Some Members of Parliament, from both the Majority and Minority Caucus in Parliament, have been calling for the resignation of the Finance Minister, Ken Ofori-Atta.
The Minority filed the motion to ensure that Mr Ofori-Atta is removed from office. However, ahead of today’s hearing, the Majority MPs numbering about 80 have made a u-turn, with an indication that they will not support the censure albeit their call for his dismissal.
The Member of Parliament for Sagnarigu, Alhassan Bashir Fuseini, has called out what he described as the cowardice of his colleagues on the majority side of parliament in their decision not to support their vote of censure motion against the Minister of Finance.
Speaking in an interview with JoyNews and monitored by GhanaWeb, the outspoken National Democratic Congress (NDC) MP expressed shock at the MPs’ decision not to support their vote.
He explained that it amazes him that the MPs, who had earlier called for the minister to be sacked, would in turn throw away an easy opportunity to get their request granted.
“The man is a walking disaster, and once they themselves have come to the conclusion that Ken Ofori-Atta is a disaster, this is an excellent opportunity for them to walk the talk when they told us Ken Ofori-Atta was a disaster and must go.
“If you have been parasitising and they call for free food, it’s like your wife has just cooked, so, why is it that now that they have free food – the opportunity that the censure is moved, and now they’re running away.
“So, it is abundantly clear that they will be reneging on their responsibility,” he sad.
Alhassan Bahir Fuseini, also known as A.B.A. Fuseini, further stated that regardless of the position of the NPP MPs, they in the NDC will prove to Ghanaians that they are the ones concerned about their concerns and their well-being.
“I now say that today is a historic day in parliament, that the people will see who is truly beholding to the national interest of this country; who is truly standing up for the oppressed masses; who is truly standing up for the excruciating hardships that our people are suffering,” he said.
The National Democratic Congress (NDC) has proposed a vote of censure in Parliament.
Should it pass, it would make the appointment of Ken Ofori-Atta as Minister of Finance invalid in the eyes of parliament, forcing the president to officially sack him.
There is an expected showdown inparliament on Thursday, November 10, 2022, as a vote of censure motion tabled by the National Democratic Congress (NDC) Members of Parliament is considered.
The vote of censure is against the Minister of Finance, Ken Ofori-Atta, on the grounds of mismanagement of the economy, alleged withdrawals from the Consolidated Fund, and illegal payment of oil revenues into offshore accounts, among other reasons.
But it has emerged that there is a mysterious coincidence between the day, November 10, 2022, and November 10, 1999.
According to the Minority Chief Whip in Parliament and Member of Parliament for Asawase, Mohammed-Mubarak Muntaka, the vote of censure to be undertaken on Thursday, 2022, will be a repetition of what happened on the same day in 1999.
He stated that in 1999, the vote of censure was against the Minister of Finance at the time, Kwame Peprah, although it was unsuccessful.
“I’m very hopeful that yes, in 1999, on the same date, November 10 1999, there was a vote of censure on Kwame Peprah even though it didn’t succeed because the then majority, which was our side, had a huge number, so they first amended the motion, and it didn’t succeed,”
He, however, expressed confidence in their planned motion on Thursday, November 10, 2022.
“I am confident although we were never able to elect a Speaker from the opposite, we were able to do it through secret ballot; I’m very confident we’ll make another history by using the secret ballot to remove a sitting minister,” he added.
The motion for a vote of censure by the NDC MPs was filed on October 25, 2022, to be debated upon and voted on 14 days after its receipt by the Speaker of Parliament.
Members of Parliament (MPs) from the New Patriotic Party (NPP) who have called for the resignation of Finance Minister have refused to join their minority colleagues in a vote of censure in this regard.
This announcement was made during a press conference in parliament on Thursday, November 11, 2022.
They insist that, while they will continue to call for the resignation of Finance Minister Ken Ofori-Atta, they will do so solely on their terms.
Addressing the media on November 11, 2022, the NPP MPs said their decision to refrain from supporting their colleagues on the other side of parliament is based on the premise of their calls for the sack of Mr. Ofori-Atta which they say is based on falsehood and propaganda.
“We are here to reiterate that, however much you heard us speaking that based on the intervention of the president, we will have to see the minister of finance do his work, read budget, see through appropriation and then the president will act.
“Over the days, we have heard the finance minister speaking and his speaking has influenced majority of us in the caucus, not only to state that we are back to the original position that we took, and that position is that the minister of finance must not be the one to read the budget, and must not be the one that would do the appropriation.
“We are here to tell you this morning that this will be very soon for you to see, the position of us and we are going to be positively defiant about that posture until that action is taken. However, we are not going to support the cause of the NDC in the chamber this morning.
“The cause of the NDC is premised on falsehood, propaganda and reasons that are not justifiable. Their position might look like ours but is not the same.”
This comes following a decision by some 80 MPs to call for the sacking of the Finance Minister.
The group of New Patriotic Party (NPP) Members of Parliamentpetitioned president Nana Addo Dankwa Akufo-Addo during a presser on Tuesday, October 25, 2022, to sack the Minister of Finance, Ken Ofori-Atta, and the Minister of State at the finance ministry, Adu Boahen, to restore public confidence in the economy.”
The group said it will not do business with government nor support the 2023 Budget if the president fails to heed their calls.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
Akufo-Addo’s meeting with NPP MPs and Vote of censure:
A meeting with the president following the demands by the NPP MPs meant that they had to stand down their request on two conditions.
The conditions included that Ofori-Atta is allowed to conclude the current phase of financial support negotiations with the International Monetary Fund and also to present the 2023 budget and see to the passage of the appropriation bill before their removal request will be acted upon.
It was on the same day that the Minority Caucus filed a censure. Their leader, Haruna Iddrisu assured the House days ago that the Minority Caucus he leads in Parliament will fully pursue a censure vote initiated against Ofori-Atta.
Speaking on the floor of the House on Tuesday, November 1, 2022; Haruna reiterated having issued a nine-line whip for members of his caucus when the day of voting comes, affirming that he will move the motion before November 10.
Haruna Iddrisu, after confirming that the motion will be filed also called on MPs in the Majority to join them to remove Ofori-Atta.
“I will move the motion for the censure of the Minister for Finance, Hon. Ken Ofori-Atta. Those like-minded persons who will dance with us, Mr. Speaker, they will be welcomed in the secret ballots,” Haruna stressed.
Voting today:
Parliament will require a vote with 2/3rd of MPs to decide the fate of the Finance Minister, Ken Ofori-Atta.
With the current stance of the group from the Majority Caucus,it remains unclear what the outcome of this vote of censure will be.
A ranking Member of Parliament’s Finance Committee, Cassiel Ato Forson, has stated that the move by the majority caucus to demand the removal of the finance minister was due to personal reasons and not in the interest of Ghanaians.
He made the statement after NPP MPs declared that they will not partake in a vote of censure to remove the finance minister from office.
Speaking in an interview in parliament, on November 10, 2022, he said “It is clear that the NPP majority in parliament has chosen their party interest over the interest of the country. The people of Ghana really want the finance minister to go, unfortunately, what they did last week was all about politics, they never meant it. They were doing it to shield the Vice President, they were doing it to shield the President and they’ve never meant it.
“They are clueless, and they don’t want to create the impression that their party is the one that has failed,” he added.
Ato Forson however noted that if the move to vote out the minister does not succeed, they will move to impeach the President.
They made this announcement in a press conference in parliament on Thursday, November 11, 2022.
According to them, despite the fact that they are sticking to their decision to call for the resignation of Finance Minister, Ken Ofori-Atta, they will do so solely on their terms.
Addressing the media on November 11, 2022, the NPP MPs said their decision to refrain from supporting their colleagues on the other side of parliament is based on the premise of their calls for the sack of Mr. Ofori-Atta which they say is based on falsehood and propaganda.
“We are here to reiterate that, however much you heard us speaking that based on the intervention of the president, we will have to see the minister of finance do his work, read budget, see through appropriation and then the president will act.
“Over the days, we have heard the finance minister speaking and his speaking has influenced majority of us in the caucus, not only to state that we are back to the original position that we took, and that position is that the minister of finance must not be the one to read the budget, and must not be the one that would do the appropriation,” he said.
Minority Chief Whip, Mohammed Muntaka Mubarak, says should the Finance Minister,Ken Ofori-Atta insist on staying after the vote of censure, it will be considered a mark of disrespect to the general public.
The Minority Chief Whip who is optimistic the vote of censure expected to take place on Thursday, November 10, will lead to the ousting of the Finance Minister said he is counting on the votes of dissenting members of the Majority caucus to see their action come to fruition.
According to him, the Finance Minister cannot continue to be allowed to manage the economy. It is time for someone else to take over the mantle and fix the problem, he said.
“You cannot continue to drive a car when you have burst the tyre, you have broken the engine, you have smashed the screen, you have smashed a lot of things, you were reckless with not making sure there was water to keep cooling the car, then all of a sudden you say that ‘o, give me another opportunity, I’ll fix all the problem’.
“It is better to let go, let another person take over, so that the person will be able to fix the problems. Insisting to stay, for us, is like a mark of disrespect to the public,” he said on JoyNews’ PM Express.
He noted that while Members of the Majority caucus have been urged not to vote against the Finance Minister, he is confident the use of the secret ballot will allow them the freedom to express their will without fear or favour.
“And for us in the Minority we believe that we need to carry on and push as hard as we can with hope that our colleagues opposite, yes people might have spoken to you, but one advantage you have in the constitution, and I believe that the framers of our constitution were very certain that when it comes to removing somebody from office or putting somebody in office, the best way to do it is through secret ballot. And you saw secret ballot produce Speaker Bagbin.
“I’m very hopeful that yes, in 1999 on the same date 10th of November 1999, there was a vote of censure on Kwame Peprah even though it didn’t succeed because the then majority which was our side had a huge number so they first amended the motion and it didn’t succeed.
“I am confident we were never able to elect a Speaker from the opposite, we were able to do it through secret ballot , I’m very confident we’ll make another history by using secret ballot to remove a sitting Minister,” he said.
Meanwhile, the New Patriotic Party has directed all members of the Majority caucus to abstain from the scheduled vote of censure to remove the Finance Minister.
In a statement signed by the General Secretary of the Party, Justin Kodua Frimpong, he directed that the “the leadership of the Majority Caucus especially the Whips are to ensure that no Member of the Majority Caucus partakes in this exercise by the Minority Group in Parliament.”
He noted that while there are genuine concerns to be addressed concerning the position of the Finance Minister and his role in Ghana’s economic management, it would be counter-productive if the Majority caucus joined the Minority side in ousting the Minister.
“The leadership of the NPP wishes to assure our Members of Parliament and the Ghanaian populace that there are ongoing internal engagements aimed at addressing legitimate concerns expressed by various stakeholders regarding the management of the economy, including the calls for the resignation or dismissal of the Minister of Finance.”
The Majority Caucus has revealed that they would not support the Minority’s move to censure the Finance Minister, Ken Ofori-Atta, although they want him removed from office.
Addressing the press today, the Majority, which called for the head of the Finance Minister about two weeks ago, explained that their justification for the Minister’s removal does not tally with that of the Minority’s.
“Over a few days, we have had the Finance Minister speaking, and his speaking has informed the Majority not only to state that we are back to the original position that we took and that original position is to say that the Minister of Finance will not be the one to read the budget and its appropriation.
However, we are not going to support the cause of the NDC in the chamber this morning. The cause of the NDC is premised on falsehood, propaganda and reasons that are not justifiable. They position might look like ours but it is not the same,” the Majority said.
