Akufo-Addo’s $8.9bn reserves key to exchange rate stability – Amin Adam

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March 3, 2025
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Former Finance Minister Mohammed Amin Adams has credited Ghana’s current exchange rate stability to the substantial international reserves left by the previous Akufo-Addo administration.

Speaking at the True State of the Nation address in Accra on Monday, March 3, he emphasized that the reserves had played a crucial role in maintaining the strength of the Ghanaian cedi.

Dr. Amin Adam noted that the depreciation of the cedi, which stands at 6.5% in 2025, was not the result of any sustainable strategies implemented by the current government.

He argued that the disparity between inflation and depreciation rates reflected heavy intervention by the Central Bank to stabilize the currency.

“The 6.5% depreciation we have witnessed so far in 2025 is not due to any sustainable strategies by the current government. The difference between inflation and the depreciation rate indicates significant intervention by the Central Bank,” the immediate past Finance Minister said.

He pointed out that the intervention by the Mahama administration and the Bank of Ghana (BoG) was possible due to the $8.9 billion in gross international reserves left by the Akufo-Addo administration at the end of 2024. According to Adam, these reserves have been instrumental in stabilizing the cedi’s value.

“The Mahama administration and the Central Bank can intervene in the market, but this is only possible because the previous administration left a gross international reserve of $8.9 billion by the end of 2024. This reserve is being used to shore up the value of the cedi. The President, as you know, deliberately avoided mentioning this in his statement,” Dr. Amin Adam added.

He further clarified that the stability of the exchange rate at the end of 2024 and into the first quarter of 2025 was not a result of new policies by the Mahama government. Rather, it is a direct consequence of the international reserves inherited from the Akufo-Addo administration.

“Fellow Ghanaians, the true state of the nation is that the exchange rate stability we observed before the end of 2024 and which has continued into the first quarter of 2025 is not due to any new initiatives from the Mahama government. It is because the Akufo-Addo government left significant international reserves for them,” Dr. Amin Adam concluded.

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March 13, 2025
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2 minutes Read

Dr. Amin Adam: Finance Minister falsely inflated expenditure by GHC49.2bn

Dr Mohammed Amin Adam, former Minister for Finance and current Ranking Member of Parliament’s Finance Committee, has accused the Finance Minister of inflating expenditure figures in the 2025 Budget Statement by GHC49.2 billion.

According to Dr Adam, this move was deliberately intended to misrepresent the financial management of the previous New Patriotic Party (NPP) administration.

Speaking at a press conference held by the Minority Caucus on Thursday, March 13, he challenged the credibility of the figures presented by Finance Minister Dr Cassiel Ato Forson.

He argued that despite strong revenue performance and prudent expenditure management under the NPP government, the budget data suggested an exaggerated fiscal deficit of 7.6% of GDP and a primary deficit of 3.6% of GDP.

“An economy with such strong revenue performance and expenditure management as we have seen from the data in the budget cannot produce the kind of elevated fiscal outturns the Minister announced,” he stated.

Dr Adam further accused the government of manufacturing false claims to damage the reputation of the previous administration.

“They have erroneously churned out wrong data in a bid to tarnish the image of the NPP administration by including GH¢49.2 billion in expenditure claims without any basis,” he alleged.

He stressed that such distortions put the credibility of the country’s fiscal data into question. The former Finance Minister called on the government to provide clear justifications for the expenditure claims and urged Ghanaians to scrutinise the figures presented.

He warned that any attempt to manipulate data for political gain would have long-term consequences on investor confidence and Ghana’s economic outlook.

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March 13, 2025
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2 minutes Read

Cooking figures will make investors punish you – Dr. Amin Adam warns Finance Ministe

the immediate past Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, has cautioned his successor against manipulating economic figures, warning that such actions could erode investor confidence in Ghana.

Speaking at a press conference for the Minority Caucus on Thursday, March 13, Dr Amin Adam criticised the Finance Minister for allegedly misrepresenting key economic data.

He argued that presenting misleading statistics to create a negative impression of the country’s financial situation would have serious consequences.

“So, you see, if you cook figures to create a narrative to run your country down, international investors will show you where power lies,” Dr Amin Adam remarked.

He emphasised that Ghana’s economic credibility is crucial in maintaining investor trust and attracting foreign capital.

The former minister further stated that inaccurate fiscal reporting could lead to higher borrowing costs and reduced investor interest in Ghana’s financial markets.

He urged the government to prioritise transparency and accuracy in economic data presentation to safeguard the nation’s reputation.

Dr Amin Adam concluded by calling on the Finance Minister to correct any discrepancies in the 2025 Budget and ensure that Ghana presents a true reflection of its economic position.

“If we do not uphold credibility in our financial reporting, we risk making Ghana unattractive to the very investors we need,” he warned.