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

• 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

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.

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.

Source: YEN.com.gh