Dr. Mohammed Amin Adam is former Finance Minister
Former Finance Minister Dr Mohammed Amin Adam has acknowledged that Ghana’s economic situation played a central role in the recent elections.
The Karaga MP noted that while economic difficulties were not unique to Ghana, they heavily influenced voter decisions.
Speaking on Joy News’ PM Express Business Edition on Thursday, Dr Amin Adam explained that economic hardship was a global phenomenon, but Ghana’s recovery had been remarkably swift.
“I do not disagree that the economy was the major issue on the ballot because we all knew that the economy was difficult,” he stated.
“And as I explained, it wasn’t only the Ghanaian economy. Most incumbents across the world who went through elections around the same time lost, so it wasn’t peculiar to Ghana, and then the economy really dominated the political debate.”
He argued that the economic challenges were not primarily caused by domestic policies but were largely influenced by external shocks, which also affected many other countries.
“But our view is that these factors that led to our economic difficulties were not generally domestic-induced factors, and so many other countries were facing the same problem,” he said.
Despite the economic turbulence, Dr Amin Adam insisted that Ghana’s recovery had exceeded expectations, with key economic indicators showing improvement within a short period.
“We had done well within 12 months,” he emphasised.
“If you look at the data from 2022 to 2023 and then 2024, you will see that the turnaround was quick. The recovery was faster than even anticipated by the World Bank, IMF, and many analysts, economic analysts, even in Ghana.”
He highlighted that Ghana had managed to achieve macroeconomic stability, a key foundation for sustained growth, despite undergoing debt restructuring—an exercise that typically leads to economic contraction. “We were getting stability, macro stability, which is a condition for economic growth,” he said. “And even after doing a debt restructuring, where countries that have done restructuring will record negative growth, we were recording an average of about 6.4% last year.”
For him, this performance proved that the economy had turned a corner and was poised for further progress, had the policies been continued. “It just shows that the economy was turning to positive levels, which, when sustained, could really reduce the suffering and economic hardship faced by the people,” he noted.
However, the electorate made a different choice, opting for change at the polls. “The Ghanaian people decided that they wanted a change,” Dr. Amin Adam acknowledged.
“And this is why I expected the new government to sustain the gains that we have made so that it translates into tangible benefits for the people.”
He warned against reversing the progress made by allowing political considerations to dictate economic policies.
“But if you come in to do politics as usual, you lose the point and you are not really able to sustain those gains,” he cautioned. “And this is what I’ve seen President Mahama doing.”
With Ghana’s economic future hanging in the balance, Dr Amin Adam’s remarks serve as both a reflection on past efforts and a call for continuity in policies that drive growth and stability.
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