Amin Adam questions government’s economic stability claims

Former Finance Minister and Member of Parliament for Karaga, Dr Mohammed Amin Adam, has challenged the government’s claims of economic stability, arguing that key fiscal and monetary targets remain unmet despite recent improvements in headline economic indicators.

Speaking in Parliament, Dr Amin Adam said the government had failed to achieve important revenue mobilisation targets under the International Monetary Fund (IMF)-supported programme.

According to him, the administration was expected to improve revenue performance relative to the size of the economy but instead recorded a lower outcome.

“They were supposed to achieve a target as far as revenue to GDP is concerned, they have brought it down to 13%, they failed,” he stated.

The former finance minister also questioned the practical impact of the government’s macroeconomic achievements, particularly regarding borrowing costs.

He argued that one of the key objectives of economic stability is to reduce the cost of credit for businesses and individuals.

“Stability, when we talk about stability, is supposed to achieve a certain purpose, which is to bring down the cost of borrowing,” he said.

Dr Amin Adam noted that although inflation has declined significantly, lending rates remain high, limiting the benefits of economic stability for ordinary citizens and businesses.

“The last part, I was saying that even at inflation of 23%, the real lending rate was about 6.5%, and now with inflation of almost 4%, the real lending rate is above 10%. What has gone wrong? And you call this stability? This stability is not on the ground. The people are not feeling it,” he argued.

He maintained that economic progress should not be measured solely by improvements in inflation and other macroeconomic indicators but also by tangible outcomes such as affordable credit, stronger fiscal performance and improved living conditions.

Dr Amin Adam urged the government to prioritise policies that deliver real economic benefits to citizens rather than relying on what he described as political narratives surrounding economic recovery.

Prince Antwi

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