Sustain programme momentum to achieve economic stability – IMF boss tells new Finance Minister

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has advised newly appointed Minister of Finance, Dr. Mohammed Amin Adam to sustain efforts of Ghana’s economic reform programme.

In a letter congratulating the minister, Ms. Georgieva urged Dr. Amin Adam to continue with the momentum of the IMF programme to achieve economic stability.

She pointed out that guidance will be very important in getting the programme rolling to achieve its targets.

Your leadership will be essential in sustaining Ghana’s reform effort and in further extending the current momentum of compelling programme performance and gradual economic stabilization. I would like to extend my warmest congratulations on your appointment as Ghana’s Minister of Finance”, the letter said.

Pledging her support, Georgieva stated that the IMF will work with the new minister to help in Ghana’s economic recovery.

I would like to assure you of the International Monetary Fund’s continued commitment to support you in these endeavors. Please accept my very best wishes of success in your new role at a critical moment in Ghana’s history”, it added.

Ghana is implementing a three year programme with the IMF, aimed at supporting the country with 3 billion dollars support fund.

Already, Ghana has received a second tranche funding of 600 million dollars, after receiving an initial 600 million dollars to support the country’s Balance of Payment account.

Profile of Amin Adam

Until his appointment, Dr. Amin Adam was the Minister of State at the Finance Ministry.

He takes over from Ken Ofori-Atta who served in office for seven years.

Dr. Mohammed Amin Adam is an Economist, Energy and Petroleum Policy Expert, and Resource Governance Advocate.

He holds a PhD in Energy and Petroleum Economics (2014) from the University of Dundee, Center for Energy, Petroleum and Mineral Law and Policy (CEPMLP), United Kingdom.

He obtained a Master of Philosophy Degree in Economics (2002), and Bachelor of Arts (Honours) Degree in Economics (1998) both from the University of Cape Coast.

He has also studied various topics and received certificates from the Columbia University, Columbia Center for Sustainable Investment, in New York (Extractive Industries and Sustainable Development), EcoMod Modeling School, Washington D.C. (Computable General Equilibrium Modeling with GAMS), University of Texas at Austin, Centre for Energy Economics, Bureau of Economic Geology, Jackson School of Geosciences, USA (New Era Oil, Gas and Power Value Creation), Harvard University (Executive Leadership), and the International Academy of Leadership, Gummersbach, Germany (Human and Civil Rights).

Political Management

Dr. Adam has gained significant experience in political management and administration spanning over 25 years and held various responsibilities including as Mayor of Tamale, Deputy Northern Regional Minister, Deputy Energy Minister, and Minister of State at the Ministry of Finance.

He is currently the Member of Parliament for Karaga in the Northern Region; and served on the Finance Committee, Defence and Interior Committee and Roads and Transport Committee of Parliament.

He has been playing key roles in the Government of President Nana Akufo-Addo. At the Ministry of Finance, he is Chairman of the Budget Implementation Committee, Chairman of the Arrears Clearance Committee, Co-Chairman of the Economic Policy Coordination Committee; and Member of the Financial Stability Council.

Whilst serving as Deputy Minister for Energy, he was Chairman of the National Energy Transition Committee produced Ghana’s Energy Transition Framework; and was Chairman of Gold for Oil Committee.

Professional life

In private life. Dr. Adam was the Founder and Executive Director of the Africa Centre for Energy Policy (ACEP). Before then, he was the Africa Coordinator of the Africa Against Poverty Programme, IBIS Ghana; National Oil Coordinator at ISODEC, and provided various Consulting services to many organizations including the World Bank, International Labour Organization (ILO), Africa Centre for Economic Transformation (ACET), OXFAM, NRGI, PIAC and Ghana EITI among others.

He had Short Term Appointments with the World Bank on the Efficiency (Cost-Benefit Analysis) of projects funded with petroleum revenues in Ghana (October 2013 to July 2014), and on energizing Ghana’s economic growth (18th October 2012 to 29th March 2013).

He also served as Strategic Advisor to STAR Ghana which managed Pooled funds from DFID, USAID, DANIDA and the EU (January 2014 to December 2014). He also served on the Board of private companies including the Board of ZOIL Oil Waste Services Limited (March 2015 to November 2016), and the Board of Weston Oil and Gas Fund (May 2014 to December 2016).

Global

Dr. Adam is globally recognised for his expertise across varying subjects which earned him membership in global initiatives.

He was appointed as a Member of the Advisory Committee of the International Finance Corporation-World Bank Disclosure to Development Program (April 2018), a Member of the International Advisory Board of Open Contracting Partnership (August 2014), a Member of the International Advisory Board of the Natural Resources and Community Review (August 2014), Member of the International Group of Experts that designed ‘’the Open Contracting Initiative’, in Washington DC; facilitated by the World Bank Institute (2012); and Member of the International Group of Experts that designed ‘’the Open Government Partnership’ in Washington DC; facilitated by the State Department of the United States Government (2011).

He has provided advisory services to African countries among which are Kenya, Liberia, South Sudan, Sierra Leone, Mozambique, Tanzania and Uganda.

Dr. Adam held membership of other global professional bodies including the International Research Collaborative on Natural Resource Governance, Inequality and Human Rights, Law and Society and Columbia School’s Executive Session on the Politics of Extractive Industries, a group of renowned global Experts in the area of Resource management.