The Minority in Parliament has urged Finance Minister, Dr. Cassiel Ato Forson, to exercise extreme caution in managing Ghana’s finances to prevent setbacks in the nation’s progress toward sustainable debt levels.
Expressing concern over Ghana’s financial history, the Minority referenced past incidents where the country incurred heavy penalties due to the misreporting of economic data to the International Monetary Fund (IMF).
At a press briefing, former Finance Minister Dr. Mohammed Amin Adam recalled a significant case under the National Democratic Congress (NDC) government led by former President Jerry John Rawlings, when Ghana was fined $39 million for submitting inaccurate financial data to the IMF.
“The Ghanaian people can recall that in the past, Ghana was fined $39 million for misreporting economic data to the IMF due to wrong data submitted by the NDC government led by former President Rawlings,” Dr. Adam stated.
Dr. Amin Adam expressed fears that a similar situation could arise under the current NDC administration, led by President John Mahama. He warned that any financial mismanagement or data misreporting could seriously threaten the country’s economic stability.
He called on Finance Minister Dr. Ato Forson to prioritize accuracy and transparency in economic reporting to safeguard Ghana’s financial credibility.
“We wish to advise the Minister for Finance to tread cautiously in order not to derail our march to sustainable debt levels,” he reiterated.
The Minority’s warning comes amid heightened concerns over Ghana’s debt management strategies and the need to maintain strict fiscal discipline to sustain economic recovery efforts.
With the government navigating complex economic challenges, stakeholders continue to monitor how fiscal policies will impact Ghana’s financial future in the months ahead.
