Dr. Mohammed Amin Adam Archives - Page 2 of 3

25 Apr

Govt’s Fiscal Adjustment Is Progressing Well – IC Research

wontumionlineBusinessDr. 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…

24 Apr

Debt Restructuring: Government To Reach Agreement With IPPs In May

wontumionlineBusinessDr. Mohammed Amin Adam

The government has given an indication about reaching an agreement with Independent Power Producers (IPPs) on debt restructuring as part of measures to reduce deficit in the energy sector. That, Dr Mohammed Amin Adam, Finance Minister, said would be essential in solving the country’s energy sector financial challenges, which has been largely attributed to recent power outages across the country. The Minister was speaking at a press briefing to wrap up Ghana’s activities at the just ended International Monetary Fund (IMF)/World Bank Group (WBG) Spring Meetings in Washington, US. He noted that though the country did not have excess capacity,…

22 Apr

Finance Minister Optimistic About Meeting IMF Conditions For Debt Restructuring Approval

wontumionlineBusinessDr. Mohammed Amin Adam

Finance Minister Dr. Mohammed Amin Adam has revealed that the Official Creditor Committee has circulated a preliminary document outlining Ghana’s debt restructuring plan to its members for assessment. Speaking during a press conference at the IMF/World Bank Spring Meetings in Washington DC, Dr. Amin Adam disclosed that once the committee finalizes the document and shares it with Ghanaian authorities, an agreement can be reached. The IMF is not requiring a finalized deal from bilateral creditors before proceeding to its board; instead, it seeks consensus on the memorandum of understanding (MOU) wording, which will suffice for the IMF board's consideration. Dr.…

02 Apr

Mohammed Kudus’ Goals Against Freiburg Nominated For West Ham March Goal Of The Month

wontumionlineSportsDr. Mohammed Amin Adam

Mohammed Kudus’ brilliant goals in the Europa League match against Freiburg have earned him a spot in West Ham United’s Goal of the Month nominations for March. The Ghana attacker played a crucial role in West Ham’s dominant 5-0 victory at the London Stadium on March 14, scoring two goals that showcased his exceptional skill and determination to record a 5-1 goal aggregate. One of his goals, a breathtaking solo effort initiated from his own half, stands out as a strong contender for the award. Kudus contributed two assists in the match, further highlighting his impact on the team’s success. The…

20 Feb

Let’s Work Together To Achieve GH¢146Bn Target For 2024 – Amin Adam To GRA

wontumionlineBusinessDr. Mohammed Amin Adam, GRA

Mohammed Amin Adam, the newly appointed Finance Minister, has urged the Ghana Revenue Authority (GRA) to work hard to achieve its financial targets for the fiscal year 2024. He stressed that the GRA should adhere to a sophisticated roadmap that balances a user-friendly approach with the uncompromised execution of its mandate. During a visit to the GRA headquarters in Accra on Monday, Dr. Adam reiterated his dedication to enhancing domestic revenue. He also underscored the importance of teamwork in ensuring that the country remains aligned with its IMF programme. This collaborative approach, Dr. Adam believes, is crucial for the nation’s…

20 Feb

New Finance Minister Under Pressure — Calls On Him To Remove ‘Nuisance Taxes’

wontumionlineBusinessDr. Mohammed Amin Adam, Finance Minister

Industry players are beginning to mount pressure on the newly appointed Minister of Finance, Dr Mohammed Amin-Adam, as they demand the removal of what they describe as ‘nuisance taxes’ from the country’s tax regime. The industry players believe that, the Mid-Year Budget Review expected to be laid before Parliament in the next few months can be used to remove those taxes such as Electronic Levy (E-Levy), the taxes on electricity consumption, and the emission tax among others. The numerous port charges are also eating deep into the finances of importers, making it difficult to produce at costs competitive to enable…

08 Sep

Government Will Not Restructure Treasury Bills – Ministry Of Finance

wontumionlineBusinessDr. Mohammed Amin Adam

The Minister of State responsible for Finance and Economic Planning, Dr. Mohammed Amin Adam, has provided reassurance to holders of Treasury Bills (T-bills) that their investments will remain unaffected by the debt restructuring programme as outlined in the 2023 budget. According to Dr. Amin, government is seeking to implement measures that will stabilize the economy while safeguarding the interests of T-bill holders who are already navigating increased cost of living due to the spillover effects of the COVID-19 pandemic and the Russia-Ukraine War. In an interview on Joy News' PM Express on August 24, 2023, Dr. Amin Adam made it clear that…

08 Sep

Government Is Taking Concrete Steps To Ensure Energy Security – Dr. Amin Adam

wontumionlineBusinessDr. Mohammed Amin Adam

Government says it is actively pursuing measures to bolster energy security and alleviate the financial burden stemming from excess capacity payments to Independent Power Producers (IPPs). In an interview with Joy News on Thursday, August 24, 2023, the Minister of State in charge of Finance and Economic Planning, Dr. Mohammed Amin Adam, said out of the staggering $1 billion due to IPPs, a significant US$340 million arose from excess capacity that was not utilized - a consequence of the "take or pay" contracts entered into by the erstwhile NDC administration. "Government has negotiated to pay only for what we consume…

04 Sep

Finance Ministry Rolls Out US$69 Million Affordable Agriculture Financing Project

wontumionlineBusinessAffordable Agricultural Financing for Resilient Rural Development, Dr. Mohammed Amin Adam

To help address the challenge of difficult access to agribusiness financing, an intervention dubbed the ‘Affordable Agricultural Financing for Resilient Rural Development (AAFORD)’ project has been rolled out. The US$69 million project’s primary objective is to improve agricultural productivity, incomes and resilience of smallholder farmers, vulnerable women and the youth. This is expected to be achieved by increasing access to affordable finance in support of better marketing linkages, sustainable and climate-smart strategies, skills and enterprise development in agricultural value chains. It will incorporate a targeted inclusive policy to develop the potentials of women and youths as ‘untapped resources’ for family…

28 Aug

Government Working To Reduce Over-Reliance On T-Bills – Finance Ministry

wontumionlineBusinessDr. Mohammed Amin Adam

Minister of State responsible for Finance, Dr Amin Adam has said government is working to reduce over-reliance on Treasury Bill instruments to finance its initiatives. Since Ghana has been been shut out from the international capital markets, government has had to resort to borrowing from the T-Bills market to sustain the economy. But Dr Amin Adam, who was speaking in an interview on JoyNews' PM Express Business edition said government will continue to embark on an aggressive revenue mobilisation drive to secure the needed liquidity to address financing obligations. “Government is working to reduce its over-reliance on T-bills by aggressively…