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The Minority in Parliament has issued a strong caution to Finance Minister, Dr. Cassiel Ato Forson, urging him to handle Ghana’s finances with extreme care to prevent setbacks in the country’s efforts to achieve sustainable debt levels.
Expressing concerns about Ghana’s financial track record, the Minority highlighted past instances where the country suffered significant financial penalties due to inaccurate economic data reported to the International Monetary Fund (IMF).
Addressing the media at a press briefing, former Finance Minister Dr. Mohammed Amin Adam referenced a notable incident during the administration of the National Democratic Congress (NDC) under former President Jerry John Rawlings. He recalled that Ghana was fined $39 million for providing incorrect financial information to the IMF.
“The Ghanaian people can recall that in the past, Ghana was fined $39 million for misreporting economic data to the IMF due to wrong data submitted by the NDC government led by former President Rawlings,” Dr. Adam stated.
Dr. Amin Adam further voiced concerns that history could repeat itself under the current NDC-led government of President John Mahama. He warned that any financial mismanagement or inaccuracies in economic reporting could severely impact Ghana’s financial stability.
In his remarks, he advised Finance Minister Dr. Ato Forson to ensure accuracy and transparency in financial reporting to safeguard the nation’s economic credibility.
“We wish to advise the Minister for Finance to tread cautiously in order not to derail our march to sustainable debt levels,” he reiterated.
This caution from the Minority comes at a time of heightened concerns regarding Ghana’s debt management and the need for strict fiscal discipline to maintain economic recovery efforts.
As the government navigates complex economic challenges, stakeholders remain watchful of how fiscal policies will shape Ghana’s financial future in the coming months.
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