Akufo-Addo Praises Ofori-Atta’s Excellent Performance As Finance Minister

• President Nana Akufo-Addo has praised the performance of his finance minister Ken Ofori-Atta
• This is despite longstanding calls for him to sack the minister who has been accused of plunging the economy into hardship
• The president said he is confident in the ability of the minister to revive Ghana's economy because he has done that before

President Nana Akufo-Addo rubbished persistent calls to sack his finance minister Ken Ofori-Atta over Ghana’s current economic hardship.

He told a local language radio station in Kumasi on Monday, October 17, 2022, in the Ashanti Region that he has confidence in the minister’s ability to revive the economy.

“I came to office in 2017 under a stringent IMF programme. This same man was able to manage the affairs of our economy in such a way that in my first term, we were one of the fastest-growing economies in the world,” he told OTEC FM.

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The approving comments for the minister by the president follow a long-standing public push for Mr Ofori-Atta to be sacked.

Many feel the minister, who is a cousin of the president, has mismanaged the economy by plunging the country into unsustainable public debt levels.

Ghana’s long-term issuer and senior unsecured debt ratings have already been downgraded from Caa1 to Caa2 by rating agency Moody’s.

Moody’s had earlier this year downgraded Ghana from B3 to Caa1.

Fitch Ratings has also downgraded Ghana’s long-term local and foreign-currency issuer default ratings (IDRs) drop to ‘CC’, from ‘CCC’.

That is not all. High inflation driven by high prices of imported goods and transport fares has made Ghana’s economy unbearable for the ordinary Ghanaian.

However, touting the credentials of Ofori-Atta, Akufo-Addo said when he came to office in 2017 under a stringent IMF programme, it was Ofori-Atta who successfully managed the affairs of our economy to become one of the fastest-growing economies in the world.

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“An average growth rate of 7% allowed us to initiate programmes such as Planting for Food and Jobs. So somebody who has been able to do that. The current difficulties are not his fault. So how do I do it [sack him]? What will be the basis? What will be the rationale?” he quizzed.

Ofori-Atta Consoles Sacked Kwasi Kwarteng

YEN.com.gh has reported in a separate story that Ken Ofori-Atta has expressed sadness over the sacking of Kwasi Kwarteng as UK Finance Minister.

Ofori-Atta disclosed that he has sent a letter to the fired UK chancellor consoling him about the unfortunate turn of events.

He told business journalist Paa Kwesi Asare that in that letter, he told the sacked Exchequer that "Lord knows best."

Mr Kwarteng was sacked for his economic policies deemed unfit for the UK economy.

Source: YEN.com.gh