Former Finance Minister Mohammed Amin Adam has defended the economic decisions taken under his administration, stating that despite the difficulties faced by Ghanaians, necessary steps were taken to save the economy before his government left office.
Speaking on Good Evening Ghana with Paul Adom-Otchere monitored by MyNewsGH, he emphasized that the reduction in Treasury bill rates was not due to any extraordinary measures by the new administration but rather the natural outcome of policies previously implemented.
He pointed out that government bondholders had been paid after a two-year delay, explaining that although the situation was regrettable, sacrifices were needed to stabilize the economy.
He praised Ghanaians who endured financial hardships, stating, “We have to clap for those who sacrificed, because their efforts helped to save the economy.”
Amin Adam noted that his government had already paid significant amounts in domestic bondholder coupons before leaving office, adding that President Mahama’s recent directive for further payments was not new but merely a continuation of an established timetable.
“The Minister of Finance had always issued statements regarding bondholder payments, but this time, the President himself issued it as if it were a novelty,” he remarked.
On the issue of Treasury bills, he explained that the current government was rejecting some bids not because of any strategic financial planning but due to excess money in the system.
He suggested that non-resident investors were likely channeling funds into the market through domestic institutions, causing increased demand for Treasury bills. This, he said, was the real reason for falling rates.
While welcoming the decline in Treasury bill rates, he questioned the long-term sustainability of the current financial approach, asking, “What is the strategy?”
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