The Finance Minister has no access to international markets thanks to your bad economic behavior

Prominent policy analyst and President of IMANI Africa, Franklin Cudjoe, has once again come to the defense of Finance Minister Mohammed Amin Adam, questioning the logic of critics who are faulting the government despite a reduction in Treasury Bill (T-bill) rates.

According to Cudjoe, lower interest rates on T-bills should be seen as a positive development, yet some critics continue to find fault with the Finance Minister’s efforts to stabilize the economy.

“The Finance Minister is not buying more T-bills as others stupendously bought at very high rates, and he is distorting the market to artificially achieve a lower inflation rate? Interest rates on T-bills are lower, and that too is a problem?” he questioned in a Facebook post.

He pointed out that the previous government had the luxury of international capital markets, yet mismanaged the borrowed funds, leaving behind a GHS721 billion debt burden. 

The current administration, according to Cudjoe, is working within severe financial constraints, yet is still expected to miraculously fix all economic challenges overnight.

“The Finance Minister has borrowed GHS70 billion in two months to pay your odious GHS721 billion debt. You had access to international capital markets for six and a half years, which you flocked to at will and bellowed it on fake projects without thinking of the impact on the economy. 

The Finance Minister has no access to international markets thanks to your bad economic behavior.”

Cudjoe further noted that the reduction of some taxes has provided citizens with more disposable income, but external factors such as inflation and exchange rate fluctuations continue to impact utility prices.

“The minister has removed major taxes imposed by the last government, and that means people have more disposable income. 

That utility prices such as electricity and fuel could swing automatically every quarter are mostly a function of exchange rate and inflation. It was the last government that introduced the quarterly adjustment in utility prices as part of the IMF program.”

He urged the opposition to provide well-researched and strategic economic proposals rather than shallow criticisms, warning that their approach is hurting their credibility.

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