Dr. Mohammed Amin Adam has expressed serious concerns about the credibility of Ghana’s 2025 Budget, specifically criticizing its fiscal projections and data integrity. He emphasizes the need for transparency and proper auditing, calling for urgent scrutiny from the IMF to address these issues.
Dr. Mohammed Amin Adam, the former Minister of Finance, raised significant concerns regarding the credibility of the 2025 Budget and its fiscal policy in Ghana. Presented to Parliament by the current Finance Minister, Dr. Cassiel Ato Baah Forson, on March 11, 2025, these fiscal projections have been deemed lacking in transparency by Dr. Adam, warranting thorough public scrutiny.
During the budget presentation, Dr. Ato Forson projected a GDP growth rate of 4.4% for the fiscal year 2025. However, the Minority Caucus of the New Patriotic Party (NPP) countered this claim, stating it is below the 5.7% growth rate achieved in 2024 under the previous administration. Dr. Adam indicated that the budget’s fiscal balance projections lack credibility and should be urgently evaluated by the International Monetary Fund (IMF) to prevent further economic damage.
Dr. Amin Adam also criticized the current government for overlooking the improved debt management achieved by the NPP administration, which successfully reduced Ghana’s debt-to-GDP ratio to 61.8% by the end of 2024. He emphasized that the current administration’s return to the bond market does not credit these improvements, undermining the previous government’s efforts.
The former Finance Minister accused the government of manipulating fiscal data, alleging the inclusion of GHS 49.2 billion in unverified expenditure claims to reinforce narratives of a mismanaged economy. He expressed concern about the authenticity of the fiscal data, indicating that such manipulation undermines the budget’s integrity and contributes to a credibility crisis.
Moreover, Dr. Amin Adam noted discrepancies in reporting the fiscal deficit and primary deficit figures, which, he argued, are inconsistent with the revenue performance and fiscal management data presented. He insisted that these contradictions should alarm the populace, as they highlight the ongoing credibility issues within the fiscal frameworks.
Furthermore, he critiqued the government’s methodology in computing fiscal balances, insisting it diverges from the IMF’s agreed technical memorandum. He pointed out that the budget’s use of unaudited data creates fundamental issues of credibility, highlighting that expenditure claims must be properly verified prior to inclusion in fiscal computations.
Dr. Amin Adam concluded by emphasizing the necessity for the government to enhance fiscal transparency and accountability in order to safeguard the credibility of Ghana’s economic data. He called for a commitment to proper auditing and alignment with the established fiscal guidelines.
In summary, Dr. Mohammed Amin Adam has articulated serious concerns regarding the credibility of Ghana’s 2025 Budget, particularly its fiscal projections and data validity. The implications of these concerns extend to the overall economic management and transparency within the government. Urgent intervention from the International Monetary Fund and a commitment from the government to uphold fiscal integrity are critical to restoring public confidence in the nation’s financial reporting.
Original Source: www.gbcghanaonline.com
