A member of the Governing Board of the Bank of Ghana (BoG), Isaac Adongo, has responded to the former Minister of Finance, Dr. Mohammed Amin Adam, on how this administration is getting money to run the economy.
Adongo has told the former Finance Minister that Ghanaians trust the NDC government with their monies, the reason the administration is not having difficulties raising bonds on the capital market for government business.
He said that in response to Dr. Adam’s reaction to President Mahama’s claim that Ghana was “criminally mishandled.”
The President, during a minimum wage negotiation with Organised Labour, Thursday, February 20, 2025 said “Comrades, we know we are your natural allies, we have worked together for many years.
“One thing that is a cardinal principle for us is to tell the truth at all times, we all knew that the economy was in crisis but some of the things I am discovering myself, have been a criminal handling of our economy, Ghana is a crime scene because how a government can be so reckless I can’t understand it.”
Responding to the comments, the former Finance Minister questioned how the government was able to meet its bond subscriptions on the capital market and secure mature coupons to pay for bondholders who subscribed for the Domestic Debt Exchange Programme amid others, if the economy was administered abysmally as the President claims.
“How could an economy described as “criminally mishandled” able to afford increases in the base pay for public sector workers by 30% in 2023; 23% from Jan – June 2024; and 25% from July – December 2024; and still posted decent fiscal deficits?
“What has changed between December 2024 and February 2025, that suddenly put the economy in crisis, which cannot afford an adjustment in the base pay above 10%?” asked Amin Adam.
Meanwhile, Isaac Adongo, who is also the Member of Parliament for Bolgatanga Central, has explained how things appear to be going smoothly for the new government.
He says people lost trust in the previous administration and kept their monies with them, and chose to trust a government with credibility to subscribe for their bonds.
In an exclusive interview on TV3 NewDay Friday, February 28, 2025, Adongo explained that Ghanaians checked out with the NPP government long before they lost power.
“People were holding their money. They were asking for money and people were refusing to give them. That is why the history of the last couple of months show that consistently for 16 weeks, they were not getting the money they wanted from the people of Ghana.
“So, those monies have piled up, there are no investment options and they are bringing those monies to the government they can trust. That is the reason why we are getting over-subscriptions. It’s because people checked out on the government long before they lost power. Ghanaians had checked out and were saving their money for this day and the Messiah has arrived,” he stated.
Gov’t borrowing: ‘We’ll not be reckless in the face of excess liquidity’ – Adongo
