Dr. Mohammed Amin Adam criticized the 2025 Budget of Ghana, presenting concerns about the credibility of its fiscal data. He called for scrutiny of the projected GDP growth rate and fiscal balances while urging the IMF to ensure transparency. Adam also noted the government’s failure to recognize previous debt management improvements and accused it of manipulating financial figures.
Dr. Mohammed Amin Adam, former Minister of Finance, has raised significant concerns regarding the credibility of the fiscal figures presented in Ghana’s 2025 Budget. This budget was detailed by current Finance Minister Dr. Cassiel Ato Baah Forson on March 11, 2025. During a press conference held by the New Patriotic Party (NPP) Minority Caucus, he emphasized that the contained fiscal projections demand rigorous public examination due to their lack of transparency.
In the budget presentation, a GDP growth rate of at least 4.4% was forecasted for the fiscal year 2025. The NPP Minority Caucus criticized this figure for being lower than the 5.7% growth achieved in 2024 under the previous administration. Dr. Amin Adam insisted that the fiscal balance projections made the budget unreliable, calling upon the International Monetary Fund (IMF) for immediate intervention to promote transparency.
Dr. Amin Adam further condemned the current government for failing to recognize the advancements in debt management achieved by the past NPP administration, specifically citing a reduction in Ghana’s debt-to-GDP ratio to 61.8% by the end of 2024. He noted that although the government has returned to the bond market, it neglects the improved debt environment established by the previous administration.
Accusations were also made against the government regarding inflation of financial data to substantiate claims of inheriting a mismanaged economy. Dr. Adam highlighted a concerning addition of GHS 49.2 billion in spending claims without adequate verification, asserting that this aligned with prior warnings of potential fiscal manipulation.
He noted discrepancies in reported fiscal deficits, claiming that the reported figures of 7.6% for the fiscal deficit and 3.6% for the primary deficit do not correlate with the strong revenue and expenditure management detailed in the budget. Dr. Adam called upon Ghanaians to be wary of this evident credibility crisis.
Dr. Amin Adam pointed out the government’s deviations from agreed fiscal methodologies as outlined by the IMF. He criticized that unaudited fiscal data was used in presenting the budget, possibly undermining its credibility. According to him, fiscal balances should only reflect verified claims and should adhere to established rules to maintain accuracy.
He also articulated that claims labeled as ‘unreleased claims’ totaling GHS 49.2 billion do not conform to the prescribed IMF methodologies, subsequently questioning how the government calculated its fiscal balances. In conclusion, Dr. Amin Adam urged the government to prioritize fiscal transparency and accountability to restore trust in Ghana’s economic data.
Dr. Amin Adam’s critique highlights crucial issues surrounding the credibility of Ghana’s fiscal data in the 2025 Budget. He emphasizes the need for transparency in fiscal projections and proper auditing of expenditures, urging government adherence to IMF guidelines. The allegations of data manipulation and discrepancies in reported fiscal balances pose serious concerns that demand immediate attention from both the government and the public to ensure fiscal integrity.
Original Source: www.gbcghanaonline.com
