Deputy Finance Minister, Thomas Nyarko Ampem, has pushed back forcefully against claims by former Finance Minister Dr Mohammed Amin Adam, who suggested that Ghana’s sharp decline in public debt was due to debt cancellation efforts initiated during his tenure.
Speaking during the closing debate on the 2025 Mid-Year Budget Review, Thomas Nyarko Ampem challenged what he described as a “misleading suggestion” by the former minister, calling it a misrepresentation of the facts.
The former minister had claimed that current Finance Minister, Dr. Cassiel Ato Forson, should not take credit for the reduction in Ghana’s debt-to-GDP ratio, arguing that the drop was largely due to debt cancellation negotiations—reportedly worth over US$5 billion—he initiated before leaving office.
But the Deputy Minister firmly rejected that narrative.
“Mr. Speaker, I want to state emphatically that the reduction in Ghana’s public debt level, from GH₵726.7 billion in December 2024 to GH₵613 billion as at the end of June 2025, has nothing to do with any purported debt cancellation,” he clarified.
According to the Deputy Minister, the GH₵113 billion drop in the debt stock was the direct result of the Ghana cedi’s appreciation against the US dollar during the first half of 2025.
“Something that seemed impossible under your tenure,” he added pointedly, directing the remark at Hon. Amin Adam.
This clarification underscores the growing political tug-of-war over credit for Ghana’s fiscal recovery, with both current and former Finance Ministry officials seeking to shape voter perceptions ahead of the December 2024 general elections.
The Ministry of Finance recently described the cedi’s 2025 performance as “the strongest in 60 years.” Backed by surging export receipts, fiscal reforms, and investor confidence, the local currency appreciated more than 42% year-to-date.
Source: Starrfm.com.gh
