Dr Mohammed Amin Adam Archives

14 Oct

Ghana Strengthens Regulatory Systems; Scores 67% In World Bank B-Ready Rankings

Wontumi2BusinessDr Mohammed Amin Adam

Ghana has made notable progress in improving its regulatory framework, achieving a 66.99 percent score in the World Bank’s latest Business Climate Rankings (B-Ready), released in October. This advancement represents a key milestone in the country’s ongoing efforts to attract investment and enhance the ease of doing business. The B-Ready report evaluates the business climate across three major pillars—regulatory framework, public services, and operational efficiency. While Ghana excelled in the regulatory framework pillar with a 66.99 percent score, it showed mixed performance in other areas. The country scored lower in operational efficiency at 54.42 percent and even further behind in…

14 Oct

Government Resumes Eurobond Debts Servicing After Completion Of Exchange Programme With Investors

Wontumi2BusinessDr Mohammed Amin Adam

Government has resumed servicing its Eurobond debts after the completion of the exchange programme with bondholders last week. JOYBUSINESS understands that a total amount of US$520 million has been paid to the Eurobond holders. This included $120 million as consent fee, for the bondholders who agreed to exchange their old bonds under certain conditions. It has been described by market analysts as a special consideration payment in relation to incentivizing the bondholders to participate in the Debt Exchange Programme. The Consent Fee consisted of $10 dollars per $1, 000 as recognized principal amount for exiting notes. Government has also paid…

14 Oct

Government’s Policies To Support Private Sector Are Yielding Positive Results – Finance Minister

Wontumi2BusinessDr Mohammed Amin Adam

Finance Minister Dr Mohammed Amin Adam, has said that the government’s policies to support the private sector are yielding results. He says the half year economic growth of 5.8%, the highest in the past five years, was underpinned by the strong entrepreneurial resilience of the Small and Medium Enterprises (SME) sector and the economic reforms being undertaken by government. “I want to emphasize that SMEs are the backbone of our economy, contributing 70 percent to our GDP and constituting 92 percent of businesses”. As the Ghana Statistical Service (GSS) data proves, their entrepreneurial resilience is the driving force behind the…

08 Oct

John Mahama Will Sink Ghana Into Unending Economic Crisis If You vote for him – Finance minister

Wontumi1BusinessDr Mohammed Amin Adam

The Minister for Finance, Dr. Amin Adams, has challenged the expertise and fortitude of the flagbearer of the opposition National Democratic Congress, John Dramani Mahama, in managing crises, specifically economic crises. Speaking to supporters of the New Patriotic Party in the Bantama Constituency during a rally, the minister said Mr. Mahama, unlike the flagbearer of the NPP, Dr. Mahamudu Bawumia, lacks the experience of managing an actual economic crisis and will therefore sink the country when elected back into power. “When Dr. Mahamudu Bawumia becomes president, all the people of Ghana will feel improved living conditions; you will feel it…

25 Sep

Finance Ministry Clarifies Ongoing Efforts To Settle Trafigura Arrears

Wontumi2BusinessDr Mohammed Amin Adam

The Government of Ghana has reiterated its commitment to fulfilling its obligations under the Settlement Agreement with Trafigura, with the aim of resolving the matter swiftly. This reassurance follows the circulation of a letter on social media suggesting a delay by the government in executing the agreement. On September 24, Trafigura’s Ghana Power Generation Company (GPGC) petitioned Finance Minister Dr. Mohammed Amin Adam, seeking payment of outstanding arrears owed by the government. In response, the Ministry of Finance clarified that the letter reflects ongoing discussions to settle the claims, assuring that necessary arrangements have been made to honour the outstanding…

27 Aug

Ghana May Face Forex Pressure If Food Imports Become Necessary – Amin Adam

Wontumi2BusinessDr Mohammed Amin Adam

Finance Minister Dr. Mohammed Amin Adam has predicted a potential rise in demand for foreign exchange if Ghana is compelled to import food to supplement the existing supply due to the ongoing drought in Northern Ghana. Speaking at a press conference in Accra on Monday, August 26, Dr. Amin Adam expressed cautious optimism that substantial progress will be made in securing the country’s food supply. However, he acknowledged that importing food to meet market demands could negatively impact the economy. He also mentioned that he has yet to discuss with Agriculture Minister Bryan Acheampong the most effective strategies for sourcing…

13 Jun

We Are Very Confident Our Second Review Will Be Approved By IMF – Dr Amin Adam

Wontumi2BusinessDr Mohammed Amin Adam

The Finance Minister Dr. Mohammed Amin Adam is hopeful the International Monetary Fund (IMF) will approve the third tranche funding support of $360 million for Ghana after its review. He expressed the optimism after government made a significant milestone in its debt restructuring journey with bilateral creditors. The government has reached an agreement on a Memorandum of Understanding (MoU) with its Official Creditor Committee. The agreement on the MoU will pave the way for the IMF to review Ghana’s performance under a 3 year economic support programme. According to Dr. Amin Adam, Ghana has met all requirements which are crucial…

16 May

Govt Seeks To Transform Ghanaian Smes Into Millionaire Companies – Finance Minister

Wontumi2BusinessDr Mohammed Amin Adam

The government has committed to an ambitious vision to transform Ghanaian Small and Medium-sized Enterprises (SMEs) into millionaire companies. It intends to increase financing for SMEs in critical sectors of the economy, particularly agriculture and agro-processing, and manufacturing, while creating an environment to lessen the risk of commercial banks’ lending to SMEs. The government would also champion the training of SMEs in business plan preparation, book keeping and basic systems in banking. This is to build their capacities to understand and meet the conditions to easily access loans from banks, and grants from other development finance institutions for expansion and…

14 May

Govt Initiates Accelerated Disbursement Of $1bn To Boost Economic Growth

Wontumi2BusinessDr Mohammed Amin Adam

The government is expediting the allocation of nearly $1 billion from development partners to fortify the country's economic expansion, as part of a series of initiatives set to reinforce macroeconomic advancement by year-end. Finance Minister, Dr. Mohammed Amin Adam, highlighted the relative stability of the cedi, reduced inflation rates, and declining interest rates as positive signs of economic recuperation that necessitate robust fiscal strategies to sustain. Addressing attendees at the inauguration of the 3i Africa summit, Dr. Amin-Adam emphasized that the accelerated disbursement aims to create an enabling environment for the financial sector's expansion. "The government is also implementing measures…

25 Apr

Govt’s Fiscal Adjustment Is Progressing Well – IC Research

Wontumi2BusinessDr Mohammed Amin Adam

According to IC Research, Ghana government's fiscal adjustment is progressing well, surpassing initial expectations for the 2023 fiscal year. Initially targeting a fiscal adjustment equivalent to 3.8% of Gross Domestic Product (GDP) with a primary deficit of 0.5% of GDP in the 2023 Budget, the government exceeded projections. Instead of a deficit, the primary balance recorded a surplus of 0.4%, indicating a stronger-than-programmed outcome. IC Research estimates that this robust performance translates into a fiscal adjustment of 4.7% of GDP in 2023, surpassing the anticipated cumulative adjustment of 5.1% over three years. The IMF also confirmed significant improvement in the…