Amin Adam Can't Revive the Economy in 9 Months - Seth Terkper

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Seth Terkper, a former Finance Minister, has raised doubts regarding the appointment of Dr. Mohammed Amin Adam as the new Finance Minister by President Akufo-Addo. 

Terkper voiced reservations about the timing of this change, particularly in the context of Ghana's ongoing IMF program.

Related To This: Akufo-Addo’s Ministerial Reshuffle is Politically Motivated - Minority

Terkper highlighted concerns about Dr. Adam's capacity to influence significant economic policies within the remaining timeframe, especially with the upcoming general elections. Given the President's authority over budget and economic policy decisions, Terkper underscored the potential hurdles Dr. Adam might encounter in effecting substantial policy alterations within the constrained timeframe.

In an interview with Accra-based Citi FM on February 15, Terkper advised the Ghanaian public to temper their expectations, suggesting that drastic shifts in economic policies might not be feasible in the current circumstances. He pointed out the complexities of economic challenges faced by the country and questioned the feasibility of achieving a quick economic turnaround given the prevailing conditions.


Reflecting on the historical context of economic challenges and external factors impacting Ghana's economy, Terkper highlighted the urgent need for realistic assessments of the turnaround potential within the limited time span of nine months. He emphasized the importance of considering past experiences and global economic conditions in gauging the feasibility of significant economic transformations.

Related To This: New Finance Minister Reaffirms Ghana's Commitment to IMF Programme

Background on Appointment and Ministerial Reshuffle

President Akufo-Addo appointed Dr. Mohammed Amin Adam as the new Finance Minister on February 14, replacing Ken Ofori-Atta, who held the position for seven years. Despite facing calls for dismissal due to economic challenges, Ofori-Atta remained the longest-serving finance minister in Ghana.

Calls for Ofori-Atta's Resignation and Presidential Response

Notably, around 80 NPP MPs demanded Ofori-Atta's resignation on October 25, 2022, citing economic struggles. Similar calls were reiterated by the NDC parliamentary caucus in February 2023, though President Akufo-Addo resisted these calls, opting to await IMF discussions before any decisions regarding Ofori-Atta's tenure.

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