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Akufo-Addo Explains Why He Removed Ken Ofori-Atta As Finance Minister: ”Time For Him To Wind Down”
Ghana

Akufo-Addo Explains Why He Removed Ken Ofori-Atta As Finance Minister: ”Time For Him To Wind Down”

by  Delali Adogla-Bessa 2 min read
  • President Nana Akufo-Addo has explained why he removed Ken Ofori-Atta as Minister of Finance
  • Ofori-Atta was relieved of his position as Finance Minister on Wednesday, February 14, 2024
  • President Akufo-Addo met International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the Jubilee House

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President Akufo-Addo explained why he removed Ken Ofori-Atta from his position as Finance Minister during his government overhaul.

Akufo-Addo suggested that Ofori-Atta was due a break after seven years in the role.

Akufo-Addo on Ofori-Atta removal
Akufo-Addo said Ofori-Atta would take on more narrow roles.
Source: Getty Images

In a meeting with IMF Managing Director Kristalina Georgieva at the Jubilee House over the weekend, President Akufo-Addo said the decision was warranted.

“...I thought it was time for him to wind down and take on more narrow roles."

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Ofori-Atta will now serve as the Senior Presidential Advisor and Special Envoy for International Finance and Private Sector Investments.

In this new office, Ofori-Atta is expected to attract international investments and bolster private sector participation in Ghana's development.

Under-fire Ofori-Atta

Ofori-Atta has been one of the most under-fire ministers and has been subject to protests because of the economic crisis.

Inflation rose above 50% in 2023, and the Cedi currency plummeted in value.

Ghana also returned to the IMF for a bailout under Ofori-Atta's stewardship of the economy.

Ofori-Atta oversaw Ghana's debt restructuring efforts after defaulting on most of its external debt in December 2022.

Over 80 pro-government legislators demanded the removal of Ofori-Atta from office.

The demand by the MPs was, however, rejected by President Akufo-Addo, who called for calm until the completion of Ghana’s negotiation with the IMF for a bailout.

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The president later reposed confidence in the finance minister on various public speaking platforms.

Bawumia promises to scrap a number of taxes

The move to remove Ofori-Atta came as Vice President Mahamadu Bawumia tried to distance himself from the country's recent economic woes.

YEN.com.gh reported that the New Patriotic Party (NPP) flagbearer promised to abolish the e-levy and other taxes burdening Ghanaians.

The Electronic Transfer Levy Act imposed a levy of 1% on electronic transfers.

Bawumia said he would execute these promises if elected president after the 2024 polls.

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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