Amin Adam insisted that Ghana’s restoration had exceeded expectations, with key financial indicators displaying enchancment inside a brief interval.
“We had finished properly inside 12 months,” he emphasised.
“Should you take a look at the info from 2022 to 2023 after which 2024, you will note that the turnaround was fast. The restoration was sooner than even anticipated by the World Financial institution, IMF, and plenty of analysts, financial analysts, even in Ghana.”
He highlighted that Ghana had managed to attain macroeconomic stability, a key basis for sustained development, regardless of present process debt restructuring—an train that sometimes results in financial contraction. “We have been getting stability, macro stability, which is a situation for financial development,” he mentioned. “And even after doing a debt restructuring, the place international locations which have finished restructuring will document damaging development, we have been recording a median of about 6.4% final yr.”
For him, this efficiency proved that the economic system had turned a nook and was poised for additional progress, had the insurance policies been continued. “It simply reveals that the economic system was turning to constructive ranges, which, when sustained, may actually scale back the struggling and financial hardship confronted by the folks,” he famous.
Nonetheless, the citizens made a special selection, choosing change on the polls. “The Ghanaian folks determined that they needed a change,” Dr. Amin Adam acknowledged.
“And that is why I anticipated the brand new authorities to maintain the beneficial properties that we’ve got made in order that it interprets into tangible advantages for the folks.”
He warned in opposition to reversing the progress made by permitting political issues to dictate financial insurance policies.
“However if you happen to are available to do politics as normal, you lose the purpose and you aren’t actually in a position to maintain these beneficial properties,” he cautioned. “And that is what I’ve seen President Mahama doing.”
With Ghana’s financial future hanging within the steadiness, Dr Amin Adam’s remarks function each a mirrored image on previous efforts and a name for continuity in insurance policies that drive development and stability.
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