Former Minister Warns Against Pension Fund Pressure

Former Finance Minister Mohammed Amin Adam has cautioned Ghana’s government against compelling pension funds to absorb risky bonds amid fiscal shortfalls.

In a July 16, 2025 statement, he urged investors to assess costs and risks independently, citing concerns over pressured participation in unstable debt markets.

Amin Adam highlighted budget execution gaps, noting the 2025 fiscal plan required ₵56.91 billion financing but encountered early repayment demands exceeding ₵6 billion by mid-July. He asserted this diverts resources from critical programs, leaving “many flagship initiatives underfunded” despite parliamentary approval. Ministers reportedly face cash constraints for operational expenses.

Contractor payment delays persist despite Ghana Revenue Authority surpassing half-year targets by ₵4 billion, Amin Adam stated. He revealed the government now seeks World Bank support to clear arrears—a move he characterized as contradictory given domestic revenue performance.

The former minister sharply criticized the NDC’s 24-Hour Economy Programme as “a theoretical construct” without dedicated funding. Comparing it to past “Green Book” promotional tactics, he challenged Finance Minister to clarify financing plans in the upcoming Mid-Year Budget Review: “The launch was merely for public optics… impossible to realise without financial backing.”

Amin Adam concluded that unfunded programs, auction failures, and delayed payments paint what he called “a troubling picture” of fiscal management under President Mahama’s administration.