Dr. Sammy Ayeh, the National Democratic Congress (NDC) spokesperson for Youth Development, has raised concerns over Finance Minister Dr. Mohammed Amin Adam’s recent claims of leaving behind a resilient economy.
Speaking during a panel discussion on TV3’s NewDay, Dr. Ayeh questioned the finance minister’s assertions and criticized the government for failing to address pressing financial obligations during its tenure.
Key highlights of Dr. Ayeh’s reaction include:
- Debt Repayment Issues: Dr. Ayeh pointed out that the government’s inability to pay its debtors undermines claims of a resilient economy.
- Pensioners’ Protest: He highlighted an unprecedented event in Ghana’s history where pensioners in their 60s, 70s, and 80s staged protests against the government for failing to pay their entitlements after suffering “haircuts” on their investments.
- “In the history of this country, old people in their 60s, 70s, and even 80s demonstrated against the government over their unpaid monies,” Dr. Ayeh remarked.
- He criticized the government for celebrating economic achievements while failing to resolve such critical issues, saying, “Instead of you to pay these people, you come on TV and applaud yourselves for supposedly leaving a resilient economy.”
Finance Minister’s Assertions
Dr. Mohammed Amin Adam, the outgoing finance minister, presented a contrasting view of the economy during a press briefing in Accra on December 17, 2024. He highlighted key achievements during his tenure, asserting that the government is handing over a stronger economy than it inherited. The finance minister outlined the following:
- Growing International Reserves: Ghana’s international reserves have increased to $8 billion, covering 3.5 months of imports, up from $6.2 billion in 2016.
- Economic Growth: The economy has grown at an average of 6.3% in 2024, with some quarters exceeding 7%, compared to an average growth of 3.4% in 2016.
- Inflation Reduction: Inflation has dropped from a high of 54% in late 2022 to 23% as of November 2024, signaling progress in stabilizing prices.
- Debt Reduction: The country’s debt has decreased recently, with efforts underway to bring it down further.
- Improved Access to Credit: Businesses have experienced better access to loans, with a notable increase in lending activities.
- Trade Surplus: Ghana has achieved a healthy trade surplus, selling more than it imports.