The Majority explained that unlike the Minority, they believe although Mr Ofori-Atta has proven himself to be competent, the current state of the economy which has been exacerbated by the COVID-19 pandemic and Russia-Ukraine war, has made Ghanaians lose confidence in him.
According to the Majority, this is not the assertion being run by the Minority, hence their decision not to support them in the House today.
“You will not be able to come to the Chamber to level 10 issues that border on criminality over a person who is not there to defend himself. Our feeling is the confidence in the minister has gone down but for COVID and the Russian-Ukraine war, he was doing well,” the Majority explained.
The Majority’s proclamation comes after the New Patriotic Party (NPP) ordered its Members of Parliament (MPs) to abstain from the vote of censure against the embattled Finance Minister.
Parliament will today determine whether the Minority Caucus’ censure motion against Mr Ofori-Atta will be moved.
The motion which was filed on October 25, per the constitution is to be debated upon and voted on the same after 14 days of its receipt by the Speaker of Parliament.
Meanwhile, the Minority Chief Whip, Muntaka Mubarak, has warned that members of the Majority Caucus who had rebelled against the Finance Minister may face dire consequences should the vote of censure fail.
According to him, in the event the vote of censure fails, the 80 Majority Caucus members would be at the mercy of their party officials and this will not bode well for them.
Already, all NDC MPs have been instructed not to miss today’s sitting in order to get the required number to carry out their objective.
The Deputy Minority Whip, Ahmed Ibrahim has warned that there will be consequences should any member fail to show up.
Ghana’s Finance Minister Ken Ofori-Atta will face a vote of censure on Thursday for his handling of the economy as annual inflation rate hit 40.4% for October.
The cost of essential commodities like staple food, fuel and utilities have all surged to push price increases to a record high.
NEW PATRIOTIC PARTY ASKS MEMBERS OF THE MAJORITY CAUCUS TO ABSTAIN FROM VOTE OF CENSURE AGAINST THE MINISTER FOR FINANCE. pic.twitter.com/eFaFxIVjMX
Ghana’s opposition MPs filed the censure motion against the minister for mismanagement of the economy among other reasons.
But the ruling New Patriotic Party has ordered its MPs to abstain from the vote and asked its chief whips to ensure the order is complied with.
In a statement, the party said the censure vote was “ill-intended and aimed at derailing government’s efforts at resolving current socio-economic upheavals”.
According to him, the country could no longer continue to import goods from other countries, indicating that the ministry would continue to work with the relevant regulatory authorities to reverse the trend.
Addressing members of the Association of Ghana Industries (AGI) at a high-level meeting in Accra recently, the minister noted that the challenges the nation is currently facing are daunting and that “the exigencies of the moment have forced us to turn this crisis into an opportunity to resolve our short-term challenges and the long-term structural problems that have inhibited our economic transformation”.
Mr Ofori-Atta reiterated President Nana Akufo-Addo’s call for a reduction in the dependence on imported goods and enhance the country’s self-reliance, noting: “Clearly, the time has come for us to put in place the foundations that would allow our industry to be the backbone of our resilience and structural transformation”.
Giving statistics to buttress his claim for a shift from importation to local production, he disclosed that between 2017 and 2020, the government spent as much as GHS 6.874 billion on the importation of rice, GHS 3.993 billion on fish, GHS 1.881 billion on chicken (processed), GHS 487 million on meat, GHS 281 million on vegetables and an estimated GHS 184 million on poultry.
He reaffirmed the government’s commitment to assisting local industries in producing more import-substitute products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and others.
On the cedi depreciation, the minister underscored the need for all to support the government’s drive for import substitution, as that could lead to stabilisation of the cedi and commended the AGI for the continuous support of policies and initiatives that supported the local industries.
In his state address on the economic crisis on Sunday, 30 October 2022, President Nana Akufo-Addo said an anonymous WhatsApp audio that got circulated widely on social media platforms recently, did a lot of damage to the cedi.
“Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, sika mpɛ dede. Where there is chaos, where there is noise, where there is unrest, you will not find money. If you talk down your money, it will go down. If you allow some unidentifiable person to talk down your money, it will go down,” he noted.
He explained: “The recent turbulence on the financial markets was caused by low inflows of foreign exchange, and was made worse in the last two to three weeks, in particular, by the activities of speculators and the Black Market.”
“An anonymous two-minute audio message on a WhatsApp platform predicting a so-called haircut on Government bonds sent all of us into banks and forex bureaus to dump our cedis, and, before we knew it, the cedi had depreciated further”, he pointed out, adding: “All of us can play a part in helping to strengthen the cedi by having confidence in the currency, and avoiding speculation”.
The president urged: “Let us keep our cedi as the good store of value it is. To those who make it a habit of publishing falsehoods, which result in panic in the system, I say to them that the relevant state agencies will act against such persons.”
“Indeed, some steps have been taken to restore order in the forex markets and we are already beginning to see some calm returning. We will not relent until order is completely restored.”
He said the following actions have been taken thus far: Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules.
“Already some forex bureaux have had their licences revoked, and this exercise will continue until complete order is restored in the sector; fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand; the Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilised manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in”.
Also, he said: “The government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and the Bank of Ghana will enhance its gold purchase programme. I am confident that these immediate measures designed to change the structure of our balance of payment flows, sanitise the foreign exchange market to ensure that the banks and forex bureaus operate along international best practices, together with strengthened supervision, will go a long way to sanitize our foreign exchange market, and make it more resilient against external vulnerabilities going forward”.
Finance Minister, Ken Ofori-Attais not to blame for the nation’s economic problems, according to Sammi Awuku, director general of the National Lottery Authority (NLA).
Mr Awuku believes it is purely coincidental that Ghana’s economic woes have been exacerbated at a time when Mr Ken Ofori-Atta heads the Finance Ministry.
He explained that the Finance Minister is a victim of circumstance because the economy has been hit by COVID-19 pandemic and the Russia-Ukraine war; two events that are beyond his control.
“In this world, at times, situations can conspire against you. It may not be your fault, but you will be held responsible. When that time comes, and you access the situation, and you make the best decision out of it. In one of such situations, is what our current finance minister also faces. You have no control over this world economy, the ongoing war between Ukraine and Russia, as well as COVID-19,” Mr Awuku said.
The NLA boss mentioned that it is not out of place for Ghanaians to call for the resignation of Mr Ofori-Atta especially at a time when their wellbeing has been compromised.
He stated that this has been the case whenever economic challenges set in.
According to him, there was a massive call for the head of Seth Terpker, the then Finance Minister in the Mahama-led administration in 2014.
He noted that although the former Finance Minister in his time brought about some economic growth, some members of the National Democratic Congress believed he was unfit to run the economy due to the crisis that hit the economy.
“This isn’t the first time. In May 2014, ‘I am under pressure to fire Seth Terkper’ – Mahama, and then again, Allotey Jacob’s said ‘Zack Terkper’, NDC gurus put pressure on Mahama.”
“‘Non- performing Ministers should be sacked not Seth Terkper’ – Mahama. This means that with Finance Ministers, for one reason or the other, it looks like they aren’t thinking straight,” he said.
In 2014, the country’s Gross Domestic Product (GDP) declined to 2.86% from 7.31% recorded in the previous year.
The slump was pinned on Seth Terkper, who, according to some NDC members, would be blamed for the party’s downfall in the 2016 general elections.
“Ghanaians are suffering, and he [Seth Terkper] must do something or the President must fire him. He has become a Judas in the party [NDC]. His policies will determine our [NDC] victory or failure in 2016. Seth Terkper is our problem now,” Bernard Allotey Jacobs, then Central Regional Communications Director of the NDC, said.
Mr Awuku therefore holds the assertion that Ghanaians are reacting to current situations and not what may have triggered the challenges they are presently facing.
“Because you are like a coach. When you are winning, you will be given the credit. When you are not winning, we have to sacrifice you,” he observed.
Chants for the Finance Minister’s dismissal have also been sung by some Members of Parliament belonging to the New Patriotic Party (NPP) and the NDC.
This, Mr Awuku says, is happening because the “MPs are under pressure from their constituents” and not because they are unaware the Minister is not to blame for the challenges being faced.
Amidst calls for the removal of Mr Ofori-Atta from his post, President Akufo-Addo has asked Ghanaians to be patient and allow the minister to complete Ghana’s negotiations with the International Monetary Fund (IMF) for an economic programme.
On the fate of the Finance Minister, Mr Sammi Awuku is optimistic that the best decision will be taken by the government, which will serve the interests of the country.
“I am confident that the best decision will be taken by the government, Finance Minister, and Members of Parliament. Though we are crying in the rain, this is not a government that hasn’t proved its worth,” he added.
Tamale Central Member of Parliament, Alhassan Suhuyini, has advanced a reason why embattled Dome-Kwabenya lawmaker, Sarah Adwoa Safo, is returning to Parliament after a long absence.
Suhuyini in an interview on TV3, November 8, 2022, said it was curious that the lawmaker’s much-awaited return was coinciding with a vote of censure motion the Minority Caucus was due to move against Finance Minister, Ken Ofori-Atta.
According to him, the latest development is akin to the last time that she was in Parliament, that is to help with the passage of the 2022 Budget statement of the government.
“You know there is an important vote coming up?” Suhuyini asked New Day host Berla Mundi before adding: “The finance minister’s vote of censure, she has showed up. When did she last show up last minute? On the budget.
“They knew where she was, they could bring her, they just didn’t want to,” he submitted.
“When it is important to this government…remember Adwoa Safo told us the president is aware of her absence and the president understands her and the president has never denied it.
“For me, it is curious that an important vote is coming up….and the president has found a way and remember the president wants to save the Finance Minister at all costs, Adwoa is back,” he stressed.
Adwoa Safo makes no-show in Parliament
On Tuesday, November 8, when proceedings in Parliament started at about 11.38 am, her seat was empty indicating that she was not in the Chamber.
Journalists and even her colleague MPs were expecting to see her join the debate which was going on at the plenary but that did not happen.
Sarah Adwoa Safo’s seat remained empty till the end of the day’s proceedings at 2.00 pm.
It is, however, unclear why the MP, after her return to the country failed to show up in the House.
The MP was relieved of her ministerial post despite having been given extended leave from last year and her seat in Parliament is the subject of a heated debate between the Speaker and Leader of the Majority Group.
After referring her absence from Parliament to the Privileges Committee of Parliament, the Speaker of Parliament said he investigated their work and was not satisfied with it and has since referred it to the floor of Parliament for a decision to be taken.
According to him, he feels sorry for the Veep particularly when the New Patriotic Party (NPP) Members of Parliament have requested that the Finance Minister, Ken Ofori-Atta and Minister of State at the Finance Ministry, Charles Adu Boahen should be dismissed.
Nana Ofori noted that the MPs’ action show that Dr. Bawumia is not in charge of the management of the economy in respect of his role in the EMT but Ken Ofori-Atta is.
Making his submissions on Peace FM’s morning show “Kokrokoo”, the PPP National Chairman said; “You know the Vice President, sometimes, I feel sorry for him . . . here is the person who has been made the Head of the Economic Management Team but as Head of the Economic Management Team, it appears to us that he has no bite . . . that is why the MPs have skipped the Vice President and have gone straight to the Finance Minister because they say the decisions that are being taken, it’s being taken by the Finance Minister. So, it’s not really the Vice President who is in charge in the management of the economy in our country.”
“You see when the MPs of the majority party come and tell us these things, it speaks volumes because they have access to more information than you and I,” he added.
“We are all aligned to the earlier concern that eighty (80) of the Members of Parliament raised…The obvious thing is that we had a meeting as a Caucus and the Caucus decided this is our position,” he told Kwami Sefa Kayi during Friday’s “kokrokoo” show.
Hon. Adomako-Mensah affirmed that the Majority Caucus strongly believe that “a new person at the Finance Ministry will bring some new breath, new ideas”.
Former finance minister and NDC 2024 Presidential hopeful, Dr Kwabena Duffuor has said the current finance minister Ken Ofori-Atta is in an untenable position, with both the ruling NPP and opposition NDC rejecting him as finance minister.
In an interview with Kasapa FM, the former governor of the bank of Ghana said the finance minister must leave office of his own volition.
“He [finance minister] has been rejected by both sides. His own NPP party has rejected him and we in the NDC don’t want him. If I were him, I would go already”.
NPP MPs last week in a press conference called on President Nana Akufo Addo to dismiss Ken Ofori Atta as finance minister. They threatened to boycott government business in parliament in protest against inaction from the President. They later backtracked after a meeting with the President.
Civil society groups and opposition parties earlier called for the removal of the finance minister as inflation skyrocketed, amidst historic levels of local currency depreciation against the US dollar, with Ghana at the brink of debt default.
Dr Duffuor, who formally announced his 2024 Presidential bid this week said Ken Ofori Atta should not wait to be sacked but should rather do the most honourable thing by resigning from his position to reduce the uncertainty that his continued stay in office creates for the economy in general.
President Akufo Addo has however insisted that the finance minister Ken Ofori Atta, who is also his cousin, is one of his best-performing aides despite admitting that Ghana is in economic crisis.
He admitted that Ghanaians were also living under harsh economic conditions with the prices of goods and services skyrocketing by the day.
Speaking at a forum organized by the Association of Ghana Industries (AGI), he said, “As the Minister of Finance, no one needs to tell me the ravages of the cedi depreciation which has become an albatross on the neck of our local industries and the high cost of living for all citizens.”
He was however optimistic the local currency will soon stabilize to allow businesses to heave a sigh of relief.
The Finance Minister said government and the central bank will deal with persons speculating false news about the cedi as the move leads to the depreciation of the local currency.
Ken Ofori-Atta further entreated local businesses to expand their production capacity to be able to produce more, as well as, create jobs for the teeming unemployed youth in the country.
He stressed that Ghana cannot continue to be a nation of importers.
New Patriotic Member of Parliament for Bortianor-Ngleshie Amanfro, Sylvester Matthew Tetteh, has accused Finance Minister Ken Ofori-Atta of acting in bad faith after the president pleaded with the majority in parliament to step down on calls for his dismissal.
According to the majority member of parliament, comments made by the minister after they heeded the president’s request for time can affect the president’s plea.
“But when the finance minister, after this, goes public and starts making such public statements, we don’t know the challenges he’s gone through… I mean, these are comments in bad taste, and that is what I am saying, from where I sit, the signals I am picking, such comments, if it is not checked, will go down on the president’s plea,” he stated on Tuesday, October 11, 2022, edition of Good Morning Ghana on Metro TV.
“We had a meeting, and the president had made a plea; the majority caucus had taken that plea in good faith and to have gone through a process the president had asked. One party, in this case, should not go to town. It’s not good,” he added.
He hinted that the caucus would likely take action, such as boycotting the minister’s upcoming budget presentation in parliament, if his utterances are not checked.
“Events after and the subsequent pronouncements by the minister, the signals I am picking, if they don’t address it, he will come to the house to meet an empty chamber,” he stated.
Following an open call by about 80 majority MPs for the sack of Ken Ofori-Atta, President Akufo-Addo convened a meeting with the caucus where he is said to have made some pleas.
According to reports, the president asked the caucus to give the minister some time to conclude the government’s ongoing negotiations with the International Monetary Fund (IMF) and the presentation of the 2023 budget in parliament.
But responding to the calls for his sacking, Mr Ofori-Atta, in a recent engagement with the Association of Ghana Industries (AGI), said he rather remains focused on helping the country overcome the current economic challenges despite the pains he has gone through being the minister.
“You have a finance minister who has gone through all the pains and aches, and nobody can really come and say, ‘we don’t understand what we’re doing’,” he stated.
Member of Parliament for Bortianor-Ngleshie Amanfro Sylvester Matthew Tetteh and a member of the New Patriotic Party, has charged Finance Minister Ken Ofori-Atta of behaving in bad faith after the president begged the majority in parliament to remove him from office.
The minister’s remarks after the president asked for more time, according to the majority member of parliament, may have an impact on the president’s appeal.
“But when the finance minister, after this, goes public and starts making such public statements, we don’t know the challenges he’s gone through… I mean, these are comments in bad taste, and that is what I am saying, from where I sit, the signals I am picking, such comments, if it is not checked, will go down on the president’s plea,” he stated on Tuesday, October 11, 2022, edition of Good Morning Ghana on Metro TV.
“We had a meeting, and the president had made a plea; the majority caucus had taken that plea in good faith and to have gone through a process the president had asked. One party, in this case, should not go to town. It’s not good,” he added.
He hinted that the caucus would likely take action, such as boycotting the minister’s upcoming budget presentation in parliament, if his utterances are not checked.
“Events after and the subsequent pronouncements by the minister, the signals I am picking, if they don’t address it, he will come to the house to meet an empty chamber,” he stated.
Following an open call by about 80 majority MPs for the sack of Ken Ofori-Atta, President Akufo-Addo convened a meeting with the caucus where he is said to have made some pleas.
According to reports, the president asked the caucus to give the minister some time to conclude the government’s ongoing negotiations with the International Monetary Fund (IMF) and the presentation of the 2023 budget in parliament.
But responding to the calls for his sacking, Mr Ofori-Atta, in a recent engagement with the Association of Ghana Industries (AGI), said he rather remains focused on helping the country overcome the current economic challenges despite the pains he has gone through being the minister.
“You have a finance minister who has gone through all the pains and aches, and nobody can really come and say, ‘we don’t understand what we’re doing’,” he stated.
Isaac Adongo, a member of parliament for Bolgatanga Central, requested that the Director-General of the Securities and Exchange Commission (SEC), Rev. Ogbamey Tetteh, the Governor of the Bank of Ghana, Dr. Ernest Y.Addison, and the Finance Minister, Ken Ofori-Atta, be charged for their roles in the failure of financial institutions.
“Ghana’s banking sector has continued to come under predatory regulatory and fiscal attack to bring a portion of the financial sector to its knees for the predator to prey on,” Adongo said in a statement on October 8, 2018.
He called it “an clear scheme that seems to support the dominance and expansion of Databank and its affiliated parties.”
Bolgatanga Central MP, Isaac Adongo, has called on the Economic and Organised Crime Office (EOCO) to investigate and prosecute Finance Minister Ken Ofori-Atta, Bank of Ghana Governor Dr. Ernest Y. Addison, and the Director-General of the Securities and Exchange Commission (SEC), Rev. Ogbamey Tetteh, “for their various and joint roles in inciting panic withdrawals from financial institutions, conflict of interest, insider and underhand dealings”, which, according to him, “resulted in the collapse of banks to satisfy their selfish interest”.
In a statement issued on Thursday, October 8 2018, Mr Adongo said: “Ghana’s financial sector has continued to come under predatory regulatory and fiscal attack to bring a section of the financial sector on its knees for the predator to prey on”.
“An obvious plan that appears to promote the dominance and growth of Databank and its related parties”, he said.
According to him, “since the emergence of Databank and Enterprise group staff on the regulatory landscape of Ghana’s financial sector, it has become almost certain that with the conduct of the regulatory agencies, Bank of Ghana (BoG), Securities and Exchange Commission (SEC) with the tacit collaboration of the Minister of Finance, there’s a plan to collapse the financial sector”.
Mr Adongo said: “Not surprisingly, at the time of great loss of confidence in the financial sector with players across the entire financial sector struggling to cope with the systemic melt down, Databank appears to be the only investment or fund management company among its peers to be soaring and expanding its branch network to take advantage and pick up the spoils of war jointly prosecuted by BoG and SEC to decimate its competitors”.
Read the rest of Mr Adongo’s statement below:
Obviously, the panic withdrawals that have hit Ghana’s banking and general financial sector is a planned regulatory strategy to achieve this end.
This can be found in the following stance of the regulators and the Minister of Finance;
1. Intentional confidence-dipping comments and deliberate poor handling of collapsed Banks by the Governor
2. “Industry collapsing strategies” and directives of SEC under the former Databank Vice President
3. Ken Ofori-Atta’s refusal to pay debts owed banks by contractors.
4. Ken Ofori-Atta’s use of the media to incite the public against local banks’ directors to divert attention from his real intentions.
DR ADDISON AND BoG CREATED SUSTAINED CONFIDENCE CRISIS TO FUEL PANIC WITHDRAWALS
– The handling of the resolution of UT Bank and Capital Bank was followed with a deliberate policy to worsen the already fragile confidence in the sector. Term depositors whose investments were transferred to GCB Bank were denied access to their funds.
Their investments were downgraded from 26% per annum to 8.5% per annum and were forced to hold these investments for longer periods even though they were not interested. This created serious challenge, some of which are listed below;
a) Fund managers and local banks whose costs of capital were higher than the lower interest rates they were forced to accept, made significant losses and subsidized the takeover.
b) Fund Managers of local banks experienced liquidity crunch because they could not redeem their investments in UT/Capital banks to honour their obligations to the clients whose funds had been invested with the Banks
c) Fund Managers and local banks who were struggling to meet these demands from clients began to see panic withdrawals and further worsening of their liquidity.
d) While all these financial institutions were being slapped with punitive measures on their investments, Databank had already taken its monies with UT Bank. Clearly, there is insider dealing using the footprints of Databank on the regulatory environment.
Clearly, Dr Addison and his men had achieved their objective of inciting panic withdrawals in our local banks and financial institutions.
– Whilst the Banks were mapping up strategies to pick up the pieces and to rebuild confidence in the banking and financial sector, Dr Addison had aimed another attack on the sector by announcing that he was going to publish the list of Banks he “magically” knew will not meet the minimum capital in July 2018 (six clear months ahead of the deadline).
This singular misguided but self-serving conduct of Dr Addison created yet another spiral of panic withdrawals in the banking and financial sector. Depositors who were not sure if their deposits in local banks were going to be safe, began to move their monies to foreign banks.
– Dr Addison, after inciting these panic withdrawals, went ahead to look for banks whose solvency had been affected by his own conduct and moved in to consolidate five of them under some bizarre circumstances, including the use of Databank staff to take these banks.
This consolidation and its deliberate poor handling was to further aggravate an already terrible situation. The consolidation brought the confidence in the banking and financial sector to its lowest ebb.
A few of the happenings aimed at further creating predator opportunities in the sector are listed below;
a) Similar to the UT/Capital banks’ takeover, term deposits of customers have been forcefully downgraded.
b) An initial scam from CBG was that, “CBG is the second-biggest bank in Ghana by branch network”, a scam that lasted only a few days as over 98 branches were closed and several employees made redundant.
c) CBG played on customers using spurious excuses such as “reconciliation of accounts” when indeed even current account holders could not access their funds.
d) CBG has been illegally suppressing customers’ cheques in an unprecedented compromise of the entire banking system.
e) CBG now pays cheques by installments against all known banking practices.
It is interesting to note that as usual Databank had redeemed its investments before Beige Bank was consolidated. Databank, through this insider dealings, doesn’t get affected by the downgrade of deposits and forced liquidity crunch.
The activities of this consolidated bank after claims that they have been issued bonds and stated capital of about GHS6.1 billion has destroyed any lingering confidence of the public in the central bank to protect their investments.
The end result is the unrelenting panic withdrawals in our local banks and financial institutions.
Unfortunately, the Governor has assured us that the destruction is now poised to hit savings and loans and microfinance institutions.
Dr Addison must be immediately investigated and prosecuted for inciting this unprecedented panic withdrawals and collapse of financial institutions before he destroys what is left of our financial sector.
DATABANK FORMER VICE-PRESIDENT AT SEC INCITING PANIC WITHDRAWALS AND COLLAPSE OF BANKS AND FINANCIAL INSTITUTION
In April and May 2018 when Databank went on a rampant redemption of its investments with local banks and fund management companies, little did we know that it was acting on insider information of an impending SEC directive that would incite panic withdrawals and wipe out strong local banks and financial institutions.
In May 2018, players woke up to an “industry-collapsing-directive” from the Securities and Exchange Commission headed by a former Vice-President of Databank asking all fund management companies to withdraw their deposits and investments in financial institutions in six months.
This was in the wake of the onslaught of the panic withdrawals that had already hit the local banks and financial institutions from BOG confidence crushing gymnastics. The effect of this directive has been most shocking and devastating;
1. Beige Bank lost GHS1.5 billion within one month of implementation of the directive. The following month, Beige was “taken over” by BoG through a senior staff of Databank, Babatunde Ampah.
2. GN Bank lost GHS1.5 billion in 2 months of the directive.
3. Fund management companies have been wiped off with investors still chasing their cheques.
It is estimated that over 30,000 direct jobs have been lost in the fund management space. The hitherto GHS30.6 billion industry is fast disappearing whilst Databank is now magically expanding to all the Regional capitals to be the dominant and fastest growing Investment Bank to benefit from its dying peers.
4. Most local banks have suddenly become insolvent and unattractive in their quest to raise the minimum capital with less than two months to the deadline.
KEN OFORI-ATTA USING FISCAL POLICY TO STRANGLE BANKS AND FINANCIAL INSTITUTIONS TO DEATH
Ironically, when the banks collapse, the Minister of Finance is quick to find the money to resolve these banks.
The following banks were suffocated by fiscal gymnastic;
1. The Minister of Finance refused to pay Government debts to clients of Unibank totaling about GHS1 billion that would have saved the bank.
2. The Minister of Finance refused to pay Government debts to clients of Royal Bank totaling GHS250m that would have saved the bank
3. The Minister of Finance is refusing to pay government debts to clients of GN Bank totaling GHS1.3 billion that would make the bank stronger and profitable.
4. The Minister of Finance will save our local banks and help improve their capital adequacy to help towards meeting their minimum capital obligation if he pays debts owed to clients of local banks totaling GHS5.7 billion.
It is difficult to understand the sense in the Minister of Finance refusing to save our banks by paying the GHS5.7 billion owed them and their clients but find GHS13 billion to spend on collapsed banks.
I urge the President, the Office of Special Prosecutor and the Attorney General to marshal state investigative machinery and resources to investigate and prosecute Hon. Ken Ofori-Atta, Dr Addison and Rev Ogbamey Tetteh for inciting panic withdrawals of deposits in our banks and financial institutions as well as conflict of interest activities by the finance minister.
Pressure group, OccupyGhana (OG), has petitioned the Office of the Special Prosecutor (OSP) to probe allegations of a wealthy businessman who attempted to bribe some 80 lawmakers of the governing New Patriotic Party (NPP) who were calling for the resignation of Finance Minister, Ken Ofori-Atta.
The allegation was first made by Majority Leader Osei Kyei-Mensah-Bonsu.
According to OccupyGhana attempting to bribe MPs is an attempt to influence the conduct of the lawmakers in the course of their official duties which is a potential corruption offence that falls within remit of the Office of Special Prosecutor.
The group wants a probe into the claim and if the allegations are established to be true, proceed to prosecute.
Some 80 NPP MPs at a press conference called on President Nana Addo Dankwa Akufo-Addo to fire Finance Minister, Ken Ofori-Atta.
However, after a meeting with the President, they backtracked and gave the Minister time to prepare the 2023 budget and also finish his engagement with the International Monetary Fund.
Parliament will this week give effect to the vote of censure filed by NDC MPs in the House to determine the fate of Finance Minister, Ken Ofori-Atta.
The debate and vote on the censure motion will be taken on Thursday 10th November, 2022 following the expiration of the seven-day notice mandated by the Constitution.
Speaking to Journalists, Deputy Minority Whip, Ahmed Ibrahim said all NDC MPs have been instructed not to miss sittings in order to get the required number to carry out their objective, thus removing the Finance Minister, Ken Ofori-Atta from office.
According to Mr. Ibrahim, there would be consequences if a member fails to show up.
“The Minority Chief Whip, Muntaka Mubarak has sounded a note of caution to all Minority MPs that all the 136 MPs must be in the chamber on Thursday, so any member who absents himself on Thursday is at his own risk…On Thursday, whether we want Ken Ofori-Atta to be impeached or censored, the opportunity is being given to us,” he said.
According to him, the Finance Minister will also be allowed to defend himself on the same day.
For the vote of censure to succeed, 183 MPs must vote for it. With the Minority having only 136 MPs, 46 NPP MPs must join them.
Mr. Ahmed Ibrahim believes the NPP MPs will not back down on their calls to get the Finance Minister sacked.
“Whether the Majority is going to walk the talk to make sure that the motion that they staged, they still stand by it, is over to them. But I strongly believe that per the information and signals I am picking this morning, they are still going to walk the talk,” he said.
The Banda MP said it is important to remove Mr. Ofori-Atta now before the economic situation worsens. He urged the Finance Minister to step down before the vote of censure.
Media personality and fashion designer, Kofi Okyere Darko has indicated that he will park his car and buy himself a motorbike.
He said this on Vogue with GhanaWeb’s Doreen Abanema Abayaa when he was asked how severely he is being impacted by the ongoing financial hardship in the country.
According to KOD, the rich and poor are experiencing the intensity of the economic crisis.
“No matter how rich you are in Ghana, I think you would definitely feel what’s happening in Ghana economically.
“We are in a terrible place. Let me tell you, tomorrow, I am going to Alajo. I am going to get a motorbike,” he said.
“I own a bicycle but I want something that moves a bit faster so I am getting a motorbike,” he added.
Lately, Ghanaians have overlooked their political ties to lash at the government and the president, Nana Addo Dankwa Akufo-Addo, following the economic crisis.
There have been calls for his resignation while some have also called for the dismissal of the Finance Minister, Ken Ofori-Atta.
Private legal practitioner Samson Lardy Anyenini has challenged New Patriotic Party(NPP) Members of Parliament (MPs) to name a businessman who allegedly tried inducing them with money.
According to him, the disclosure is the surest way to prove that the Members of Parliament indeed returned the money to the unnamed businessman and repelled him as they claim.
Member of Parliament(MP) for Asante-Akim North, Andy Appiah-Kubi first disclosed on Accra based Joy Fm that the said businessman came to Parliament to meet with NPP MPs who had publicly called on President Nana Addo Dankwah Akufo to sack the finance minister Ken Ofori Atta.
The NPP MP added that the wealthy businessman sought to ‘mediate’ in the impasse between the MPs and the Finance Minister and attempted to give them money which they rejected.
But speaking on Newsfile on Joy News, on Saturday, November 5, 2022; the lawyer wondered why the lawmakers allowed such a businessman to walk away after committing a crime of attempted bribery.
He argued that the narration of the MPs raises doubts over whether they actually returned the money to the said businessman.
“So, there was an offer and there was received. This is a transaction that resulted in a crime. At what point did any of these MP’s realise that they needed to return these envelopes as they have been telling us?
“How should we come to a point of believing them that they in fact returned these envelopes? Did they? How many took it and how many returned it? What the MP’s have dealt with so far, leaves me in a position to believe that they are not being frank,” he said.
Anyenini further stated that the unwillingness by the lawmakers to blow the cover of the businessman attempting to corrupt them further cast doubts on their narration.
“Let us all dare them to name this businessman. If they do not, let us not believe them that they took the money and returned it. Indeed we are right that they [NPP MP’s] took the bribe and engaged in a corrupt conduct,” he added.
Media Personality-cum-Private Legal Practitioner Samson Lardy Anyenini has described a decision by Members of Parliament (MPs) on the majority side not to give out the name of a businessman they claim attempted to bribe them as an act of cowardice.
The New Patriotic Party (NPP) members of parliament say they were approached with a monetary offer by a wealthy businessman to get them to stand down on their calls to President Nana Akufo-Addo to sack Finance Minister Ken Ofori-Atta and Deputy Minister for Finance Charles Adu Boahen.
In his assertion, Samson Lardy noted that the NPP MPs would have named the businessman whom he noted engaged in a crime if he was a known member of the opposition National Democratic Congress(NDC).
“What exactly are they [NPP MPs] afraid of? They cannot be scared of naming this businessman. Just imagine that this businessman was on the political divide on the other side. Would these MPs have told us about a businessman who brought bribes to them without naming him? They are teaching the very wrong things to our community,” he said on Newsfile monitored by MyNewsGh.com.
While challenging the majority members of parliament to proceed to put out the name of the said businessman as proof of their sanctity in the corruption allegation, he called them out as cowards instead of the Honourable men they are meant to be.
“If you men want us to continue to refer to you as honourable men of that parliament, please name the businessman to start with or say no more about this situation. Until they name this businessman, these [MPs] are no honourable people. These are cowards who must be told exactly who they are,” Samson added.
The Minority in Parliament has served notice that it will move its vote of censure motion against the Finance Minister, Ken Ofori-Atta, on Thursday, November 10, 2022.
The Minority filed the vote on censure against the Minister on grounds of conflict of interest and financial recklessness leading to the current economic crisis.
“The motion of censure is slated to be moved on Thursday, the 10th of November 2022, and the Minority Chip Whip, Mubarak Muntaka has sounded a note of caution to all Minority MPs that all 136 minority MPs must be in the chamber on Thursday, so any member who absents himself does so at his own risk.”
Mr. Ahmed Ibrahim added that the Finance Ministerhas been duly served and will be in the Chamber to defend himself.
The grounds the Minority cites for the vote of censure are:
Despicable conflict of interest ensuring that he directly benefits from Ghana’s economic woes as his companies receive commissions and other unethical contractual advantages, particularly from Ghana’s debt overhang.
Unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 178 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral:
Illegal payment of oil revenues into offshore accounts, in flagrant violation of Article 176 of the 1992 Constitution:
Deliberate and dishonest misreporting of economic data to Parliament 5. Fiscal recklessness leading to the crash of the Ghana Cedi which is currently the worst-performing currency in the world:
Alarming incompetence and frightening ineptitude, resulting in the collapse of the Ghanaian economy and an excruciating cost of living crisis;
Gross mismanagement of the Ghanaian economy which as occasioned untold and unprecedented hardship
I can turn economy around
Meanwhile, the Finance Minister, Ken Ofori-Atta, is fighting to save his job and has called on Ghanaians to trust in his competence and ability to rescue Ghana’s ailing economy.
Speaking at a meeting with the Association of Ghana Industries, Mr. Ofori-Atta said Ghana remains the best destination to do business.
“Let me assure you that you have a Finance Ministerwho has gone through all the pains and the aches, and nobody can really say we don’t understand what we are doing. The question is what resources do we have and how are we going to deploy them in the nation that we have and how do we stand firm in very difficult circumstances but being very confident?”
“Let me assure you all that your best bet is still Ghana; we can do it, and we should do it,” the embattled Finance Minister said.
The Minority in Parliament has served notice that it will move its vote of censure motion against the Finance Minister, Ken Ofori-Atta, on Thursday, November 10, 2022.
The Minority filed the vote on censure against the Minister on grounds of conflict of interest and financial recklessness leading to the current economic crisis.
Addressing the media, the Deputy Minority Chief Whip, Ahmed Ibrahim, said the group will not relent in its efforts to have the Finance Minister removed from office.
“The motion of censure is slated to be moved on Thursday, the 10th of November 2022, and the Minority Chip Whip, Mubarak Muntaka has sounded a note of caution to all Minority MPs that all 136 minority MPs must be in the chamber on Thursday, so any member who absents himself does so at his own risk.”
Mr. Ahmed Ibrahim added that the Finance Minister has been duly served and will be in the Chamber to defend himself.
The grounds the Minority cites for the vote of censure are:
Despicable conflict of interest ensuring that he directly benefits from Ghana’s economic woes as his companies receive commissions and other unethical contractual advantages, particularly from Ghana’s debt overhang.
Unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 178 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral:
Illegal payment of oil revenues into offshore accounts, in flagrant violation of Article 176 of the 1992 Constitution:
Deliberate and dishonest misreporting of economic data to Parliament 5. Fiscal recklessness leading to the crash of the Ghana Cedi which is currently the worst-performing currency in the world:
Alarming incompetence and frightening ineptitude, resulting in the collapse of the Ghanaian economy and an excruciating cost of living crisis;
Gross mismanagement of the Ghanaian economy which as occasioned untold and unprecedented hardship
I can turn economy around
Meanwhile, the Finance Minister, Ken Ofori-Atta, is fighting to save his job and has called on Ghanaians to trust in his competence and ability to rescue Ghana’s ailing economy.
Speaking at a meeting with the Association of Ghana Industries, Mr. Ofori-Atta said Ghana remains the best destination to do business.
“Let me assure you that you have a Finance Minister who has gone through all the pains and the aches, and nobody can really say we don’t understand what we are doing. The question is what resources do we have and how are we going to deploy them in the nation that we have and how do we stand firm in very difficult circumstances but being very confident?”
“Let me assure you all that your best bet is still Ghana; we can do it, and we should do it,” the embattled Finance Minister said.
Former Minister for Finance Seth Terkper has refuted suggestions that he did not lead Ghana’s negotiation with the International Monetary Fund (IMF) during the era of ex-President John Dramani Mahama.
According to him, even though the negotiation was chaired by renowned economist Prof Kwesi Botchwey, he (Terkper) took part in all the meetings and was the one who signed off on the deal the government had with the IMF.
“The fact that we had a team does not mean that the minister of finance was not at the table where the discussions were being held. I have heard that being said by academics, so they should be careful sometimes with what they say.
“Yes, it is true we had a team; it was chaired by Dr Botchwey … alternating occasionally with the Chairman of the Economic Management Team. After all, it was the nation’s economic programme. He (Prof Botchwey) has rich experience – 19 years of doing these things.
“So, we did have a team, but there wasn’t any of the discussion that I did not participate with my deputies,” he said in a JoyNews interview monitored by GhanaWeb.
Seth Terkper’s remarks follow calls by some people for Finance Minister Ken Ofori-Atta to be excluded from Ghana’s team for the ongoing negotiation with the IMF for a $3 billion bailout.
He asserts that the whole Majority Caucus now supports the group’s stance, despite the fact that the issue was originally raised by over 90 NPP MPs who organized a news conference to demand the resignation of the troubled minister or else they would boycott any government activity in the House.
The Suame MP speaking at a news conference on Thursday, November 3, 2022, explained, “even though the issue started with the group of 80 plus, the caucus meeting aligned with the position of that group, so it is no longer the cause of the 80 plus MPs. It is the agenda for the entire caucus and we are having some discussions on that.”
The Majority Leader who is also the Minister of Parliamentary Affairs had earlier stated on Accra-based Joy FM that there had been an attempt by a wealthy businessman to influence the MPs who organised the press conference to back down on their decision.
“I’m told on authority that some businessman came here and tried to do something. I was told that he came here and tried to mediate in his own way what he thinks the problem is…he was repelled by the people and told he was told not to involve himself. So he went away,” Osei Kyei-Mensah-Bonsu told Joy News in an interview.
“With particular reference to the attempted bribery, it’s come before me. We’ll investigate if it is true and if it is true, establish the motive of that person. Sometimes, these things come up.
“You remember the issue of a minister who was nominated to appear before the vetting committee. There was an allegation that he had attempted to bribe some people or influence some people. Eventually, it turned out to be – I will not say falsehood – but an untruth,” he stated further.
He made this appeal in a meeting with the MPs at the Jubilee House shortly after they held the October 25 press conference to demand the sacking of Mr. Ofori-Atta.
Ken Ofori-Atta is heard highlighting the fact that the administrators of the economy recognized the task at hand even before taking office and continuing the current problems in an audio message uploaded on Joy FM’s social media accounts.
However, the finance minister acknowledged that the government is addressing ongoing issues and taking into account the resources at its disposal.
“Just to assure you that you have a finance minister who has gone through all the pains and aches and nobody can really come and say we don’t understand what we are doing.”
“The question is what resources do we have and how we are going to deploy them in the nation that we have in very difficult circumstances but being very confident that the nation is purposed for greatness and we are blessed to have the opportunity to lead where we are going,” Ken Ofori-Atta added.
“Let me assure you all that your best bet is still Ghana,” he told the gathering believed to be a group of investors but the time of the meeting is, however, unknown.
NPP MPs call for Ken Ofori-Atta, Charles Adu Boahen’s removal
A group of NPP MPs, numbering over 80, on October 25 held a press conference demanding the removal of the Finance Minister and Minister of State at the Ministry, Charles Adu Biahen, over management of the economy and hard times that citizens were facing.
President Akufo-Addo intervened and got a concession on two grounds, that the Ofori-Atta be allowed to conclude initial talks with the International Monetary Fund and present the 2022 budget and see to the passage of its appropriation.
The president has also addressed the nation on the economic challenges and how the government intends to tackle them.
The Majority Leader, Osei Kyei-Mensah-Bonsu, has recently stated that the view advanced by the Ken Must Go MPs is now the Majority position.
Meanwhile, the Minority Caucus is pushing a vote of censure to remove Ofori Atta from office.
Embattled Finance Minister, Ken Ofori-Atta, has spoken about how invested he has been in the management of Ghana’s economy citing the exertions that he has been going through.
In an interview posted on Joy FM’s social media handles, the Minister is heard stressing that the managers of the economy understood the task at hand.
He stressed that they were dealing with incessant challenges and taking cognizance of the available resources.
“Just to assure you that you have a finance minister who has gone through all the pains and aches and nobody can really come and say we don’t understand what we are doing.
“The question is what resources do we have and how we are going to deploy them in the nation that we have in very difficult circumstances but being very confident that the nation is purposed for greatness and we are blessed to have the opportunity to lead where we are going,” Ofori-Atta added.
“Let me assure you all that your best bet is still Ghana,” he told the gathering believed to be a group of investors but the time of the meeting is, however, unknown.
Calls for Ofori-Atta, Adu Boahen to be axed
A group of NPP MPs, numbering over 80, on October 25 held a press conference demanding the removal of the Finance Minister and Minister of State at the Ministry, Charles Adu Biahen, over management of the economy and hard times that citizens were facing.
President Akufo-Addo intervened and got a concession on two grounds, that the Ofori-Atta be allowed to conclude initial talks with the International Monetary Fund and present the 2022 budget and see to the passage of its appropriation.
The president has also addressed the nation on the economic challenges and how the government intends to tackle them.
The Majority Leader, Osei Kyei-Mensah-Bonsu, has recently stated that the view advanced by the Ken Must Go MPs is now the Majority position.
Meanwhile, the Minority Caucus is pushing a vote of censure t remove Ofori Atta from office.
As long as Finance Minister Ken Ofori-Atta continues to negotiate for financial support with the International Monetary Fund, the introduction of the 2023 budget is likely to be postponed.
He claims that the presentation, which was initially scheduled for November 15, will now happen at a later time to give the Finance Minister time to wrap up the negotiations.
“As you do know, the Public Financial Act provides that the budget should be presented to the House latest by (the) 15th of this month (November). The discussions that are going on now involving the IMF, I think it is going to take a little bit of a while.
“My understanding is that it (the discussion) will go into the first few days of next week, around the 10th or so. If that is the case, we then have to strand out the conclusions and factor them into the budget.
“After we have succeeded in doing that because it is a budget for government it will have to go before cabinet for some discussions, integration and maybe additions and subtractions before it comes ultimately to parliament.
“I believe it is going to be quite difficult to submit to the 15th (November) deadline,” he said will address the press at Parliament on Thursday, November 3, 2022.
The Majority leader however stated that failure to present the budget to Parliament after the November 15 deadline will not be a breach of the 1992 Constitution.
Although he did provide a new date for the presentation to take place, Osei Kyei Mensah said government will need “some space to be able to do a tidy work”.
It has emerged that mandatory payments such as the MPs Common Fund (Q1 and Q2), MPs Monitoring and Evaluation (Q2), Q1 and Q2 of District Common Fund and the Disability Relief Fund to Districts have all been settled.
The delays, since January 2022, have always been attributed to Ghana’s cash-strapped situation.
This was revealed by host of Good Morning Ghana on Metro TV, Randy Abbey on Wednesday, November 2, 2022.
An MP, opposition NDC-MP for Afigya Kwabre North Constituency in the Ashanti Region, Charles Adomako-Mensah, who was a panellist on the morning show, confirmed the payments.
“That is true, it is true. The payments were supposed to come and there were delays, and it has been paid. It is true,” he said amid laughter.
Another panellist on the morning programme, the renowned journalist Kwesi Pratt Jnr, could not hide his surprise.
But the MP tried to calm him:
“Uncle Kwasi, these are statutory payments, there were delays fortunately they have been paid, thank God, they have been paid…they’ve been paid because they have to be paid.
“I am not too sure if it was because of the [‘Ken Must Go’] demands…the fact that it was after but I am not too sure if it was because of the demands,” the NDC MP said.
“Oh Randy, delays in Common Fund payments are not something new,” Adomako-Mensah added.
MPs are progressing towards taking a vote of censure against the minister for poorly managing the economy and plunging it into hardship. If two-thirds of all MPs approve the vote of censure, his appointment will be revoked.
Businessman Daniel McKorley’s name came in the alleged attempt to bribe ‘anti-Ofori-Atta’ NPP MPs to back down on their demand to seek the head of the finance minister and another regarding Ghana’s economic crisis.
Manasseh Azure Awuni, an investigative journalist, has stated categorically that, the man known to many as McDan, who is the founder, chairman, and Chief Executive Officer of the McDan Group of Companies, is not the wealthy businessman who met the MPs.
In a post on his Facebook timeline, he wrote “The corrupt businessman who carried cash to parliament to bribe NPP MPs is not McDan as some of you are speculating.”
The journalist who is very vocal on socio-economic issues of the country is on record to have demanded the identity of a businessman who reportedly moved in to negotiate the intra-party demand for Minister of Finance, Ken Ofori-Atta, to be removed from office.
Background
It was the first time a group of MPs from the Majority Caucus have organised a press conference to demand the removal of one of their own – the finance minister and minister of state at the finance ministry – because they have become incompetent at the positions they occupied in government.
Since their ‘unprecedented’ press conference, the president, Nana Addo Dankwa Akufo-Addo, stepped in to plead on behalf of his ministers but the MPs decided not to back down on their request so, the president asked the MPs to allow Ofori-Atta to conclude the ongoing IMF negotiations and also present the 2023 budget statement to Parliament before they revisit the issue again.
It, however, emerged on Tuesday, November 1, a wealthy businessman after the president’s intervention also decided to meet the ‘anti-Ofori-Atta’ MPs and try to convince them to back down on their demand.
In his attempt, this influential unknown businessman is alleged to have made an attempt to present a brown envelope full of money to the over 90 MPs who organised the press conference to demand the dismissal of Ken Ofori-Atta and Charles Adu Boahen.
“I’m told on authority that some businessman came here and tried to do something. I was told that he came here and tried to mediate in his own way what he thinks the problem is…he was repelled by the people and told he was told not to involve himself. So he went away,” Osei Kyei-Mensah-Bonsu told Joy News in an interview.
Giving the details of their meeting with this influential businessman, Andy Appiah-Kubi, MP, Asante Akim North, told Joy FM in an interview monitored by GhanaWeb that:
“I am part of the group that organised the press conference in respect of the claim that the Finance Minister should be relieved of his position and we have been meeting on this subject matter, there was an occasion that a man approached us and wanted to mediate on behalf of the finance minister.
“We assured him that we did not have anything against the Finance Minister per se except that the public confidence in him has waned, that we have been approached by our constituents and, therefore, we thought that it was time for him to go so we will rebuild public confidence in the ministry and the government.
“The man came and talked to us about it and wanted us to turn around and [re]consider the decision…we listened to him, and he said that while he has come here to talk to us; we have given him the opportunity to address us and therefore he wants to leave something behind for us. Indeed he got somebody to bring it and we said sorry, we cannot take anything. It is not for the reason of money that we are taking this decision, we are motivated by our conscience and therefore, it is not about materialism and that it is where it ended. We returned the money to him and he took it away.”
When asked if it was an attempt to bribe the MPs, Appiah-Kubi responded “we don’t consider it as a bribe because there was nothing that we were doing to his advantage as a person so, that will not constitute a bribe. It was something that he was doing to try and get us to accommodate probably; that cannot qualify as a bribe.”
“Bribe is when you have taken something to do the things that you will otherwise not do. But he has no personal interest in the matter so why will he pay a bribe? Maybe he was trying to offer something by way of his association with us so, I won’t call it a bribe, in any case, it was not given and nobody was a beneficiary of his gift or offer,” he added.
The leader of the ‘anti-Ofori-Atta’ MPs giving clarity on who this said businessman met indicated categorically that the wealthy businessman did not meet the entire Majority caucus but the group that came out on the day to organise the press conference to demand the removal of Ken Ofori-Atta and Charles Adu Boahen.
This businessman further noted to the aggrieved MPs that “it is not in the interest of the business community to see this confusion in governance and therefore for the sake of the business community, and their businesses, let us ensure that there is peace and tranquillity in the political space. That is why he has come to talk to us.
“There was no need to investigate the group he represented neither was a need for us to investigate his personal commitment or interest in this matter; but I saw him as a statesman and somebody who has business interest in Ghana, who is interested in the tranquillity that existed within the leadership of the country.”
Days after a group of New Patriotic Party, NPP, Members of Parliament openly demanded the removal of Finance Minister Ken Ofori-Attaand Minister of State at the Ministry, Charles Adu Boahen from office, it has emerged that four major statutory payments have been released.
The payments were confirmed by Charles Adomako-Mensah, NDC-MP for Afigya Kwabre North Constituency in the Ashanti Region.
He was answering a question by the host of Good Morning Ghana on Metro TV, Randy Abbey on developments after their October 25 demand via a press conference at the precincts of Parliament.
The four payments made so far are in respect of Common Fund (Quarters 1 and Two), MPs Moni Monitoring and Evaluation (Second quarter), Q1 and Q2 of District Common Fund as well as the Disability Relief Fund to districts.
After confirming the payments individually, the MP added: “That is true, it is true. The payments were supposed to come and there were delays, and it has been paid. It is true.”
Reacting to a shocked co-panellist in the person of Kwesi Pratt, the MP added: “Uncle Kwasi, these are statutory payments, there were delays fortunately they have been paid, thank God, they have been paid…they’ve been paid because they have to be paid.
“I am not too sure if it was because of the demands …the fact that it was after but I am not too sure if it was because of the demands,” he stressed.
“Oh Randy, delays in Common Fund payments are not something new,” Adomako-Mensah added.
The demand for Ofori-Atta’s removal sent shockwaves in the polity with President Nana Addo Dankwa Akufo-Addo hurriedly arranging a meeting with the disgruntled MPs.
Their demand was premised on the tanking Ghanaian economy headed by the embattled minister but a deal was reached.
Under the deal, Ofori-Atta is allowed to stay in office to conclude initial talks with the International Monetary Fund and also present the 2023 budget and oversee the passage of its appropriation before Akufo-Addo decides on his fate.
The National Democratic Congress (NDC) Minority Caucus in Parliament has urged President Akufo-Addo to do something about the petroleum price hikes in order to cushion the ordinary Ghanaian from the global economic hardship.
Mr John Abdulai Jinapor, Ranking Member of the Parliamentary Select Committee on Mines and Energy, speaking at a press conference at Parliament House in Accra, appealed to the Government to help mitigate the economic hardship facing Ghanaians by taking measures to address the petroleum price hikes.
He said one would have thought that following the national address by the President, things would begin to calm down “It is sad, it is really, really sad to note that fuel price today is going through the roofs”.
“The ordinary Ghanaian is suffering, workers are suffering, teachers are suffering, MPs are suffering, evening the man on the street is suffering. You journalists, you are even suffering the more because you have to be moving up and down to cover stories. It is sad. It is very, very sad,” Mr Jinapor said.
He alleged “But even more importantly, I wish to place on record that this government is making so much money from the Ukraine-Russian war.”
He said in the 2022 budget, Government projected that it would receive a total amount of about six billion Ghana Cedis for the whole of 2022.
“That was what was projected. Today, as we speak, from the Public Interest and Accountability Committee (PIAC) Report, in less than three months, even the price stabilisation and recovery levy which is supposed to subsidize fuel, government projected that in the first two quarters it would receive 269 million Ghana Cedis, as we speak from the Ministry of Finance’s own record, Government has received about 800 million Ghana Cedis,” he said.
He reiterated that the notion that Government was not making revenue was a fallacy; adding that “It is a complete falsehood. Government is making so much money from our petroleum resources.”
He called call on President Nana Addo Dankwa Akufo-Addo and the Minister of Finance to do something about this price increments.
He urged the government to apply the alleged huge supernatural profit to cushion the ordinary Ghanaian.
Mr Jinapor, who is also the Member of Parliament for Yapei-Kusawgu, said “I feel very sad as a Member of Parliament, when on a daily basis, I receive calls from my members in the constituency, who cannot even afford one square meal a day”.
“People cannot even send their kids to school because of the exorbitant fuel prices, which is having cascading effect on food prices and the general cost of living. We hold the view that Government can do something about the fuel price increment.” Mr Jinapor said.
He suggested that the Tema Oil Refinery as a matter of urgency with immediate effect, should process Ghana’s domestic crude (oil), that could give Ghanaians about 45 thousand barrels of processed crude every day.
A presidential candidate hopeful of the National Democratic Congress (NDC), Ernest Kwaku Kobeah, has waded into calls for the Finance Minister, Ken Ofori-Atta, to be sacked.
He believes this will boost investors’ confidence to make the economy fit.
Ghana’s economy keeps on in limbo whiles market women and traders demonstrate and protest economic hardship due to the depreciation of the cedi to the dollar since the country’s economy is import-driven.
Ghana’s economy keeps on in limbo whiles market women and traders demonstrate and protest economic hardship due to the depreciation of the cedi to the dollar since the country’s economy is import-driven.
According to him, the Bank Of Ghana has revealed that Ghana’s total public debt stock went up marginally by GH¢130 million to GH¢393.4 billion in June 2022, about 78.3 percent of the Gross Domestic Product, stating that this will affect the economy since no policy or production can reduce the rate of importation into the country.
He said even though the Parliament has failed under Article 82 which gives a clear procedure on how a Minister can be removed but his stay in office will bring the era of Kalabule in 1979 when the military took over to discipline some traders on the street.
A presidential candidate hopeful of the National Democratic Congress (NDC), Ernest Kwaku Kobeah has waded into calls for the Finance Minister, Ken Ofori-Atta, to resign.
He believes dismissing the Minister will boost investors’ confidence to make the economy fit.
Ghana’s economy keeps on in limbo whiles market women and traders demonstrate and protest economic hardship due to the depreciation of the cedi to the dollar since the country’s economy is import-driven.
But the Ghanaian businessman in the United Kingdom and a presidential candidate hopeful of the NDC, Kwaku Kobeah is of the view that many investors are keeping their monies from investing in the Ghanaian economy since they do not have any confidence in the minister since there is no policy that has been put in place to revert the ailing economy.
“It is obvious now that the finance minister has failed and the longer he prolongs at the ministry the more difficult we go through as a country,” he said on Accra-based Original FM.
According to him, the Bank Of Ghana has revealed that Ghana’s total public debt stock went up marginally by GH¢130 million to GH¢393.4 billion in June 2022, about 78.3 percent of the Gross Domestic Product, stating that this will affect the economy since no policy or production can reduce the rate of importation into the country.
He said even though the Parliament has failed under Article 82 which gives a clear procedure on how a Minister can be removed but his stay in office will bring the era of Kalabule in 1979 when the military took over to discipline some traders on the street.
Editor-in-Chief of the Insight newspaper, Kwesi Pratt Jnr. has revived the calls for the dismissal of Finance Minister, Ken Ofori-Atta.
Over 90 members of the Majority Caucus in Parliament have reportedly signed a petition to President Nana Addo Dankwa Akufo-Addo to remove his Finance Minister and the Minister of State at the Finance Ministry, Charles Adu Boahen.
The Members of Parliament threatened to boycott the presentation of the 2023 Budget and all government business which willl be laid before the Legislative House if the President refuses to sack the two appointees.
Nonetheless, Mr. Ofori-Atta remains at post as the President, in an emergency meeting with aggrieved MPs, asked them to allow the Finance Minister to conclude the IMF deal.
Contributing to Peace FM’s morning show “Kokrokoo”, Kwesi Pratt called on the Finance Minister to do the needful.
“I wish Ken Ofori-Atta had resigned . . . I wish he wouldn’t wait for the President to tell him to leave before he does,” he emphasized.
The President on Sunday, October 30, 2022 assured the citizenry that his government is tackling the economic problems and believed they will soon be relieved of the hardships.
Highlighting some measures the government is undertaking to address the plight of the populace, the President said; “We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time. But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedeviled our economy.
“I urge us all to see the decision to go to the International Monetary Fund in this light. We have gone to the Fund to repair, in the short term, our public finances, and restore our balance of payments, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of constructing a resilient, robust Ghanaian economy, and building a Ghana Beyond Aid.
“I am able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF Programme, which will support the implementation of our Post COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and development programme, are at advanced stages, and are going well.”
But to Mr. Pratt, the President should have touched on the concerns of the Members of Parliament and Ghanaians about the Finance Minister and the size of his government.
According to him, sacking the Finance Minister, Ken Ofori-Atta and reducing his government size is not the solution to the economic problems, however it will give the people hope that he (President Nana Addo) is paying attention to them and is serious about resolving the economic challenges.
Speaking to host Kwami Sefa Kayi on Peace FM’s morning show “Kokrokoo”, Mr. Pratt explained that the President should, for aesthetics purposes, heed the calls to dismiss the Finance Minister and minimize the number of his Ministers.
“Sometimes, something is not the real foundation but it helps in terms of public perception and so on. I believe those calling for the dismissal of Ken Ofori-Atta, Charles Adu Boahen and saying the number of Ministers should be reduced are not saying it because that’s the solution to the problem, because it is not the solution to the problem, but it helps with aesthetics. It gives people the confidence that the government is concerned about their grievances and wants to do something about it. That is the context . . .” he stated.
President Nana Addo Dankwa Akufo- Addo’s stance on proposals presented to him for how to resuscitate Ghana’s faltering economy, according to the managing editor of the publication The Insight, is not encouraging.
According to Mr. Kwesi Pratt, the president’s contempt for many of these proposals presented to him without malice is the main cause of the country’s current predicament.
The president’s attitude to proposals, particularly those regarding the removal of Ken Ofori Atta, the finance minister, and other of his appointees, was, he said, disagreeable.
Mr Pratt said for the president to describe the people who made these suggestions as people who are hungry and had no job to do was unpleasant, to say the least.
He argued that such comments must not come from a personality such as the president who is duty-bound to rally everybody around.
He said the president at this moment is the one supposed to call the people to action and not to describe them unpleasantly.
“How can everybody including the governing New Patriotic Party (NPP) Members of Parliament (MP) be hungry?” he questioned and wondered: “So, what is in God’s name can a personality like an economist Kwame Pianim of high repute be seeking to achieve by calling for the removal of the finance minister?”
He said the president is also part of the problem stemming from his posture on issues of national interest.
“People are arguing the finance minister is incompetent and the president’s posture is that the finance minister should use his incompetence to seal the International Monetary Fund deal before his removal,” Mr Pratt noted.
This posture, he added, is worrying and not encouraging people to do more for the state.
“Is this what the president is telling Ghanaians who are suffering from the indiscretion of the finance minister?” The Insight newspaper managing editor asked.
He posited: “Ghanaians do not want any long-term solutions but a short-term solution that will bring some reprieve to them in the wake of the economic challenges.”
He called on Ghanaians to be measured at this time of economic challenges and further called on them to eschew political rivalry by offering solutions that would take the country out of the current economic challenges.
Kwesi Pratt made these comments speaking on a local radio station on Tuesday, November 1, 2022
An Anti-Corruption Campaigner, Edem Senanu, has called for investigation into an assertion by Majority Leader, Osei Kyei-Mensah-Bonsu that a wealthy businessman attempted to ‘do something’ on behalf of Finance Minister, Ken Ofori-Atta when some Majority NPP MPs asked for the latter’s removal.
The Majority Leader said he was told on authority that when the Majority MPs called for Mr. Ofori-Atta’s dismissal, one of Ghana’s wealthy businessmen approached them to mediate in the impasse.
“I’m told on authority that some businessman came here and tried to do something,” he told Evans Mensah.
In a yet-to-be-aired interview on JoyNews’ PM Express, the Majority Leader explained that the aforementioned businessman was however stopped in his tracks and he left. Kyei-Mensah-Bonsu nonetheless promised to find out from the businessman whether he did anything of the sort.
Speaking in an interview on Joy FMs Top Story, on Tuesday, Mr. Senanu said the Special Prosecutor, Kissi Agyebeng should be contacted to see if the issue qualifies to be something he can take up.
This, he said, is because the wealthy businessman had a motive.
“It deserves much more investigation. What interest was he seeking to protect or promote?” Mr. Senanu quizzed.
When asked if he trusts the Majority Leader to do a good job at investigating the motive of the businessman, Mr. Senanu replied in the negative.
“No, certainly not the Majority Leader … Indeed there is a sense in which one is wondering whether this is not an attempt to throw a red herring because already we don’t understand why within 24 hours, the Majority Leader had taken a position and we don’t have a clear statement on what the President has said.”
Manasseh Azure Awuni has demanded the identity of a businessman who reportedly moved in to negotiate the intra-party demand for Minister of Finance, Ken Ofori-Atta, to be removed from office.
Citing a steep economic decline, some 80 plus lawmakers from the ruling New Patriotic Party, NPP, demanded Ofori-Atta’s removal as a minister but stood down the demand after a meeting with the president on two conditions.
It has emerged, however, that a businessman had tried to influence the calls for the minister’s sacking.
It is the identity of the said businessman that the investigative journalist is demanding from the ‘breakaway’ NPP MPs who were led by Andy Appiah-Kubi, MP for Asante Akim North.
In two tweets posted on November 1, Manasseh demanded answers on the who, what and why of the ‘transaction.’ “Who is that corrupt businessman who bribed or attempted to bribe the NPP MPs to make a U-turn on Ken Ofori-Atta’s sacking?
“The 80+ NPP MPs must come clean on the back of Kyei-Mensah-Bonsu’s revelation. Who’s that businessman? What did he give them?
What Majority Leader said about unnamed businessman
Majority Leader and Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, revealed in an interview with Joy News that a renowned businessman tried to influence the decision of the majority caucus of Parliament over their demands for Finance Minister Ken Ofori-Atta’s sack.
According to him, he was informed that the businessman came to Parliament to meet some members of the majority caucus on the matter to intervene for Ofori-Atta but was sent packing.
He, however, added that he could not confirm whether the businessman offered the New Patriotic Party (NPP) Members of Parliament (MPs) bribes.
“I [am] not privy to whatever inducement that people are offering… I [was] told on authority that some businessman came here and tried to do something. He is a wealthy businessman that I know.
“I was told that he came here and tried to mediate in his own way. What he thinks the problem is and tried (to mediate). That is all that I know.
“But he was repelled by the people. I am told he was informed not to involve himself. That is all that I know; I don’t know of another thing,” Kyei-Mensah-Bonsu said in the interview monitored by GhanaWeb.
It was the first time a group of MPs from the Majority Caucus have organised a press conference to demand the removal of one of their own – the finance minister and minister of state at the finance ministry – because they have become incompetent at the positions they occupied in government.
Since their ‘unprecedented’ press conference, the president Akufo-Addo, stepped in to plead on behalf of his ministers but the MPs decided not to back down on their request so, the president asked the MPs to allow Ofori-Atta to conclude the ongoing IMF negotiations and also present the 2023 budget statement to Parliament before they revisit the issue again.
It, however, emerged on Tuesday, November 1, a wealthy businessman after the president’s intervention also decided to meet the ‘anti-Ofori-Atta’ MPs and try to convince them to back down on their demand.
In his attempt, this influential unknown businessman is alleged to have made an attempt to present a brown envelope full of money to the over 90 MPs who organised the press conference to demand the dismissal of Ken Ofori-Atta and Charles Adu Boahen.
“I’m told on authority that some businessman came here and tried to do something. I was told that he came here and tried to mediate in his own way what he thinks the problem is…he was repelled by the people and told he was told not to involve himself. So he went away,” Osei Kyei-Mensah-Bonsu told Joy News in an interview.
Giving the details of their meeting with this influential businessman, Andy Appiah-Kubi, MP, Asante Akim North, told Joy FM in an interview monitored by GhanaWeb that:
“I am part of the group that organised the press conference in respect of the claim that the Finance Minister should be relieved of his position and we have been meeting on this subject matter, there was an occasion that a man approached us and wanted to mediate on behalf of the finance minister.
“We assured him that we did not have anything against the Finance Minister per se except that the public confidence in him has waned, that we have been approached by our constituents and, therefore, we thought that it was time for him to go so we will rebuild public confidence in the ministry and the government.
“The man came and talked to us about it and wanted us to turn around and [re]consider the decision…we listened to him, and he said that while he has come here to talk to us; we have given him the opportunity to address us and therefore he wants to leave something behind for us. Indeed he got somebody to bring it and we said sorry, we cannot take anything. It is not for the reason of money that we are taking this decision, we are motivated by our conscience and therefore, it is not about materialism and that it is where it ended. We returned the money to him and he took it away.”
When asked if it was an attempt to bribe the MPs, Appiah-Kubi responded “we don’t consider it as a bribe because there was nothing that we were doing to his advantage as a person so, that will not constitute a bribe. It was something that he was doing to try and get us to accommodate probably; that cannot qualify as a bribe.”
“Bribe is when you have taken something to do the things that you will otherwise not do. But he has no personal interest in the matter so why will he pay a bribe? Maybe he was trying to offer something by way of his association with us so, I won’t call it a bribe, in any case, it was not given and nobody was a beneficiary of his gift or offer,” he added.
The leader of the ‘anti-Ofori-Atta’ MPs giving clarity on who this said businessman met indicated categorically that the wealthy businessman did not meet the entire Majority caucus but the group that came out on the day to organise the press conference to demand the removal of Ken Ofori-Atta and Charles Adu Boahen.
This businessman further noted to the aggrieved MPs that “it is not in the interest of the business community to see this confusion in governance and therefore for the sake of the business community, and their businesses, let us ensure that there is peace and tranquility in the political space. That is why he has come to talk to us.
“There was no need to investigate the group he represented neither was a need for us to investigate his personal commitment or interest in this matter; but I saw him as a statesman and somebody who has business interest in Ghana, who is interested in the tranquility that existed within the leadership of the country.”
Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA), Mensah Thompson, has accused Finance Minister Ken Ofori-Atta of being the main cause of Ghana’s economic challenges.
According to Mensah Thompson, Ofori-Atta’s decision to collapse some banks in the country is one of the main reasons the economy is currently crushing.
The ASEPA boss, who made these remarks in an XYZ TV interview monitored by GhanaWeb, said that the finance minister’s unquenchable thirst for loans is another reason Ghanaians are currently suffering.
“The government is sponsoring these narratives that our problems are because of speculation and profiteering by Ghanaians, but this is false. The problems we are facing today have nothing to do with Ghanaians.
“Only one person is responsible for all the problems we are facing today, and he is Ofori-Atta. He is the bigger problem. If the president wants to shift the blame, he should put it on Ofori-Atta. Because Ofori-Atta single-handedly has destroyed Ghana’s economy in a way that will take the country at least 20 years to recover.
“One of Ofori-Atta’s decisions that caused the current problems is the collapse of banks. The consequences of collapsing some banks in 2018 are what we are seeing today… The second thing is corruption. Take the Auditor-Generals report and see how much Ofori-Atta got through his bank helping the government to acquire loans,” he said in Twi.
He added that the third decision Ofori-Atta took, which led to the collapse of the Ghanaian economy, was financial misreporting.
“Ofori-Atta has been presenting different sets of data to Ghana’s Parliament and IMF (International Monetary Fund). In 2018, the IMF exposed him for misreporting our budget deficit,” he said.
Veteran broadcaster, Kwasi Kyei Darkwah (KKD), is wondering how much the president, Nana Addo Dankwa Akufo-Addo owes his cousin, Ken Ofori-Atta, for which he cannot sack him from government.
Speaking on Accra-based Joy News, the media personality claimed that the finance minister’s continuous stay in office could be due to the undisclosed debt.
He stated that parliament in their quest to trigger a motion for a vote of censure on Ken Ofori-Atta, must also probe for any debt Akufo-Addo may be owing him.
He noted that the finance minister’s performance in the current administration has been abysmal, therefore, he needs to be shown the exit.
“Ken must go. Ken must go…How much money do you alone want to have? Why? Databank alone, how many of your staff are in government at the moment?
“How much money does Nana Addo owe you? In fact, Parliament must ask this question … I think the President owes him.
“Because if the President doesn’t owe him, what is it that is so beholding to this gentleman that with what he’s done with our economy, he is still allowed to be at post?” KKD asked in his interview.
