Ghana's President Nana Akufo-Addo has announced the removal of minister Ken Ofori-Atta and several others in what is anticipated to be his final ministerial reshuffle ahead of the nation's crucial December election. The decision comes amidst increasing pressure on Ofori-Atta, whose term has been marked by economic challenges and public dissatisfaction.
Ofori-Atta is set to assume the role of senior presidential advisor on finance and special envoy on international investment and the capital markets, as per sources from Jubilee House.
President Akufo-Addo conveyed his "sincere appreciation" to Ofori-Atta and the other affected individuals for their "commitment, competence, dedication, and hard work in office," according to a statement released by the Office of the President on 14 February.
Economic Challenges:
In 2022, Ghana encountered its most severe economic downturn in decades, with inflation surpassing 50%, leading the government to seek a $3 billion bailout from the International Monetary Fund (IMF). The subsequent debt restructuring process encountered obstacles, compounding the nation's financial difficulties.
Photograph of the former Ghanaian finance minister, Ken Ofori-Atta.
Throughout this time, more than 90 lawmakers from the governing New Patriotic Party (NPP) expressed their dissatisfaction with Ofori-Atta's management of the economy, urging for his removal due to the hardships experienced by ordinary citizens.
The discontent extended beyond political circles. Labor unions and youth activists took to the streets to protest against the escalating cost of living, urging the government to take immediate action to ease the financial burden on the public.
Economists have consistently argued that a change in leadership within the finance ministry is necessary to restore investor confidence and steer Ghana's economy in the right direction. Ofori-Atta's departure is viewed as a positive step towards addressing the underlying issues affecting the country's financial stability.
Daniel Amateye Anim-Prempeh, the executive director of the Policy Initiative for Economic Development think tank, believes that appointing a new face at the finance ministry will help restore investor confidence and demonstrate that the government is attentive to the concerns of Ghanaians. He considers it a wise decision by the president.
As part of the ministerial reshuffle, Nana Akufo-Addo announced the appointment of Mohammed Amin Adam, the Member of Parliament for Karaga, as the new head of the finance ministry. Adam previously served as the deputy minister for energy overseeing the petroleum sector and also held the position of deputy minister for the Northern Region in 2005. He is well-regarded in the extractive sector and is the founder of the Africa Centre for Energy Policy (ACEP) think tank.
Anim-Prempeh acknowledges Adam's competence and familiarity with the sector, expressing optimism that although significant reforms may not be immediate, some measures aimed at achieving macroeconomic stability can be anticipated ahead of the elections.
As Ghana prepares for the highly contested election, the removal of Ofori-Atta signals a significant upheaval in the country's political scene. The state of the economy is expected to take center stage during the campaign.
The ruling NPP candidate, Vice President Mahamudu Bawumia, is emphasizing the importance of economic reform and stability under his leadership, while the opposition NDC's John Mahama aims to capitalize on public dissatisfaction and pledges a brighter financial future for all Ghanaians.
Source: www.cometodaddy.xyz
Other changes in ministerial positions include the appointment of Henry Quartey as interior minister, previously serving as the minister of the Greater Accra region, and Kojo Oppong Nkrumah's transition from the information ministry to head works and housing, with Fatimatu Abubakar taking over as the substantive information minister.
