{Full Text} Attempts to Disassociate Reserve Gains From Yesterday’s Effort Analytically Flawed- Minority
The Minority in Parliament has condemned attempts by the government to take all the credit for the reserve accumulation as “analytically flawed and institutionally damaging”.
According to the former Finance Minister, Mohammed Amin Adam, the current accumulation includes US$8.9 billion, which the government inherited from the previous NPP Administration.
“The only new addition was US$2.2 billion. Curiously, the Minister also praised the Ghana Goldbod for bringing in US$5 billion in the first half of the year. One wonders how the addition to the Gross International reserves in the first half of the year was US$2.2 billion in spite of the US$5 billion brought in by Goldbod.”
“We may want to ask the Minister and the Bank of Ghana what they did with the extra US$2.8 billion, because all along, we have known that the Bank of Ghana has been pre-financing gold purchases by the Goldbod.”
He further pointed to the upgrade of Ghana’s credit rating from junk to B-, with stable outlook, as “another unearned credit” for the Minister.
“Was the Honourable Minister Dr. Ato Forson the Finance Minister in October 2024? How could the Hon. Minister stand on the floor of Parliament and praise himself for this unearned credit? Sadly, in his attempt to win public sympathy, he used copious pages to lambast former President Akufo-Addo for undertaking the debt restructuring exercise.
“Is it therefore not hypocritical to turn around and claim credit for the success of the same debt restructuring? How do you criticise an exercise, and accept the product of the same exercise? We know that Ghanaians understand this kind of economics, the NDC is using – Propaganda Economics.”
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