Ghana’s economic recovery didn’t begin in 2025 - Amin Adam fires back at Isaac Adongo

Former Finance Minister and the Ranking Member of Parliament’s Finance Committee Dr Mohammed Amin Adam, has debunked claims by Hon. Isaac Adongo, Chair of the Finance Committee, over public remarks attributing the cedi’s appreciation and ongoing economic stability to the current NDC-led government.

In a release issued on Friday, 23 May 2025, Dr. Amin Adam respond to Adongo’s recent statement attributing the appreciation of the cedi and other macroeconomic gains to the Mahama administration’s alleged “reset agenda,” Dr Adam stressed that the foundations for the current stability were the work of the Akufo-Addo/Bawumia led government.

“The current macroeconomic stability we are seeing now, cedi appreciation, is not the product of a sudden reset by the Mahama administration. It is the result of difficult, structured policy choices made between 2022 and 2024,” the statement read.

Dr. Amin Adam substantiate his claims by citing recent reviews by the International Monetary Fund (IMF), particularly its April 2025 report.

“The IMF confirmed that growth in 2024 exceeded expectations and reserves accumulation far outpaced programme targets. These are not partisan soundbites but objective assessments by an independent body,” he added.

He emphasized that the macroeconomic improvements had been formally recognized well before the new administration took office, noting that “international reserves accumulation has far exceeded the ECF-supported program targets.”

On Ghana’s improved debt metrics and recent credit rating upgrades, Dr. Amin Adam pointed to the execution of critical debt operations in 2024, including the Eurobond exchange, domestic restructuring, and bilateral agreements finalized in January 2025.

“These negotiations delivered over $12 billion in debt relief and restructuring gains. The heavy lifting, comprising $5 billion in cancellations and billions more in rescheduling, was completed before the new government took office.”

He also warned of a reversal in debt gains, citing a GHS42.7 billion increase in the total debt stock within the first quarter of 2025.

“The debt-to-GDP ratio, which had improved to 53.7% by January, has now risen to 55% as of March 2025,” the statement noted.

He also dismissed suggestions that the new administration had influenced Ghana’s recent credit rating upgrade. “S&P’s May 2025 rating uplift was based on gains made before the NDC took office, particularly the comprehensive debt restructuring and strengthened reserves. The real work was done before January.”
Dr Amin Adam further emphasised that strong export performance, FX reserves, and improved trade balances were results of consistent policies pursued by the NPP over several years. “You cannot erase years of hard work with four months of governance,” he argued. “We recorded consistent trade surpluses since 2018, built reserves to $8.98 billion by end-2024, and laid the groundwork for monetary stability.”
He also warned against premature celebrations, noting that inflation remains high at 21% as of April 2025 and the policy rate is still elevated at 28%.
“Stability on paper must translate into real economic relief, lower prices, affordable credit, and job creation. We are not there yet,” he cautioned.

Dr Amin Adam stressed on an end to what he described as “political credit wars,” urging the government to focus on delivering its own initiatives rather than claiming ownership of inherited progress.

“Ghanaians need sustainable progress, not applause built on the foundation of others,” he said.
“Let the government now prove its own competence by clearing arrears, designing a growth strategy, restoring access to finance, and being transparent with the people.”
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