Don’t derail Ghana’s progress to sustainable debt levels – Minority to Ato Forson

The Minority in Parliament has cautioned Finance Minister, Dr. Cassiel Ato Forson, to exercise utmost caution in managing Ghana’s finances to prevent any setbacks in the country’s progress toward sustainable debt levels.

Raising concerns about Ghana’s financial history, the Minority pointed to past incidents where the country incurred significant financial penalties due to the misreporting of economic data to the International Monetary Fund (IMF).

Speaking at a press briefing, former Finance Minister, Dr. Mohammed Amin Adam, recalled a notable case under the National Democratic Congress (NDC) government, led by former President Jerry John Rawlings, where Ghana faced a $39 million fine for submitting inaccurate financial data to the IMF.

“The Ghanaian people can recall that in the past, Ghana was fined $39 million for misreporting economic data to the IMF due to wrong data submitted by the NDC government led by former President Rawlings,” Dr. Adam stated.

Dr. Amin Adam further expressed concerns that a similar situation could arise under the current NDC administration, led by President John Mahama. He warned that any mismanagement or financial misreporting could pose serious risks to the nation’s economic stability.

In his statement, he urged Finance Minister Dr. Ato Forson to prioritize accuracy and transparency in Ghana’s economic reporting to avoid jeopardizing the country’s financial credibility.

“We wish to advise the Minister for Finance to tread cautiously in order not to derail our march to sustainable debt levels,” he reiterated.

The Minority’s warning comes amid heightened concerns over Ghana’s debt management strategies and the need to maintain strict fiscal discipline to sustain economic recovery efforts.

With the government navigating complex economic challenges, stakeholders continue to monitor how fiscal policies will impact Ghana’s financial future in the months ahead.