Ghana’s Minister of Finance, Mr. Ken Ofori-Atta, has been dismissed.
Ghanaian president, Nana Akufo-Addo, has also appointed a new finance minister as Ofori-Atta’s replacement.
According to reports, the erstwhile finance minister got the boot due to the financial crises that have plagued the country in recent years under Ofori-Atta’s tenure.
Ghana is preparing for the 2024 general elections, which includes the presidential election.
According to a report by the Reuters, Akufo-Addo sacked the minister as criticisms mounted for how he handled the economic issues facing the nation.
The President’s office, which issued the statement sacking Ofori-Atta, also revealed that Mohammed Amin Adam, the minister of state for finance, would be replacing Ofori-Atta.
Ofori-Atta had been in charge of the nation’s debt restructuring operations as Ghana struggled to recover from its worst economic crisis in over 20 years.
The ex-minister resumed office in 2017 alongside the president, with the responsibility to create jobs, fight poverty, and boost economic growth by cutting taxes and red tape.
Experts note that, in the past three years, Ghana’s economy has taken a significant dive, generating a slew of economic challenges, including the rise in the cost of living and the devaluation of the Cedi.
While the economy seemed to be gradually recovering under the International Monetary Funds’ $3 billion loan programme, Ofori-Atta was regularly criticized by protestors, opposition MPs, and members of his party for his handling of Ghana’s economic issues.
It may be recalled that in late January, a local newspaper had reported that Ofori-Atta was in a celebratory mood, subtly praising himself while welcoming the IMF’s release of the second tranche of Ghana’s extended credit facility.
Ofori-Atta had described the approval of an additional $600 million for Ghana’s bailout programme as a proof of the country’s progress in its economic reform.
“Earlier today, the IMF endorsed the first review of our programme. This is a resounding affirmation that the programme is advancing steadily, and our reform trajectory remains steadfast. Consequently, the endorsement has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank,” Mr. Ofori-Atta had said during a joint press conference between the Ministry of Finance and the IMF on Friday, January 19, 2024, according to The Herald Ghana.
