finance minister Amin Adam

Parliamentary Deadlock Halts $300M World Bank Disbursement For Ghana
04 Dec

Parliamentary Deadlock Halts $300M World Bank Disbursement For Ghana

Wontumi10 CommentsBusiness,
The government has acknowledged that the ongoing parliamentary impasse has stalled the disbursement of $300 million in World Bank funding, part of a broader financial support package aimed at stabilizing Ghana’s economy, financing critical sectors, and addressing fiscal gaps. The funds remain inaccessible due to the deadlock in Parliament, which has been on an indefinite break over disagreements between the two main political parties about which holds the majority of seats. “We should have passed some legislation to qualify for $300 million from the World Bank. However, the disbursement is delayed because those bills remain unpassed due to Parliament’s inactivity.…
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6.9% GDP Growth In 2024 Q2 Shows Economic Recovery – Finance Ministry
20 Sep

6.9% GDP Growth In 2024 Q2 Shows Economic Recovery – Finance Ministry

Wontumi1Business, ,
The Ministry of Finance has announced that the latest Gross Domestic Product (GDP) figures from the Ghana Statistical Service (GSS) indicate a rapid recovery of the Ghanaian economy despite global challenges and ongoing debt restructuring. The Ministry attributes this strong economic rebound to the government’s macroeconomic stability and growth initiatives under the IMF-supported Post-Covid-19 Programme for Economic Growth (PC-PEG). “Overall real GDP growth for the first half of 2024 has shown a significant resurgence, with an average year-on-year growth of 5.8% for the period, a notable increase from the 2.9% recorded during the same period in 2023. This growth includes…
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Inflation Expected To Reach 15% By End Of 2024 – Amin Adam
06 Aug

Inflation Expected To Reach 15% By End Of 2024 – Amin Adam

Wontumi1Business,
Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, has projected that Ghana’s inflation rate will reach 15% by the end of 2024. Speaking during a town hall meeting in Accra, he highlighted that the Akufo-Addo-Bawumia administration’s efforts in managing inflation despite economic challenges, noting that the current government has achieved significant reductions in inflation rates since taking office in 2017. Dr. Amin Adam compared the current inflation rate to that of the previous National Democratic Congress administration, which recorded inflation rates of 17.7% in 2015 and 15.4% in 2016. In contrast, the NPP government, according to…
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Finance Minister Seeks US$12 Billion Investment From Saudi Arabia
23 Jul

Finance Minister Seeks US$12 Billion Investment From Saudi Arabia

Wontumi1Business,
Finance minister Dr. Mohammed Amin Adam has called on Saudi investors to contribute its quota in raising US$12billion over the next three years. This, he explains, remains critical to helping the country recover to the pre-COVID era’s level. The appeal was made during a high-profile meeting with the Arab Bank for Economic Development in Africa (BADEA), under the theme ‘Ghana: unleashing opportunities through strategic investments’. Dr. Adam underscored the critical role of foreign investment in the country’s post-COVID recovery efforts, saying: “If you can help us raise US$12billion over the next three years to finance our recovery and finance our…
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Amin Adam Lead Ghana’s Delegation To IMF/World Bank Spring Meetings In Washington
17 Apr

Amin Adam Lead Ghana’s Delegation To IMF/World Bank Spring Meetings In Washington

Wontumi1Business,
The Minister for Finance, Dr Mohammed Amin Adam, is leading Ghana’s delegation to the IMF/World Bank Spring Meetings taking place in Washington DC. The delegation which is made up of officials from the Finance Ministry and the Central Bank include, Hon Abena Osei Asare, Minister of State at the Finance Ministry, Hon Fatimatu Abubakar, Minister-Designate for Information and Dr Ernest Addison, Governor of the Bank of Ghana and Dr Maxwell Opoku-Afari, First Deputy Governor of Bank of Ghana. While in Washington, the delegation will among others meet with Kristalina Georgieva, IMF Managing Director and Ajay Banga, World Bank President. The…
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Finance Ministry Confirms Need For Further Bond Restructuring
16 Apr

Finance Ministry Confirms Need For Further Bond Restructuring

Wontumi1Business
The Ministry of Finance has clarified that while an interim agreement has been reached with external bondholders, Ghana must still modify the deal to align with debt sustainability targets set by the International Monetary Fund (IMF). This clarification comes in response to concerns raised by certain economic sectors regarding Ghana's failure to finalize an agreement with two bondholder groups to restructure $13 billion of international bonds. According to the Ministry, negotiations have temporarily halted due to feedback from the IMF indicating that the proposed deal does not meet the organization's parameters for debt sustainability, which determine a country's manageable debt…
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Finance Minister Announces Energy Sector Audit And Tariff Methodology Review
15 Apr

Finance Minister Announces Energy Sector Audit And Tariff Methodology Review

Wontumi1Business
Dr. Mohammed Amin Adam, the Finance Minister, disclosed during a joint press briefing with the International Monetary Fund (IMF) on Saturday, April 13, that Ghana will undertake a comprehensive audit of the energy sector as part of the IMF-supported programs. He also highlighted plans to reinforce the implementation of the cash waterfall mechanism as part of ongoing reforms. Dr. Adam emphasized the government's commitment to enhancing transparency in tariff setting, mentioning plans to review the Public Utilities Regulatory Commission's (PURC) methodology to reduce discretionary practices and ensure a more transparent process. Acknowledging Ghana's achievements, he stressed the need for continued…
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Finance Minister Charges GRA Customs To Reduce Leakages
26 Mar

Finance Minister Charges GRA Customs To Reduce Leakages

Wontumi1Business
The Minister of Finance, Dr Mohammed Amin Adam, has charged the Customs Division of the Ghana Revenue Authority (GRA) to put in more efforts to reduce revenue leakages at the entry points. He stated that notwithstanding the successes chalked up by the Customs Division, with the Tema Collection alone mobilising 95.03 per cent of its targeted revenue for last year, there was more the GRA and its Customs Division, in particular, could do to further enhance the level of efficiency at the ports. Dr Adam was speaking at a meeting with the staff of the GRA, Customs Division, at the…
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