Dr. Mohammed Amin Adam raised significant concerns about the credibility of Ghana’s 2025 Budget presented by Finance Minister Dr. Cassiel Ato Baah Forson. He criticized projections for their transparency and warned against manipulations of fiscal data. Adam emphasized the need for adherence to agreed methodologies with the IMF to ensure a credible fiscal framework.
Dr. Mohammed Amin Adam, the former Minister of Finance, has expressed serious concerns regarding the credibility of the figures presented in Ghana’s 2025 Budget and Fiscal Policy. This budget was unveiled to Parliament by current Finance Minister Dr. Cassiel Ato Baah Forson on March 11, 2025. During a press conference held by the New Patriotic Party (NPP) Minority Caucus, he emphasized the need for public scrutiny due to perceived transparency issues in the fiscal projections.
In the budget presentation, a GDP growth rate of at least 4.4% for the fiscal year 2025 was announced. However, the NPP Minority Caucus criticized this figure, arguing it is lower than the 5.7% growth rate achieved in 2024 under the previous administration. “Their projection of the fiscal balance for 2025 makes this budget not credible and requires serious scrutiny by the people of Ghana,” remarked Dr. Amin Adam.
Dr. Amin Adam further condemned the current government for not recognizing the improvements in debt management achieved by the prior NPP administration, which had reduced the national debt-to-GDP ratio to 61.8% by the end of 2024. He pointed out the contradiction in the government’s announcement of its return to the bond market without acknowledging these advancements.
The former Minister accused the current administration of distorting fiscal data to substantiate claims of dysfunctional financial management inherited from the previous government. He claimed that an additional GHS 49.2 billion in expenditure claims was inserted without appropriate verification. “Before the budget presentation, we warned of clandestine plans by the government to manipulate fiscal data to support its baseless claims,” he stated.
Dr. Amin Adam raised concerns over the reported fiscal deficit of 7.6% of GDP, arguing that it did not align with the otherwise strong revenue performance indicated in the budget. He asserted this disconnect raises doubts about the credibility of Ghana’s fiscal data and called for heightened scrutiny.
He highlighted the government’s deviation from the methodology agreed upon with the International Monetary Fund (IMF) when computing fiscal balances. Specifically, he noted the lack of proper audits on expenditure claims included in the budget. “It is curious that the Finance Minister would present a budget using unaudited fiscal data to announce conclusions about the state of the economy,” he asserted.
Dr. Amin Adam elaborated that, according to the agreed IMF methodology, fiscal balances must be cumulative from the start of the fiscal year, incorporating only verified expenditures. He contested the classification of GHS 49.2 billion as “unreleased claims,” arguing they do not align with IMF criteria.
In conclusion, Dr. Amin Adam urged the government to prioritize fiscal transparency and accountability to uphold the credibility of Ghana’s economic data. He asserted that failure to do so would compromise the integrity of national budgetary practices and economic stability.
In summary, Dr. Mohammed Amin Adam’s critique of Ghana’s 2025 Budget emphasizes significant concerns about fiscal credibility and transparency. He argues that inconsistency in fiscal data, alongside unverified expenditure claims, necessitates urgent scrutiny, particularly from the IMF. Upholding transparency and accountability in fiscal matters is essential for maintaining the integrity of Ghana’s economy.
Original Source: www.gbcghanaonline.com
