P.C. Appiah Ofori, a former representative for Asikuma Odoben-Brakwa, has criticised some NPP lawmakers who are pushing for the dismissal of Finance Minister Ken Ofori-Atta.
He claimed that President Nana Addo Dankwa Akufo-Addo should be the goal of the movement to remove the finance minister.
Applying a hypothetical, Appiah Ofori argued that the finance minister should be held accountable for defective roads rather than the road minister, and that the finance minister should follow the same logic.
Ofori-Atta hasn’t committed any known atrocities that would call for his dismissal, according to Appiah Ofori.
Speaking on Onua TV, he said “those doing that I don’t understand them, I don’t know the sin the finance minister has committed. If the road becomes deplorable, why do you say the road minister should resign? What sin has the finance minister committed, has he stolen money, if he has not stolen money and it is just that things have gone bad, is he the one to be held responsible? Minister of Road and Transport, and you say because a road is spoilt the minister should be sacked. Sometimes when they are doing it, they don’t give it careful thought.”
He further added that the country’s economic hardships are not the fault of the finance minister.
“What specific sin has the finance minister committed? Has he stolen the country’s money for wrongful purposes? If things are not going well in the country, how is it the finance minister’s fault?” he asked rhetorically.
The MPs want the removal of the Minister due to the current economic crisis the country is experiencing.
Following the public declaration of disapproval of the Finance Minister by the MPs, an emergency meeting was convened at the behest of President Akufo-Addo to deliberate and understand the misgivings of the MPs towards the Finance Minister.
The major fallout from the meeting was the president’s requests to the MPs to allow the finance minister three weeks to prepare the 2023 budget and conclude negotiations with the International Monetary fund.
The Ghanaian government has been threatened with legal action by the World Bank if audited financial statements for the Ghana Accountability for Learning Outcomes Project are not submitted within 30 days (GALOP).
In a letter dated October 21 and addressed to Ghana’s finance minister, Ken Ofori-Atta, Pierre Laporte, the International Development Association’s world country director, expressed concerns about the audit statement’s failure to be completed within the agreed-upon six months of the end of a fiscal year.
The World Bank said it would investigate the “possibility of taking the relevant legal remedies under the Financing Agreement” against the government because the submission of the statement is four months overdue.
“In accordance with Section 5.09(b)(ii) of the General Conditions incorporated by reference in the Financing Agreement and as specified in paragraph II (ii) of the Disbursement and Financial Information Letter (DFIL), the Recipient is required to furnish the audited financial statements covering the period of one fiscal year of the Recipient no later than six (6) months after the end of such period. We note that as of today, October 18, 2022, the Association has not received the audited financial statements for the year ending December 2021 in compliance with the General Conditions.
“Given that the audited financial statements are now four (4) months overdue, and with the Audit Compliance Guidance, we write to inform you that unless you come into compliance within the next thirty (30) days from the date of this letter, the Association may have no option than to explore the possibility of exercising the appropriate legal remedies under the Financing Agreement,” part of the letter read.
Pierre Laporte has consequently requested Ofori-Atta to attend to the brewing matter in order for the audit requirement to be adhered to.
“We trust that your personal and immediate attention to this matter will ensure speedy compliance of the audit requirements referred to above,” the letter said in part.
Adutwum and GALOP training brouhaha
Education Minister Dr Yaw Osei Adutwum in May this year was allegedly caught up in an alleged phantom training exercise for over 40,000 teachers on the digital literacy platform under GALOP for which World Bank had given $1.2 million.
This came to light after then Director General of the Ghana Education Service (GES) Prof Kwasi Opoku-Amankwa, in a March 30, 2022 letter to the Education Minister said GES was “unaware that any such training has taken place” and further asked him “to advice and provide direction to enable the GES to respond appropriately to the enquiries from the World Bank”.
According to a myjoyonline.com report, the World Bank has written to the then GES D-G after Dr. Yaw Osei Adutwum failed to respond by close of January 14, 2022, on queries into whether or not the training had taken place and claims by Chief Director at the Education Ministry, Benjamin Gyasi, that it has “exceeded the target of 40,000 teachers to be trained, insisting PBC7.2B has been achieved.”
But responding to concerns that the minister had submitted a fictitious report on the training, Press Secretary of MoE, Felix A Baidoo, in a statement flatly denied it claiming it was a smear campaign against the minister.
“Unfortunately, however, it is now clearer than before that those behind such character assassinating reports are deliberately embarking on a vicious smear campaign project against the patriotic, selfless and hardworking Minister of Education, Dr. Osei Adutwum, for reasons best known to themselves,” it said.
Read the letter from World Bank addressed to Ofori-Atta below:
Tamale Central Member of Parliament (MP), Murtala Mohammed, has revealed his plans of commencing processes to impeach the President, Nana Akufo-Addo.
About 80 New Patriotic Party (NPP) MPs this week demanded the sacking of Finance Minister, Ken Ofori-Atta, over the current economic hardships.
They threatened to boycott government business in parliament should the president fail to fulfill their demands.
The group, however, accepted President Akufo-Addo’s request asking them to allow the Finance Minister some time to finish negotiations with the International Monetary Fund (IMF).
But speaking on Citi TV’s political analysis show, The Big Issue, Murtala Mohammed says President Akufo-Addo must also go, adding that, he has already taken steps to ensure that the President is removed.
“If we think that it is justified to call for the removal of the Finance Minister, let us not be hypocrites. It is equally justified to call for the removal of the President. I am assuring that, I have started talking to some of my friends to ensure that we initiate a motion to ensure that the President is impeached. I have started [the process].”
The majority caucus in Parliament called for the dismissal of Mr. Ofori-Atta, and the Minister of State at the Finance Ministry, Charles Adu Boahen.
Their colleagues on the Minority side have also filed a motion of censure against the Finance Minister.
The pressure on the Finance Minister has come amid an economic crisis that has seen inflation reach 37.2 percent and the cedi tagged as the worst-performing currency in 2022.
Ghana’s forex challenges have seen the Cedi trading at over GH¢14 to a dollar.
Petrol prices have also crossed the GH¢15 per litre mark and are expected to fuel further inflation.
In response to previous calls for the removal of the Finance Minister, President Akufo-Addo said he would continue to back Mr. Ofori-Atta.
“Until the Minister goes, the President must go. Every single action of this Minister is an action that is taken and approved by the President. The Minister did not take any action that is approved and sanctioned by the President. Every action because every Minister works with the vision of the appointing authority and in this case, the appointing authority is the President”, Murtala Mohammed.
Former Energy Minister Boakye Agyarko has criticized President Akufo-Addo for suggesting that there’s no one else in the New Patriotic Party (NPP) to take over from Finance Minister, Ken Ofori-Atta.
Over 80 Members of Parliament of the NPP threatened to boycott government business if the President doesn’t sack Ken Ofori Atta and Charles Adu Boahen, Minister of State at the Finance Ministry.
Addressing a press conference on Tuesday, the MPs stressed “if our request is not responded to positively, we will not be present for the budget hearing, neither will we participate in the debate”.
According to Subin MP, Eugene Boakye Antwi, the Finance Minister is “experimenting with this country and we’ve had enough”.
President Akufo-Addo following the MPs’ protest, held an emergency meeting with them and pleaded that Ofori Atta be allowed to conclude talks with the International Monetary Fund (IMF) and also present the 2023 Budget Statement of government in November.
In a statement signed by Majority Leader and Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, the NPP MPs have agreed that Ofori Atta will stay “until the conclusion of the round of negotiations with the International Monetary Fund (IMF) and the presentation of the Budget Statement and Economic Policy in November, 2022 and the subsequent passage of the Appropriation Bill after which time the demand will be acted upon.”
However, Boakye Agyarko disagrees with the President.
Speaking on Peace FM’s The Platform programme, he said “it doesn’t make sense” to ask the Finance Minister to stay for now.
“I don’t see how one person…so what are we going to do if God forbid we wake up tomorrow morning and he’s no more? Are we going to ask God to wait and allow him to finish the negotiations? It doesn’t make sense…it speaks ill of us”
Martin Kpebu, a private attorney, is pleading with Ghanaians to support his campaign to force the resignation of President Nana Addo Dankwa Akufo-Addo and a few important members of his administration.
Martin Kpebu expressed his concerns about the apathy of Ghanaians in allowing the current economic misery to fester while allowing the president and his cabinet to remain in power on the Saturday, October 29, 2022, edition of The Key Points on TV3.
He criticized the current economic suffering brought on by the huge increases in the cost of life and essentials such as fuel, saying, “How can we allow this to happen to us?
According to Martin Kpebu, the president and other officials such as Finance Minister, Ken Ofori Atta as well as Deputy Finance Minister, Charles Adu Boahen must be made to leave office.
He emphasised that the president and his appointees while the entire country is feeling the heat of the economic hardship are rather enjoying from monies, they have made by being in government.
He therefore urged Ghanaians to join his upcoming Kume Preko Reloaded demonstration slated for Saturday, October 5, 2022.
In a recent interview on Neat FM, Martin Kbepu justified his call for the president’s resignation saying ““What Ghanaians can do to get the president removed is to organize demonstrations. The police have given me permission for the ‘Kumi preko reloaded’ demo next Saturday, November 5. It starts from the Obra Spot at 7:00 am; every Ghanaian should make it a point to be there.
“If the president does not resign by then, we demonstrate and present him a petition that we have had enough of him, and he should step down,” he added.
The address by the president will be his first major speech on the current state of the Ghanaian economy which has over the past weeks seen a significant rise in inflation among others.
The President has been petitioned to remove Charles Adu Boahen, the Finance Minister and the Minister of State in the Finance Ministry, by more than eighty (80) New Patriotic Party lawmakers.
But in a meeting with the disgruntled MPs, the President advised them to hold off until Mr. Ofori-Atta signed the agreement for Ghana to receive financial aid from the International Monetary Fund (IMF).
Tackling the issue during Peace FM’s “Kokrokoo” morning show, Charles Owusu took the President’s assurance to the MPs with a pinch of salt.
According to him, the President’s statement is just “a nice way to tell the Parliamentarians that I have listened to you but I won’t do it”.
“If the 2024 elections are held and the NPP wins, will Mr. Ken Ofori-Atta continue to be the Finance Minister of Ghana?…Someone who has been in government for six (6) good years, if he couldn’t do everything he must do in 6 years, what can he do in three (3) weeks?…What change will three weeks bring?”, he asked.
Charles Owusu couldn’t “understand why it should be difficult” for the President to remove Ken Ofori-Atta “when Ghanaians and members of his party are calling for the removal of this man” as he stressed, “this country will still be governed should Akufo-Addo die today”.
Making reference to a biblical account of the freedom of the people of Israel from Egypt, he cautioned President Akufo-Addo not to harden his heart concerning the calls for removing the Finance Minister.
“Pharoah hardened his heart not to let the people of God go and his end resulted in death”, he warned the President.
The president told reporters at Jubilee House, “I have observed the problems that our currency has been facing.
He said, “I have witnessed the challenges and the huge rise in price levels, significant increase in the cost of living, and challenges generally in the way the economy is rising.”
All parties involved, according to the president, must understand their roles in improving the situation.
In order for us to move forward and, ideally, keep constructing a better economy, “we have to understand that all sectors and actors of the economy, whether on the side of management, labor, or workers, have to find a means of balancing the many considerations.”
The Ghana cedi has lost about 50 per cent of its value since the beginning of the year. A few days ago, one needed as much as GHS15-plus to buy one dollar.
Traders went on a strike for a couple of days over the depreciation of the cedi.
The hardships have culminated in a clamour for the resignation of Finance Minister Ken Ofori-Atta, as well as the Minister of State at the Finance Ministry, Mr Charles Adu Boahen.
The majority caucus joined the chorus recently by threatening to boycott the 2022 budget reading and all other government businesses on the floor of parliament if the president did not boot out his cousin.
After a meeting with the president at the Jubilee House on Tuesday, 25 October 2022, however, the majority caucus relaxed its stance following a plea by the president for them to allow Mr Ofori-Atta to conclude the ongoing negotiations with the International Monetary Fund for a $3-billion extended credit facility programme.
John Dramani Mahama, a former president of Ghana, is adamant that dismissing Ken Ofori-Atta as finance minister will not have any bearing on Ghana’s negotiations with the International Monetary Fund (IMF) or the creation of the budget.
The President met with lawmakers who demanded the dismissal of the Finance Minister and the Minister of State at the Finance Ministry, according to a statement from the majority leader, Osei Kyei Mensah Bonsu.
He claimed the President appealed to these Members of Parliament to exercise patience for the Finance Minister to finish the IMF negotiations and also the presentation of the country’s budget in November.
The Majority Group Members of Parliament according to the statement acceded to the President’s appeal.
But reacting to the statement from the Majority Leader, former President John Dramani Mahama indicated that the absence of Ken Ofori-Atta will in no way affect the preparation of the country’s budget and the current negotiations.
He argues these things are done in groups and there is no way his absence will even be felt if he’s taken out of office adding that there are surely people with the requisite experience to carry on the work reminding them of their mantra “we have the men”.
“I have stated that right from that day where the president had introduced so many ministerial appointments and thereafter. it is about time the president reshuffled the ministers by probably moving the finance minister to another ministry.
