Dr. Mohammed Amin Adam

Government Considers Re-opening DDEP For Persons Who Didn’t Sign Up – Dr. Amin Adam
25 Aug

Government Considers Re-opening DDEP For Persons Who Didn’t Sign Up – Dr. Amin Adam

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Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has disclosed that government is looking at reopening the Domestic Debt Exchange Programme for persons who did not sign up to reconsider their decisions. According to him, the move has been influenced by concerns of tradability by some investors who still want to hold on to the old bonds and government papers. Dr. Adam added that the proposal could be considered soon with some measures taken to deal with the concerns of all investors. Appealing to bondholders who did not sign up the first time, he urged such investors…
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Government Denies Solely Relying On Treasury Bills To Service Coupons On New Bonds
25 Aug

Government Denies Solely Relying On Treasury Bills To Service Coupons On New Bonds

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Government has denied that it is solely using funds raised from treasury bills to finance coupon payments of new bonds. According to government, it has been using other sources of funding to pay the new bonds. Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam disclosed this on PM Express Business Edition on August 25, 2023 with host George Wiafe. “We are collecting tax revenue, grants and pursuing expenditure controls. All these are avenues that government is depending on to finance its expenditure”, he explained. He stated that recent payment of bonds made on August 22, 2023 were…
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E-VAT Pilot Emboldens Gov’t To Expand Tax Net
11 Jul

E-VAT Pilot Emboldens Gov’t To Expand Tax Net

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The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has revealed that results from the pilot phase of the e-VAT are encouraging; and that the Ghana Revenue Authority (GRA) is eager to ride on its success to widen the tax net. According to him, government is leveraging digitalization – including initiatives such as the e-VAT, e-Levy and Ghana.gov among others – to expand the tax net, eliminate leakages and close the tax gap. “Results from the e-VAT pilot phase supplemented by physical monitoring by GRA staff are truly revealing. The initial results have emboldened us to expand…
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Cryptocurrency Ban Remains In Effect – Finance Ministry Cautions
05 Jul

Cryptocurrency Ban Remains In Effect – Finance Ministry Cautions

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Despite the crusades on cryptocurrency and it being the next financial outlet, government has reiterated the ban on the digital monetary channel remains in effect. Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, made the announcement when he answered questions on the floor of Parliament. The minister again cautioned that financial institutions have been told not to participate in cryptocurrency transactions until a proper framework has been established by the Central Bank. “The government will continue to allow associated technologies, such as blockchain and distributed innovations in a sun box, as we explore the development of a framework.…
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Ghana Far Advanced In Negotiation With World Bank For $900m Budget Support – Dr. Amin Adam
19 May

Ghana Far Advanced In Negotiation With World Bank For $900m Budget Support – Dr. Amin Adam

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The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, says Ghana is far advanced with negotiation with the World Bank for $900 million budget support facility. According to him, the budget support facility will be disbursed over the next three years alongside the International Monetary Fund’s $3 billion facility. Speaking on JoyNews’ PM Express Business Edition, he said, “Once we applied for the IMF supported programme, we also started engaging with the World Bank for budget support and I’m happy to report that we’re far advanced. “We’re almost concluding the negotiation with the World Bank for a…
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Government Expecting $1.2bn In IMF Disbursement For 2023 –Dr Adam
16 May

Government Expecting $1.2bn In IMF Disbursement For 2023 –Dr Adam

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The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has disclosed that Ghana will receive $1.2 billion this year after government gets an International Monetary Fund (IMF) Board approval by Wednesday, May, 17, 2023. “You can imagine what this will do to Ghana’s Balance of Payment support going forward”, he said. Dr. Adam disclosed this to Joy Business in a yet to be aired PM Express Business Edition with Host George Wiafe on Thursday May 18, 2023. Details of the disbursement According to him, about $600 million would be disbursed to Ghana within a week, once Ghana’s programme…
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Financial Stability Fund Set For Operationalisation With US$750 Million
02 May

Financial Stability Fund Set For Operationalisation With US$750 Million

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The Financial Stability Fund (FSF) is finally set to come into play with a US$750million disbursement from the Ministry of Finance. The sum, which translates to approximately GH¢9billion – or 60 percent of the aspirational GH¢15billion, is expected to provide solvency and liquidity support to eligible financial sector institutions affected by – and who fully participated in – the domestic debt exchange programme (DDEP). The FSF aims to strengthen the country’s financial system by promoting overall macroeconomic stability. It will provide short-term liquidity to eligible financial institutions and act as a buffer for any unintended shocks to the financial sector.…
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