Former Finance Minister Seth Terkper has expressed scepticism about President Nana Addo Dankwa Akufo-Addo’s decision to replace Ken Ofori-Atta with Dr. Mohammed Amin Adam as Finance Minister.
According to Mr. Terkper, the change comes at a critical time when the country is under an IMF programme, suggesting that it might be too late for Dr. Amin Adam to make a substantial impact on the economic policy of the president and government.
Dr. Mohammed Amin Adam, after his reassignment, has pledged to prioritize revenue mobilization efforts to bolster the nation’s finances and achieve its expenditure goals.
He also assured the International Monetary Fund (IMF) of the government’s commitment to the ongoing program, promising not to stray from the government’s policies and programs as outlined in the 2024 budget.
In an interview with Citi News, Mr. Terkper pointed out that the budget and economic policy are ultimately under the President’s authority, and with 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.”
“Don’t forget that in principle the president can go back to parliament and plead for another budget but it is practically virtually impossible considering that they have a very short period to go and the only policy document to go, fiscal, that is likely to go to the house now, is the mid-year review which could be ready before Parliament goes on recess before the deadline in July.
“The good thing is that the Minister for State was part of the preparation of the budget strategy document and has spoken on the budget and the IMF programme, so one will assume that despite the short period he has been there, there is a mess to a certain extent on the policy issues that we are discussing and can continue to manage the administration.”
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital
