Ghana’s Minister of Finance Ofori-Atta has been dismissed. The president of Ghana, Nana Akufo-Addo has appointed a new finance minister owing to the financial crises that have plagued the country in recent years under the jurisdiction of Ofori-Atta. This move comes amidst preparations for the country’s 2024 general elections.
- Ken Ofori-Atta ousted amidst economic turmoil and criticism.
- Mohammed Amin Adam was named as the replacement by President Akufo-Addo.
- A $3 billion IMF loan aims to stabilize Ghana’s economy, with debt restructuring underway.
According to a report by the American news agency, media source Ghana’s president replaced the finance minister in the cabinet after receiving criticism for how he handled the economic issues facing the nation.
The move comes amidst preparations for the country’s next presidential elections and was announced on Wednesday, by the president’s office.
The office also revealed that Mohammed Amin Adam, the minister of state at the finance ministry, who has also held the office of deputy energy minister, would be replacing Ofori-Atta.
The now ex-Finance Minister Ken Ofori-Atta has been in charge of the nation’s debt restructuring operations as the gold-coast struggles to recover from its worst economic crisis in over 2 decades.
The ex-minister resumed office in 2017 alongside the president with the goal of creating jobs, fighting poverty, and boosting economic growth by cutting taxes and red tape.
In the past 3 years, Ghana’s economy has taken a significant dive, generating a slew of economic challenges including the constant rise of the cost of living and the devaluation of the currency.
While the economy seem to be gradually recovering under the International Monetary Funds’ $3 billion loan program, Ofori-Atta has no less been criticized by protestors, opposition MPs, and members of his party for his handling of Ghana’s economic issues.
IMF’s Fund
In May 2023, the International Monetary Fund’s executive board authorized a $3 billion, three-year loan deal for Ghana, enabling for an immediate payout of approximately $600 million and potentially providing a way out of the West African country’s worst economic crisis in a decade.
According to an IMF statement, early debt restructuring agreements with foreign creditors are critical to the effective implementation of the Extended Credit Facility loan, which is intended to assist Ghana in resolving immediate policy and financial issues.
Shortly after, Ghana relayed its plans to restructure its debt, seeking a $10.5 billion reduction in the amount of external debt service from 2023 to 2026.
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