The Minority in Parliament has warned Finance Minister Dr. Cassiel Ato Forson about the risks of mismanaging Ghana’s finances, recalling past penalties for misreporting economic data. Former Finance Minister Dr. Mohammed Amin Adam referenced a $39 million fine under the NDC government, stressing the need for accurate reporting to maintain credibility and achieve sustainable debt levels.
The Minority in Ghana’s Parliament has urged Finance Minister Dr. Cassiel Ato Forson to be vigilant in his financial management to ensure the country does not regress in its efforts towards achieving sustainable debt levels. They highlighted historical issues related to the misreporting of economic data which has previously resulted in significant penalties for the nation.
During a press conference, former Finance Minister Dr. Mohammed Amin Adam cited an instance from the National Democratic Congress (NDC) era under former President Jerry John Rawlings, where Ghana faced a $39 million fine for inaccurately reporting financial data to the International Monetary Fund (IMF).
Dr. Amin Adam expressed concern that repetitive mistakes may recur under the current NDC government, led by President John Mahama, thus threatening economic stability. He emphasized the critical need for accuracy and transparency in economic reporting to safeguard the nation’s financial reputation.
He stressed, “We wish to advise the Minister for Finance to tread cautiously in order not to derail our march to sustainable debt levels.” The Minority’s caution arises amidst rising anxieties regarding Ghana’s debt management and the importance of strict fiscal discipline for economic recovery.
As the government tackles complex economic challenges, the impact of its fiscal policies on Ghana’s financial future remains closely observed by stakeholders.
In summary, the Minority in Parliament has cautioned Finance Minister Dr. Ato Forson to manage financial reporting diligently to avoid past mistakes of misreporting, which could lead to significant penalties and jeopardize Ghana’s quest for sustainable debt. Dr. Amin Adam’s reminders of historical fines underscore the necessity for transparency and accuracy in this regard, especially given the current economic challenges faced by the nation.
Original Source: citinewsroom.com
