Ghana’s immediate past Finance Minister, Dr. Mohammed Amin Adam, has highlighted the country’s rapid economic recovery and urged the Mahama administration to sustain the progress rather than undo it for political reasons.
Speaking in an interview with Joy FM, Dr. Amin Adam stressed that preserving these economic gains would help alleviate the hardships faced by Ghanaians. He acknowledged the challenges posed by debt restructuring but emphasized that Ghana had successfully achieved macroeconomic stability, a critical foundation for growth.
“If you analyze the data from 2022 to 2024, you’ll see that the turnaround was quicker than anticipated by the World Bank, IMF, and many economic analysts in Ghana,” he stated.
He noted that, despite undertaking a debt restructuring—an exercise that often results in economic contraction—Ghana recorded an average growth rate of 6.4% in 2023.
“This shows that the economy was moving in a positive direction. Sustaining this momentum could significantly ease economic hardships. However, if politics takes precedence over sound economic management, these gains risk being eroded,” he added.
Dr. Amin Adam also refuted claims that Ghana’s economic challenges were primarily due to domestic mismanagement, arguing that external factors played a significant role. He pointed out that many incumbent governments worldwide faced similar economic struggles, which influenced political outcomes.
“I don’t dispute that the economy was a major issue in the elections. However, it wasn’t unique to Ghana—many governments globally struggled under similar economic conditions. Despite this, Ghana made remarkable progress within a year,” he said.
He urged the new administration to focus on policies that would build on this recovery rather than reversing the country’s economic progress.
