Hon. Mohammed Amin Adam, the Minister of Finance, has extended an appeal to the public to forgive the government for the economic hardships faced by citizens.
Speaking at the Regional Townhall Meeting and Exhibitions at GNAT Hall today, Hon. Adam discussed the economic challenges and achievements since his government took power in 2017.
He explained that the decision to restructure the country’s debt was a necessity mandated by the International Monetary Fund (IMF), and not an intentional act to impose hardship.
“It is never the intention of any government to impose hardship on its people, more so the NPP Government that has demonstrated that we want to reduce the burden on the Ghanaian people,” he stated.
The Finance Minister highlighted the success of the domestic exchange programme, which achieved a 95% participation rate. He noted, “It was a necessary decision at the time. But if we avoided it, the economy would not have recovered what we have recovered today.”
He further emphasized the improvement in Ghana’s debt-to-GDP ratio, which has decreased from 72% to 70.6%, a figure he described as “far better than what we recorded in 2015.”
The event featured other notable speakers, including the Greater Accra Regional Minister, Hon. Daniel Nii Kwartei Titus Glover, and the Minister of Information, Hon. Fatimatu Abubakar.
Hon. Adam underscored the government’s economic progress prior to the COVID-19 pandemic, citing growth rates of 8.1% in 2017, 6.2% in 2018, and 6.5% in 2019.
Despite the significant drop to 0.5% in 2020 due to the pandemic, he credited the swift recovery in 2021 to effective government policies.
Addressing critics, he stressed the importance of considering external factors like COVID-19 and the Russia-Ukraine war when assessing the economy’s performance, stating, “Global inflation affects us.”
