Dr. Randy Abbey, the host of Good Morning Ghana, has sharply criticized the Minister of Finance, Dr. Mohammed Amin Adam, for what he describes as disingenuous explanations regarding the factors that led to Ghana’s current economic difficulties.
On the Wednesday, August 7, 2024, episode of his show, Dr. Abbey accused Dr. Amin Adam of attempting to manipulate public perception with his recent apology and the subsequent justification for the implementation of the Domestic Debt Exchange Program (DDEP). Dr. Abbey argued that the Minister’s claims—citing developmental projects as the primary cause of the economic turmoil—are both misleading and disrespectful to the Ghanaian populace.
Dr. Abbey emphasized that the real cause of the country’s economic distress is the government’s inability to rein in its spending and borrowing practices.
“When I hear the Finance Minister make those comments, and then in the same breath say that despite the challenges, this is ongoing, that is ongoing… You have come to put your hands in my pocket and bag, taken my hard-earned money, and you turn around to say that you’ve done something brilliant. I find that very insulting,” Dr. Abbey stated.
He further criticized the Minister’s justification of the DDEP, highlighting the impact it has had on ordinary Ghanaians who were forced to endure cuts on their savings, changes to interest rates, and extended payment periods. According to Dr. Abbey, the Minister’s claim that the economy’s recovery is due to these sacrifices only adds insult to injury.
“If you ask me to participate in ESLA bonds and cocoa bonds, and then you give me a haircut on my savings, change the interest rate and period for payment, and that is what enables you to reduce the country’s debt, and you then turn around and boast that public sector workers are being paid and Free SHS is ongoing—that’s all because of how recklessly you managed our debt,” he lamented.
On the previous day, Tuesday, August 6, Dr. Amin Adam had issued an apology to Ghanaians for the hardships caused by the DDEP, explaining that the restructuring was necessary to meet IMF requirements and stabilize the economy. He expressed regret for the unintended consequences but maintained that the tough decisions were crucial for the country’s recovery.
“It is never the intention of any government to impose hardships on its people. More so, the NPP government has demonstrated that we want to reduce the burden on the Ghanaian people,” Dr. Amin Adam was quoted as saying by masemtvgh.com.
Dr. Amin Adam also extended his gratitude to the Ghanaian people for their sacrifices, noting that their participation in the DDEP played a significant role in the country’s economic recovery. “This is why I want to appeal to you to forgive us. But also to thank you on behalf of the president for the sacrifices, for the efforts that you all have made participating in the DDEP that saved our economy,” he said.
