Mohammed Amin Adam Archives

29 Oct

Finance Minister Announces Agreement Reached With Sunon Asogli

Wontumi1BusinessMohammed Amin Adam, Sunon Asogli

Ghana’s power supply is anticipated to stabilise following a recently renegotiated agreement between the government and Independent Power Producer, Sunon Asogli. The new deal, announced by Finance Minister Dr. Mohammed Amin Adam, seeks to resolve power disruptions that arose from a financial impasse between Sunon Asogli and the Electricity Company of Ghana (ECG). Sunon Asogli’s 560-megawatt power plant had been shut down since October 16 due to ECG’s substantial outstanding debt, estimated at $259 million as of September 2024. The power producer cited this unpaid amount, which excluded fuel costs, as the primary reason for halting its operations, causing financial strain and…

29 Oct

Government Expects Cedi To Withstand Seasonal Demand-Surge

Wontumi1BusinessBoG, Mohammed Amin Adam

Government has expressed confidence in the cedi’s ability to withstand increased forex demand, particularly as the holiday season approaches. Finance Minister Dr. Mohammed Amin Adam expressed confidence during a media briefing in Washington, D.C., USA – noting recent efforts to bolster the nation’s foreign currency reserves and secure international financial support to ease pressure on the cedi. “We’ve seen relative stability in the cedi over the last month,” Dr. Adam stated, adding that government is “determined to continue stabilising the cedi”. He acknowledged that as year-end approaches demand for foreign currency typically rises, driven by increased import and business activities. To address…

19 Sep

Ghana’s GDP Shows Economy Is Fast Recovering Despite DDEP – Finance Ministry

Wontumi2BusinessMohammed Amin Adam

The Ministry of Finance (MoF) says the country’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring. According to the latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024. In a statement on Thursday, September 19, the MoF highlighted, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).” The Ministry…

19 Sep

MoF Refutes Rumours Of CBG Sale To Foreign Entity

Wontumi2NewsCBG, Mohammed Amin Adam

The Ministry of Finance (MoF) has denied claims that Consolidated Bank Ghana (CBG) has been sold to a foreign investor. This follows CBG’s earlier dismissal of the same rumours. MoF in a statement issued on Wednesday, September 18, noted that “We wish to state that CBG has not been sold and these reports are entirely false and misleading. CBG remains solely a state-owned bank after it was converted from a bridge bank into a universal bank and licensed by the Bank of Ghana.” “CBG, as a policy bank, remains critical in the Government’s strategy of supporting indigenous businesses and the…

30 Aug

Northern Ghana Drought: Govt Signs $5m Insurance Payout Against Future Occurrence

Wontumi2BusinessMohammed Amin Adam

The government is intensifying efforts to mitigate a looming food insecurity crisis due to the ongoing dry spell in the Northern and Middle Belts. To address the situation, the government has mobilized funds, imposed a temporary ban on grain exports, and prioritized grain imports. Finance Minister, Dr. Mohammed Amin Adam announced that the government has purchased a $1 million insurance policy to protect smallholder farmers in the northern region against future droughts. The policy will pay out $5 million in the event of a drought. He said, “The government has purchased an insurance policy against future drought in the northern…

30 Aug

IMF Bailout: Board To Consider 3rd Review For Approval By December – Amin Adam

Wontumi2BusinessMohammed Amin Adam

Dr Mohammed Amin Adam has disclosed that the International Monetary Fund (IMF) Executive Board will consider Ghana’s third review for approval by the end of December this year. He said this would enable the Board to immediately disburse the fourth tranche of $ 360 million bringing the total disbursements to $1.92 billion. Dr Adam said this during the Monthly Economic Update in Accra on Thursday. “Preliminary data for the 1st half of 2024 indicates that we are on track to meeting the targets for the 3rd Review. It is expected that the IMF Executive Board will consider Ghana’s 3rd Review…

21 Aug

Finance Minister Fears Food Inflation May Soar Due To Delayed Rains

Wontumi1BusinessDelayed Rains, Food inflation, Mohammed Amin Adam

The Finance Minister, Mohammed Amin Adam (MP), has expressed concern that the delay in rains and its impact on crops could lead to a surge in food inflation. The Minister, accompanied by the Minister of Agriculture, Bryan Acheampong (MP), toured farms in the Bono East region to gain firsthand experience of the situation. After visiting several farms, the Finance Minister expressed his worries and assured farmers of government intervention, although he acknowledged that this could potentially contribute to an increase in inflation. On his part, the Minister of Agriculture, Bryan Acheampong, emphasized the need for government support to enable farmers…

12 Jun

Government Secures Landmark Debt Agreement With Official Creditors Committee

Wontumi2Businessdebt agreement, Mohammed Amin Adam

The Government has announced a significant milestone in its debt restructuring journey, having reached an agreement on a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC). This is concerning the debt treatment agreed upon in January 2024. The OCC, co-chaired by China and France, played pivotal roles in achieving this milestone. The MoU formalises the agreement in principle reached with Official Creditors in January and marks a crucial step towards restoring Ghana's long-term debt sustainability. "The financial terms of the agreement remain unchanged, providing significant debt service relief during the Fund-supported program period," stated the Finance Minister, Dr…