Former Finance Minister Dr. Mohammed Amin Adam has defended the Akufo-Addo administration’s borrowing during the COVID-19 pandemic, insisting that the loans secured were essential for economic stability rather than reckless.
According to him, the financial crisis triggered by the pandemic demanded urgent intervention, and the government acted responsibly in securing funds to support the economy.
Speaking on Channel One TV on Monday, March 17, Dr. Amin Adam dismissed claims that the government’s debt strategy was irresponsible.
“I don’t know how anybody would describe the borrowing to address the COVID-19 pandemic as reckless. I don’t know if anybody is right to call that reckless borrowing,” he stated.
He explained that responsible debt management involves borrowing while ensuring sustainability, emphasizing that the Akufo-Addo administration took strategic steps to manage Ghana’s debt burden.
“It takes a government that understands debt dynamics to borrow and negotiate a reduction in debt. The question should be, by the time we left, were the debt levels sustainable or not?” he argued.
Dr. Amin Adam also noted that every administration inherits and services debts from its predecessor. He pointed out that the Akufo-Addo government settled obligations left by the Mahama administration in 2016, stressing that debt management is a continuous process.
He concluded that if the New Patriotic Party (NPP) had won the 2024 elections, they would have continued managing Ghana’s debt in line with their fiscal policies.
Criticizing the current administration, he remarked, “I don’t see why he [the finance minister] would be running away from the issues they asked Ghanaians to vote for them to come and address.”
READ ALSO: