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Tag: Finance Ken Ofori-Atta

  • GRA Board Chair resigned over Julie Essiam’s appointment influenced by Ofori-Atta – Report

    GRA Board Chair resigned over Julie Essiam’s appointment influenced by Ofori-Atta – Report

    The circumstances leading to the resignation of the Board Chairman of the Ghana Revenue Authority (GRA), Dr. Anthony Oteng Gyasi, has been revealed.

    According to Techfocus24, Dr. Anthony Oteng Gyasi, resigned because he objected to the appointment of Julie Essiam, who was allegedly preferred by former Finance Minister Ken Ofori-Atta.

    “Techfocus24 sources said the Board Chairman of GRA, Dr. Oteng Gyasi has opted to resign because he is opposed to the appointment of Julie Essiam, who is allegedly favored by former Finance Minister, Ken Ofori-Atta”.


    President Akufo-Addo dissolved the  Board of the GRA on Wednesday, March 27, 2024.

    While the specific rationale behind the dissolution of the Board led by Dr. Anthony Oteng-Gyasi was not disclosed, reports indicate recent disagreements within the Board.

    This decision by the President follows shortly after New Patriotic Party (NPP) flagbearer Dr. Mahamadu Bawumia accused the GRA of pressuring businesses for taxes due to unrealistic targets.

    The dissolved GRA Board, chaired by Dr. Anthony Oteng-Gyasi, comprised members such as Mr. Ammishaddai Owusu-Amoah, Mad. Adelaide Ahwireng, Prof. Peter Ohene Kyei, Mr. Kwabena Boaten, Mrs. Dela Obeng-Sakyi, Dr. Maxwell Opoku-Afari, and Nana Ama Dokua Asiamah-Adjei.

    Moreover, there are unconfirmed reports suggesting that Rev. Amishaddai Owusu Amoah, the Commissioner-General of the GRA, has been relieved of his duties.

    Although GRA sources acknowledge hearing such rumors, they cannot confirm them without an official statement. While some employees claim to have seen the GRA boss at the office on Tuesday, he has not been spotted on Wednesday, March 27.

    In December 2023, a group named the Concerned Citizens of Ghana threatened protests over the prolonged tenure of Dr. Ammishaddai and a deputy commissioner, Ms. Julie Essiam.

    Subsequently, in January 2024, Member of Parliament for Ningo Prampram, Sam George, urged Parliament to designate the Commissioner-General as a persona non grata for exceeding the mandated 60 years, insinuating that he lacked a contract with the state.

  • Don’t follow Ofori-Atta’s steps – Murtala tells Amin Adam

    Don’t follow Ofori-Atta’s steps – Murtala tells Amin Adam

    Member of Parliament for Tamale Central, Ibrahim Murtala Muhammed, has advised the new Finance Minister, Dr. Mohammed Amin Adam, to exercise caution and refrain from getting entangled in the issues created by the former Finance Minister, Ken Ofori-Atta.

    Muhammed warns that a day of accountability will come for Ofori-Atta, and Dr. Amin Adam should avoid becoming implicated in the problems left behind.

    “My advice to my senior brother is that he should be careful… Ken Ofori has created a lot of mess, he has created a lot of holes. If Dr. Amin Adam doesn’t take the time, he will come and own that mess. If he owns that mess and the day of accountability comes …the law will not mind about the justification he would provide, that he was not there when these were created,” Muhammed stated on the Key Points on TV3 Saturday, February 17.

    President Akufo-Addo removed Finance Minister Ken Ofori-Atta from his position, along with several other ministers. Muhammed emphasizes the potential repercussions of inheriting the challenges left by Ofori-Atta and advises Dr. Amin Adam to exercise caution in his new role.

    The reshuffling also involved the reassignment of ministers to different portfolios, with President Akufo-Addo expressing gratitude to the departing ministers for their dedication and hard work during their tenure.

  • I didn’t leave a mess behind, blame your ‘clueless’ Ofori-Atta – Mahama to Akufo-Addo

    I didn’t leave a mess behind, blame your ‘clueless’ Ofori-Atta – Mahama to Akufo-Addo

    Former President , John Dramani Mahama refuted claims of leaving an economic mess during his tenure and directed blame towards President Nana Akufo-Addo’s finance minister, Ken Ofori-Atta, labeling the economic management team as “clueless.”

    Encouraging Ghanaians to vote against the New Patriotic Party (NPP) in the upcoming December general elections, Mahama highlighted the achievements of his administration before the NPP took office in 2016.

    Expressing disappointment that the Akufo-Addo-led administration continued to blame his previous government for their failures, Mahama defended his term, stating that the state of the economy during his leadership was far better than the current situation under the Nana Akufo-Addo-Bawumia administration.

    Mahama stated, “You didn’t inherit a mess; it is your clueless economic management team and finance minister that created the mess we are experiencing today.”Emphasizing his economic successes, Mahama positioned himself as the most qualified candidate for leading the nation after the December general elections.

    He urged Ghanaians to reject what he considers the NPP’s rhetoric, emphasizing that the country has not made substantial progress as recently portrayed.

  • Govt set to resume stalled infrastructure projects – Ofori-Atta

    Govt set to resume stalled infrastructure projects – Ofori-Atta

    Finance Minister Ken Ofori-Atta has announced that stalled infrastructure projects across Ghana, funded by donors, are set to resume in the coming weeks.

    The restart is based on agreements reached with Ghana’s bilateral creditors regarding the restructuring of the country’s debt.

    Ofori-Atta shared this information on PM EXPRESS BUSINESS EDITION with host George Wiafe, scheduled to air on Thursday, January 18, 2024.

    The Finance Minister explained that as negotiations with donors progress, some will begin disbursing necessary funds for the halted projects.

    A Memorandum of Understanding is expected to be signed with bilateral creditors in the coming days after reaching a deal on debt restructuring.

    “Some of these donors have demonstrated their commitment to support the economy once issues around these debt restructuring are resolved” the Finance Minister added.

    Ofori-Atta highlighted the commitment of some donors to support Ghana’s economy once debt restructuring matters are resolved.

    The Finance Minister addressed concerns from certain donors, such as China, regarding the cutoff date for debt restructuring, noting that an agreement was reached with the Paris Club and China, setting December 2022 as the cutoff date.

    Regarding the International Monetary Fund (IMF) program, Ofori-Atta shared that Ghana has fulfilled requirements for the first review, anticipating a disbursement of about $600 million to the Bank of Ghana next week.

    He revealed that the second tranche of the IMF cash would be directed toward projects outlined in the budget, indicating a shift from previous programs where all funds were focused on balancing payments.

    Ofori-Atta emphasized that the incoming funds would enhance the Bank of Ghana’s reserves, stabilizing the Ghana cedis. He expressed optimism about similar responses from other donors, contributing significantly to the country’s economic recovery.

    The Finance Minister concluded by assuring that the government would maintain fiscal discipline during an election year, completing necessary actions for economic stability.

  • Ghana experienced a fiscal setback in 2022 – ISSER

    Ghana experienced a fiscal setback in 2022 – ISSER

    A report released on October 31, 2023, by the Institute of Statistical, Social and Economic Research (ISSER), indicates that Ghana’s fiscal position in 2022 witnessed a substantial deterioration compared to the previous year.

    The report outlines several pivotal factors that led to this decline, portraying a worrisome picture of the country’s economic prospects.

    Ghana had set an ambitious fiscal deficit target of 7.4% of GDP for 2022, indicating a concerted effort to consolidate finances by reducing it by 1.8% of GDP from the 9.2% deficit recorded in 2021.

    However, the actual fiscal deficit for 2022 turned out to be 10.7% of GDP, significantly surpassing the target.

    According to the ISSER report, “the outturn fiscal deficit of 10.7% by the end of 2022, against the revised target of 6.6%, indicates an unsuccessful consolidation and a worsening of the fiscal position compared to 2021”.

    A key contributing factor to this fiscal decline was the constrained global financing conditions that limited Ghana’s access to international capital markets. Moreover, challenges related to the delayed passage of the e-levy, domestic financing, and the rapid depreciation of the Ghanaian cedi exacerbated the country’s debt burden.

    The primary drivers of the fiscal deficit were higher government spending and lower revenue compared to the planned targets.

    Consequently, Ghana’s public debt as a percentage of GDP rose to 70.7% in 2022, up from 64.5% in 2021.

    Quoting the report, “The rise in nominal debt resulted from adverse global financing conditions, loss of investor confidence due to credit downgrades, restricted access to international capital markets, substantial capital flow reversals, and domestic financing difficulties.”

    The ISSER report concludes that Ghana’s fiscal performance in 2022 reflects an “unsuccessful fiscal consolidation and underperformance of budget and revised fiscal deficit targets.”

    This worrying trend raises crucial questions about the country’s capacity to stabilize its fiscal situation and regain international investors’ confidence.

    The report’s findings underscore the necessity for effective fiscal management, reforms, and policies to address the challenges that contributed to Ghana’s deteriorating fiscal position in 2022.

    It is likely that the government and relevant stakeholders will need to take prompt and decisive measures to mitigate the adverse economic effects of these developments and foster long-term fiscal stability.

  • Speaker directs Finance Minister to brief MPs on DDEP

    Speaker directs Finance Minister to brief MPs on DDEP

    Speaker of Parliament, Alban Bagbin has directed Finance Minister, Ken Ofori-Atta to put the details of the domestic debt exchange programme before the House for consideration.

    The Speaker suggested Tuesday, 14th February, 2023 for the briefing.

    According to him, Parliament is ever prepared to help government to come out from the quagmire. Therefore it is necessary for the programme to be presented before the House.

    “Honourable Members, my understanding is that both sides agree that the Minister be scheduled to come and brief the House on the policy statement and some details about the debt arrangement …Parliament has spoken that is the end of the case,” he said.

    He added that pensioners picketing at the Finance Ministry make it an urgent matter.

    This follows weeks of agitations by individual bondholders and pensioners who are all up in arms against the policy and urging the government to exempt them.

    Prior to the directive, the North Tongu MP, Samuel Okudzeto Ablakwa and Bawku Central MP, Mahama Ayariga raised concerns on the floor insisting Parliament must approve of the details of the exchange programme before implementation.

    According to Mr Ablakwa, he is disappointed that the programme was not added to the business statement for the week Parliament reconvened.

    In light of this development, he called for the Minister to appear before Parliament.

    “Mr Speaker, I appeal to you respectfully to instruct that the Minster for Finance appears before us, so that we have a full briefing, and we can debate this matter,” he pleaded.

    The Bawku Central MP added that Article 181 clause 3 of the 1992 Constitution is clear that “this [DDEP] is borrowing on behalf of the state and section 55 and 56 of the Public Financial Management Act 2016 is also very clear that this is borrowing, adding that “the terms and conditions of the borrowing ordinarily must be laid before the House and must be approved by a resolution of this House.”

    He stated that not only did the Finance Minister miss out on that, but he went ahead to define his own terms to negotiate with bondholders with terms and conditions that have not been approved by the House.

    But, Deputy Finance Minister, Abena Osei-Asare responded to the concerns of the MPs.

    She insisted that the broad policy underpinning the exchange programme has been approved by the House in the 2023 budget, but explained that the House had not been briefed because of the recess.

    “Last week when we met the leadership of the Business Committee of the House, we mentioned that once Parliament comes through, we will come and brief the House on how far and steps that we have taken to get to where we are,” she added.

    Despite this explanation, Speaker of Parliament Alban Bagbin directed Minister for Finance Ken Ofori-Atta to cause to be laid the details of the programme before the House and make a presentation on same to MPs.