Former Finance Minister, Seth Terkper has voiced doubts regarding Dr. Mohammed Amin Adam’s appointment as Finance Minister by President Akufo-Addo.
Mr Terkper expressed his reservations, stating that the timing of the change is crucial, especially given Ghana’s ongoing IMF program.
He suggested that Dr. Adam might not have enough time to significantly influence the economic policies of the president and the government.
Highlighting the president’s authority over budget and economic policy, Mr Terkper emphasised the challenges Dr. Adam may face in implementing substantial policy changes, particularly with the limited timeframe until the next general elections.
In an interview, Mr. Terkper advised Ghanaians to water down their expectations, noting that drastic changes to economic policies, as presented, may not be feasible.
“We are in 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.”
President Akufo-Addo on Wednesday appointed Dr. Mohammed Amin Adam as the new Finance Minister, replacing Ken Ofori-Atta, who served in the position for seven years.
The announcement came as part of the latest ministerial reshuffle released by President Akufo-Addo on February 14.
Despite facing significant challenges and calls for his dismissal from some members of Ghana’s Parliament, Ken Ofori-Atta served as Ghana’s longest-serving finance minister.
On October 25, 2022, around 80 NPP MPs demanded Ofori-Atta’s resignation due to the country’s struggling economy. Similar calls were echoed by the NDC parliamentary caucus in February 2023.
However, President Akufo-Addo rejected these calls for resignation, urging Parliament to wait until discussions with the IMF concluded.