Former Finance Minister Dr. Mohammed Amin Adam has challenged President John Dramani Mahama’s concerns about Ghana’s debt service obligations, urging him to mobilise funds as every government has done in the past to meet these commitments.
Delivering the erstwhile NPP government’s version of the state of Ghana dubbed “True State of the Nation Address” on Monday, March 3, Dr. Amin Adam dismissed Mahama’s warning about the country’s projected debt servicing obligations, arguing that debt management is a routine responsibility for any administration.
Recently, President Mahama raised alarm over Ghana’s debt servicing needs, estimating that the government would require GH₵280 billion over the next four years, including GH₵150 billion for domestic debt and GH₵130 billion for external debt.
However, Dr. Amin Adam asserted that such obligations are not unusual and should not cause public concern.
“The President tried to scare the Ghanaian people about the country’s debt service obligations for the next four years. The government at every time provides for debt servicing obligations, and the President is aware of this. We expect him to mobilise the funds as every government in Ghana has done to service our debts,” he stated.
He also pointed out that the New Patriotic Party (NPP) did the same when the National Democratic Congress (NDC) left power with debts in 2017.
Dr. Amin Adam highlighted the NPP administration’s debt management efforts, which led to a significant reduction in Ghana’s debt levels and debt servicing burdens, including successful negotiations to reschedule Ghana’s $5.4 billion debt with bilateral creditors until after 2026.
Dr. Amin Adam emphasized that these negotiations, which provided debt relief of $2.8 billion, offer the current government much-needed breathing space.
He urged President Mahama to focus on managing the economy effectively rather than stirring fear about debt obligations that must be managed by any government.