KEY POINTS
- Akufo-Addo’s reserves helped stabilize the cedi and support the economy.
- Debt relief agreements were secured before Mahama took office.
- The NPP has called for greater transparency in economic management.
Former Finance Minister Dr. Mohammed Amin Adam has attributed Ghana’s current economic stability to the $8.9 billion in gross international reserves left by the previous Akufo-Addo administration.
Speaking at a press conference on March 3, 2025, he argued that President John Mahama’s government is benefiting from the fiscal discipline and policies implemented before the transition.
“The exchange rate stability we are witnessing today is not due to any magic from the current government,” Dr. Amin Adam stated. “It is the result of the reserves left by the Akufo-Addo government, which are now being used to support the cedi.”
According to Graphic Online, he explained that these reserves have played a crucial role in limiting cedi depreciation, which had fallen by 50 percent in 2022.
Without the reserves, the current government would have faced greater difficulty stabilizing the currency, he said.
Debt relief and fiscal policies set in motion earlier
Dr. Amin Adam highlighted the $2.8 billion debt service relief secured through rescheduling agreements with official bilateral creditors, which has given the Mahama administration room to manage public finances.
“This agreement was not signed by the current government,” he said. “It was the result of careful negotiations by the previous administration.
The savings from this arrangement are now being used to support economic recovery, yet the president has failed to acknowledge this.”
He added that multiple fiscal buffers, including the Eurobond proceeds account, IMF proceeds account, and treasury main account, amounting to over GHS 5 billion, were left behind to sustain the economy.
He accused the Mahama government of taking credit for policies it did not initiate.
Calls for transparency and accountability
Beyond questioning the government’s economic management, Dr. Amin Adam urged greater transparency, calling on Ghanaians to hold the current administration accountable.
“The government must be upfront about its economic policies. It cannot continue to rely on the NPP’s fiscal buffers while failing to implement policies that will ensure long-term economic stability,” he said.
He demanded that the Mahama administration fulfill its delivery commitments for employment generation, electricity stability and budgetary responsibility.
“We cannot afford to play politics with the economy. There is still a lot of work to be done, and the current administration must rise to the occasion.”
With economic stability being a major concern for Ghanaians, the debate over fiscal responsibility and credit for economic management is expected to remain a focal point in political discussions leading up to future elections.
