Amin Adam’s appointment too late to turnaround economy – Seth Terkper

Former Finance Minister Seth Terkper has expressed scepticism about President Nana Addo Dankwa Akufo-Addo’s decision to replace Ken Ofori-Atta with Dr. Mohammed Amin Adam as Finance Minister.

According to Mr. Terkper, the change comes at a critical time when the country is under an IMF programme, suggesting that it might be too late for Dr. Adam to make a substantial impact on the economic policy of the president and government.

Dr. Mohammed Amin Adam, after his reassignment, has pledged to prioritize revenue mobilization efforts to bolster the nation’s finances and achieve its expenditure goals.

He also assured the International Monetary Fund (IMF) of the government’s commitment to the ongoing program, promising not to stray from the government’s policies and programs as outlined in the 2024 budget.

In an interview with Citi News, Mr. Terkper pointed out that the budget and economic policy are ultimately under the President’s authority, and with the limited timeframe until the next general elections, he expressed concerns that Dr. Adam may face challenges in implementing significant policy changes.

“We are a country where we could not do a turnaround of the economy, and we were preemptive, with everybody blaming it on COVID-19 and the Ukraine war, where some $6 billion flowed into the economy without the ability to turn it around.”

“This administration is not the only one that has suffered global or domestic setbacks, from droughts or floods to the global financial crisis, and so I think the situation is dire, and so we have to ask ourselves if nine months is enough time to do a turnaround.”