The Minority in Parliament cautions Finance Minister Dr. Ato Forson about caution in financial management to avoid setbacks in achieving sustainable debt levels. Past misreporting incidents raised concerns about economic stability under the current administration. Former Finance Minister Dr. Amin Adam emphasized the need for accuracy and transparency in reporting to safeguard Ghana’s financial credibility.
The Minority in Ghana’s Parliament has urged Finance Minister Dr. Cassiel Ato Forson to exercise extreme caution with the country’s finances to ensure progress toward sustainable debt levels is not hindered. They voiced concerns regarding past financial setbacks, particularly the penalties Ghana faced for misreporting economic data to the International Monetary Fund (IMF).
At a recent press briefing, former Finance Minister Dr. Mohammed Amin Adam recalled an incident during the National Democratic Congress (NDC) administration under former President Jerry John Rawlings, where Ghana incurred a $39 million fine for inaccurate reporting submitted to the IMF. He stated, “The Ghanaian people can recall that in the past, Ghana was fined $39 million for misreporting economic data to the IMF.”
Dr. Amin Adam cautioned that if similar mismanagement occurs under the current NDC government led by President John Mahama, it could endanger economic stability. He emphasized the importance of prioritizing accuracy in economic reports to safeguard the country’s financial credibility.
“We wish to advise the Minister for Finance to tread cautiously in order not to derail our march to sustainable debt levels,” he reiterated, highlighting the urgency of maintaining effective debt management strategies.
The Minority’s warnings arise amid growing concerns about Ghana’s fiscal discipline and the overall management of economic recovery efforts. Stakeholders remain vigilant regarding the implications of current fiscal policies on the country’s financial future in the coming months.
In summary, the Minority has issued a serious caution to Finance Minister Dr. Ato Forson regarding prudent financial management to prevent negative repercussions on Ghana’s economic progress. Historical precedents of misreporting to the IMF underscore the potential risks involved. The call for transparency and accuracy in financial reporting is critical to maintain the nation’s financial credibility and ensure sustainable debt levels.
Original Source: citinewsroom.com
