Ghana can manage fiscal affairs without supplementary funding, says Amin Adam

Finance Minister Mohammed Amin Adam has said the country can manage its fiscal affairs this year without supplementary funding.

The minister announced during the Mid-Year Budget Review on Tuesday (23 July) that the government would not seek supplementary funding for the rest of the year.

According to Amin Adam, this decision aims to show Ghanaians and the international community that the country can manage its fiscal affairs despite current constraints.

Speaking on the Asaase Breakfast Show (ABS) on Friday (26 July), Amin Adam emphasised the importance of this stance, particularly during an election cycle often linked to fiscal indiscipline.

“First of all, you want to demonstrate to the whole world; I mean most of our financiers, our official creditors, our Eurobond holders, but even our own citizens who want to see fiscal discipline, who want to see fiscal credibility in the way we manage our fiscal affairs and you want to tell everybody that we can do it within the constraints that we find ourselves, particularly in an election year where election cycles are associated with fiscal slips.”

“Because how come you are able to contain expenditure off-election years and during election years you cannot contain expenditure you come out with very high fiscal deficits, even though you don’t have the means to finance it and you have to go borrowing and borrowing to do that,” the minister added.

“So you want to communicate to the world that there can be a difference for once in an election year,” Adam stressed.

“We can even work within our appropriation when you have the pressures of having to spend on things you are rather curtailing spending and that for us is a demonstration of a very high level of fiscal management. That is for us very high levels of fiscal prudence and, therefore, the confidence that you want to see in the economy will continue to be there.”

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