Former Finance Minister Mohammed Amin Adam has fiercely challenged the economic narrative presented by the ruling National Democratic Congress (NDC), accusing them of misleading Ghanaians and manipulating figures to gain sympathy.
In a press release issued on Wednesday, July 16, 2025, Amin Adam declared, “Not only are the false narratives about the economy they inherited being dismantled, but their attempt to win the sympathy of the people of Ghana through propagandist economic figures is also crumbling before their very eyes.”
Citing the latest International Monetary Fund (IMF) Staff Report, the former minister revealed that the Bank of Ghana intervened in the forex market to the tune of $1.4 billion in the first quarter of 2025—despite the central bank’s public denial of any such move.
“This confirms our assertion that the intervention was supported by international foreign reserves accumulated by the previous NPP government,” he stated, countering claims made by both the NDC administration and the Governor of the Bank of Ghana.
Amin Adam also shed light on what he described as the fabrication of “non-existent payables” by the current administration to exaggerate Ghana’s fiscal challenges.
He referenced the IMF’s audit findings, which noted that “a significant share of such payables may not be supported by valid documentation, suggesting the amount may be revised downward and a better fiscal outcome could eventually emerge.”
He stressed that the government’s earlier claims of breaching the IMF programme based on those figures can “no longer stand.”
Touching on market trends, Amin Adam criticised what he termed the government’s “policy inconsistency,” warning that it is eroding investor confidence.
“After claiming high market confidence in the economy at the start of the year due to oversubscription of government papers, the market has now shown that policy inconsistency can cause multiple auction failures,” he explained.
He pointed out that 13 out of 28 treasury auctions between January 3 and July 11, 2025, failed to meet their targets—an indication of “investor fatigue” and growing reluctance towards government securities.
“The Government continues to manipulate rates at the auctions to undermine price discovery,” he claimed.
“These failures also suggest a declining investor appetite, partly due to policy uncertainty.”
Looking ahead, Amin Adam cautioned the NDC government against rushing to reopen the bond market in the aftermath of the recent debt exchange programme.
While acknowledging the need to manage debt risks, he urged responsibility.
“The Government must proceed cautiously… It must do so responsibly to avoid jeopardising the significant progress made in restoring debt sustainability through our successful external debt restructuring,” he concluded.
