Amin Adam pledges to keep IMF programme on track

Ghana’s new finance minister, Mohammed Amin Adam, pledged on Thursday (15 February) to keep its US$3 billion International Monetary Fund (IMF) programme on track as it aims to finish restructuring its overseas debt before the December elections.

President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the finance ministry.

Ofori-Atta led the negotiation of the US$3 IMF programme.

He was, alongside Adam, seeking relief on about US$13 billion owed to private bondholders when he was removed.

“There will not be any delays in the ongoing debt negotiations with bondholders because I have been part of the process,” Adam told Reuters in a telephone interview.

“The advisers remain the same and the targets have not changed,” he said, noting that he was involved in talks from the start.

“There will be no reversal on the IMF programme of fiscal consolidation. Revenue mobilisation will be aggressive, backed by new reforms at the Ghana Revenue Authority,” Adam said.

He also said spending would be efficient and directly benefit Ghanaians.

“I am a pro-reform person,” Adam said. “And therefore strongly support the structural benchmarks under the IMF programme”.

The IMF has expressed its support for the new minister.

The World Bank board last month approved US$300 million for Ghana, after it reached a deal to restructure US$5.4 billion of loans with its official creditors.

Ghana is entitled to a three-part, US$900 million Development Policy Operation loan from the World Bank and Adam told a local radio station earlier on Thursday that negotiations for the next disbursement were about to start.