KKD’s concerns add to the consistent calls for the removal of the finance minister due to the current economic hardship the country is facing.
These calls have become rife across both social and traditional media, with many accusing the Finance Minister of steering Ghana’s economy into a ditch.
Members of the Minority have signed a motion for a vote of censure on Ken Ofori-Atta
As part of their reasons, the minority cite the overall mismanagement of the economy and ethical concerns, among others.
Parliament is yet to hear the motion with the Speaker having added it to this week’s order of business.
Financial Analyst Dr Michael Dawson has responded to claims that the financial sector clean –up which has ensured that the financial sector is solid , robust and resilient was Ken Ofori-Atta ‘s idea.
“Let me state that the decision to undertake the reforms in the financial sector was mooted by the IMF. Thus, the clean-up was part of the IMF Conditions for the country.
“You remember the asset quality review which was executed during the NDC era. The asset quality review gave a sense of the state of the banks. Former Finance Minister Seth Tekper and Governors appointed by President Mahama are aware of the malfeasance which was discovered after the asset quality review of the Banks.
“During the NDC era, the IMF published several reports warning the Bank of Ghana to take some corrective measures within the banking sector, but the NDC government failed to clean up the sector. I think we should stop politicizing the benefits of the banking sector reforms.The reforms have led to stability and confidence in the financial sector.
“I can tell you that, some depositors were not getting back their funds from some of the financial institutions. Some of the banks had also breached several banking regulations. Indeed, the financial system at the time, was on the brink of total collapse. The central bank had clearly explained that the clean-up was based on poor business practices and weak capital positions of the banks and financial institutions. I am aware that the liabilities of some of the banks were more than their assets”.
Dr Dawson made these comments in a write up following a statement by President Mahama that the Honourable Ken Ofori-Atta proposed and introduced the idea of the reforms in the banking sector.
“I will say that the resilience shown by the banking sector is due to the comprehensive financial sector reforms that took place before the Coronavirus pandemic. You can imagine what would have happened if the banking sector reforms wasn’t done. We would have woken up one day to see a collapse of the Ghanaian economy. The measures taken safeguarded the investments of 4.6 million depositors. There is confidence now in the sector. The exercise was crucial for stability and confidence in the financial sector”.Dr Dawson said.
Dr. Courage Edwards, a financial analyst, has argued against the politicization of the Bank of Ghana’s efforts to clean up the financial industry and has suggested that Ken Ofori-Atta was behind the initiative.
He said that the Bank of Ghana and the International Monetary Fund had rather suggested making the reforms possible as a requirement of the IMF.
He said that, prior to the exercise, some commercial banks and financial organizations that were approaching distress levels had also received warnings from the banking sector regulator.
“Let me state that the decision to undertake the reforms in the financial sector was mooted by the IMF. Thus, the clean-up was part of the IMF conditions for the country.”
“You remember the asset quality review which was executed during the NDC era. The asset quality review gave a sense of the state of the banks. Former Finance Minister Seth Tekper and Governors appointed by President Mahama were aware of the malfeasance which was discovered after the asset quality review of the Banks.”
He further explained that during the erstwhile John Mahama administration, the IMF published several reports warning the Bank of Ghana to take some corrective measures within the banking sector.
“I think we should stop politicizing the benefits of the banking sector reforms because I believe these reforms have led to stability and confidence in the financial sector.”
“I can tell you that, some depositors were not getting back their funds from some of the financial institutions. Some of the banks had also breached several banking regulations. Indeed, the financial system at the time, was on the brink of total collapse.
The central bank had clearly explained that the clean-up was based on poor business practices and weak capital positions of the banks and financial institutions. I am aware that the liabilities of some of the banks were more than their assets,” he explained.
Dr Courage Edwards made these comments following a recent statement made by former president Mahama suggesting that Ken Ofori-Atta had proposed and introduced the idea of reforms in the banking sector.
“I will say that the resilience shown by the banking sector is due to the comprehensive financial sector reforms that took place before the coronavirus pandemic. You can imagine what would have happened if the banking sector reforms wasn’t done”
“We would have woken up one day to see a collapse of the Ghanaian economy and so the measures taken safeguarded the investments of 4.6 million depositors and brought confidence and stability in the financial sector.” the financial analyst concluded.
In 2017, the BoG undertook a clean-up exercise that saw the revocation of operating licenses of some eight banks, 23 savings and loans companies and more than 400 specialised deposit-taking institutions (SDIs).
According to the Receiver for some of the financial institutions, preliminary investigations found that most directors of the defunct financial institutions failed in their fiduciary responsibilities to customers and other stakeholders.
A former Energy Minister, Boakye Kyeremanteng Agyarko, has backed calls for the resignation of the Finance Minister, Ken Ofori-Atta, stressing that “no position is anyone’s Bonafide property.”
His comment follows the call of Members of Parliament from the ruling New Patriotic Party for the resignation of Mr Ofori-Attaas the finance minister.
Responding to a question posed by the host of Peace FM’s morning show, Kokrokoo, he noted that “if I’m the President and 80 of my Parliamentarians and not only them, but a lot of people have also called for his resignation, why not?”
Buttressing his point, he cited various instances where government officials were asked to step down when they were not living up to expectations. He noted that during the Kufour led administration, Dr Richard Anane, one of his Ministers was temporarily dismissed and reinstated when tempers cooled down following calls from the public for his dismissal.
“Under Nkrumah’s regime as well, Krobo Adusei was also asked to step down when news broke that he had purchased a golden bed for his wife and was later restored into office. So there is no position that is anyone’s Bonafide property,” he stressed.
He noted the move by the MPs “has set a certain bad precedent which is likely to spark rebellion from beneath.”
He, thus, asked the President to negotiate with the MPs and resolve all outstanding issues in order forestall any instability in the party.
Managing Editor of the Insight Newspaper, Kwasi Pratt, has asked President Akufo-Addo to heed to the numerous calls on him to dismiss the Finance Minister, Ken Ofori-Atta, from his post.
Speaking on the back of President Akufo-Addo’s plea to some 80 MPs from the ruling party to allow the Minister to stay in office till after the IMF negotiations are over, Mr Pratt argued that there is no justification to keep Mr Ofori-Atta in office is the majority of Ghanaians have described him as incompetent.
Baffled by the President’s request, he questioned if Mr Ofori-Atta was the only competent person for the job.
“Is Ken Ofori-Atta the only sensible person in Ghana? People have asked him to resign over incompetence and you still want him to stay in office and read the budget? There are over 31 million people in this country so I can’t comprehend this” he said.
He said since the position is not the Bonafide property of anyone, Mr Ofori-Atta must either resign or be dismissed for another person who can do the job as expected to be appointed.
Veteran broadcaster, Kwasi Kyei Darkwah, popularly known as KKD, has called for the sacking of the Minister of Finance, Ken Ofori-Atta.
According to KKD, there is overwhelming evidence that points to the fact that there have been a lot of thieveries under his tenure.
For this reason, the broadcaster has called for the axe to fall on the head of the country’s chief financial officer.
Speaking in an interview on the JoyNews channel on Monday, October 31, 2022, and monitored by GhanaWeb, KKD explained that just like some 80 Members of Parliament calling for the minister to be sacked, it is the right decision.
He explained that things have gotten so bad that even MPs who will usually tread cautiously in their dealings with the president no longer care how hard they step on his foot.
“I saw someone who had used the brand of KFC, I don’t know why but about 22 people sent it to me… but if you think of it carefully, those MPs who stood up to speak have acted with courage; courage they got from their constituents. Because don’t forget this; because of the way our government is set up, nearly every MP whose government is in power, is angling for a ministerial position so they try as much as possible not to offend the president but I think they’ve gotten to a point where they think ‘even if this president gives me an appointment, I don’t want it’,” he said.
KKD added that it is time for Ken Ofori-Atta to be sacked as the Minister of Finance.
Likening him to an uncle who takes advantage of a very critical situation for his selfish interests, the veteran broadcaster asked that he is sacked.
He also explained that the actions and performance of the finance minister have brought disgrace to his clan, a clear indication of his greed.
“Ken must go! Ken must go because there has been too much thievery under him; thievery which we simply want to call, ‘Oh, it’s unethical’ but I’m telling if you live in a home where two children have sickle cell and one has (sic) and you have an uncle in the home that says things have gotten so bad, we need to go borrow money to perform a surgery for these children.
“And that uncle then goes to see somebody from whom he can borrow money; all he needs is a $100 million, and the person from whom he’s borrowing money, will also ensure that he makes $9.8 million, Ghanaians, will you trust that uncle? That uncle is Ken Ofori-Atta.
“You have embarrassed us, you have disgraced our fathers. Your father came to live a good life but you have disgraced us; you have disgraced the Akyem people and other tribes who have married into our clan because they include the Akyem, the Akuapem and the Nzema. You have disgraced us; you are greedy,” he said.
Kwasi Kyei Darkwah (KKD) has stated that he does not believe President Akufo-Addo is in control of things in Ghana.
The veteran broadcaster explained that many indications point to the fact that while the president is in office, he does not wield any power.
Speaking in a Monday, October 31, 2022, interview on Joy News and monitored by GhanaWeb, KKD stated that the fact that Members of Parliament on his side of parliament have openly expressed non-confidence in his chief financial officer, Ken Ofori-Atta, should tell he is failing.
“If nobody remembers anything I say today, please remember this; yesterday, I listened to our president for about half an hour and I learnt for sure that he’s in office but not in power.
“If the people who make laws; the ones on your team… are saying that no, you’re failing us but we can’t tell you directly that you’re failing us, so we’re going to put the blame on your finance minister for now, eventually, we will get to you, are you really in power?” he stated.
KKD also explained that issues such as the president’s recent chattering of private jets, a situation where the country does not even have the money to buy such luxurious planes, make it even more profound that he is actually not in charge of things.
“If you give a speech of 30 minutes and instead of telling us how ashamed you are that you let some of the people you appointed, who had no common sense to tell you, Emperor, you have no clothes, but made you sign, or have somebody you’ve authorized sign to go and rent a plane your nation cannot afford, and they came and give us the stupid justification that by that way, he can have a shower in the sky… how are you in power?” he quizzed.
Among the things that KKD has proposed to the Akufo-Addo government is for him to sack all his deputy ministers and further reduce the number of his ministers.
The year was 2016, and Dr. Mahamudu Bawumia was the vice presidential candidate at the time.
Dr. Bawumia was everywhere, criticizing the Mahama government in forums and economic lectures while also presenting what at the time seemed to be specially crafted answers to the economic problems the Mahama government was currently facing.
The reintroduction of Ghana to the IMF in 2016 was one of the many topics on which Bawumia displayed his alleged better economic understanding.
In a video that has been making the rounds on social media, the man christened ‘Economic Messiah’ broke down the various issues that culminated in Ghana seeking help from the IMF once more.
He said, “This is how we ended up in the IMF. We were spending too much relative to the revenue which is true. We were borrowing too much which is true. Your external payment position has deteriorated, which is true and your growth is reducing so you ended up at the IMF and the IMF will impose certain conditions which are true, and if you don’t do certain things right the anchor will not hold which is also true. So, I’m not quite sure what it is which is not true what I said. The supporters of this government and this government itself are reluctant to accept.”
Six years on, Bawumia has ascended to the role of Vice President and his government has choked on its own puke by returning the IMF.
The move became necessary after Ghana was unable to access funds from the international market. Ghana’s debt has become unsustainable amid rapid inflation and the free fall of the Ghana cedi.
The country is expecting to receive about $3 billion dollars from the IMF to shore up its reserves and boost investor confidence.