“So we’ve gotten to a stage where it is becoming important where we either reassign the finance minister or say bye-bye to him, and I am of the view that it will serve well for the government”.
Daniel Anim also said that he believes appointing a new finance minister would introduce new ideas that would help sharpen the economy and reduce the hardships in the country now.
“Psychologically, if we bring in a new person, it sends some kind of signal to the citizens and the universal community, and you realize that there’s the need for a new brain, manager, so psychologically, you earn the support of the citizens so I am of the view that His Excellency the President should consider the call and I see it to be a very instructive, significant for the first time I started following”.
”Changing tactics is not a new thing, and it is something that is done by a leader when you get to a point where the people you have on board are running out of ideas and no longer have the solutions to the challenges that you face, bringing new people on board could turn things around some, it will not have any impact on the economy, but it will send a positive signal that we are taking steps to kind of address the kind of difficulties the economy is facing”.
The talks were not progressing well, according to Pianim’s sources in Washington, in part because Finance Minister Ken Ofori-Atta was involved and there was a lack of political confidence, he said in an interview with Accra-based TV3.
“The negotiations are not going well. I am aware of that. Being a Ghanaian, I have a responsibility to keep my ears open and am concerned with the economy’s progress.
It isn’t going well, I’m saying because we have friends in Washington,” Pianim said.
After playing a snippet of Pianim’s interview on the October 27 edition of Good Evening Ghana, Adom-Otchere read out the IMF statement before making his conclusion that the Fund’s position was at variance with Pianim’s claims.
“We love Mr. Kwame Pianim he is a very distinguished economist but he said a few things that show a bit of deficit.
“The IMF statement uses words like we made good progress and it was fruitful, so Mr. Kwame Painim’s testimony is not borne out by the IMF statement… Unless of course, he suspects the IMF statement is not honest, I don’t think he suspects that.
“So, Kwame Pianim’s situation is not borne out,” he stressed. He also disclosed that information the Good Evening Ghana show had was that the IMF was rather keen on revenue mobilization efforts on the part of the government as talks continue.
By the end of March 2020, Ghana’s public debt was 236 billion dollars.
The economist admitted that it might be difficult for us to refrain from borrowing in the COVID-19 competition that we are considering.
He stated, “At the moment, we have a 51% foreign debt load compared to a 49% domestic debt load, and it occasionally depends on the currency we borrow.”
Managers of Ghana’s economy cannot run away from borrowing due to the economic impact of the COVID-19 pandemic, Economist with the Institute of Chartered Economists Gideon Amissah has indicated.
In 2018, the national debt of Ghana amounted to approximately 59.29 percent of the GDP. A figure that currently stands at over 65%.
The move has seen backlash from the minority who claim the minister did not give detailed expenditure for 2020 coupled with what they called excessive borrowing.
But Mr. Amissah contends that due to the pandemic, Ghana cannot do without borrowing even as the country’s debt stock hits ¢236bilion.
Managers of Ghana’s economy cannot run away from borrowing due to the economic impact of the Covid-19 pandemic, Economist with the Institute of Chartered Economists Gideon Amissah has indicated.
In 2018, the national debt of Ghana amounted to approximately 59.29 percent of the GDP. A figure that currently stands at over 65%.
The move has seen backlash from the minority who claim the minister did not give detailed expenditure for 2020 coupled with what they called excessive borrowing.
But Mr. Amissah contends that due to the pandemic, Ghana cannot do without borrowing even as the country’s debt stock hits about ¢236bilion ending March this year.
Speaking on the Morning Starr in response to the Finance Minister’s speech, Mr. Amissah said: “I may have to say that within the contest we are looking at this, that’s COVID-19, it will be difficult for us not to borrow.”
He noted, “currently, we are doing 51% external debt as against 49% internal debt, and sometimes it has to do with the currency we borrow.”
He described the situation as “more or less like a rat race because you have to pay the debt you owe and since you don’t have money to pay, you have to go and borrow and also finance our deficit.”
“The call must still be the appropriate way where the money will not land in the few people’s pockets but will land in the economy and reflect in the lives of the people,” he added.
236 billion ending March this year
Speaking on the Morning Starr in response to the Finance Minister’s speech, Mr. Amissah said: “I may have to say that within the contest we are looking at this, that’s COVID-19, it will be difficult for us not to borrow.”
He noted, “Currently, we are doing 51% external debt as against 49% internal debt, and sometimes it has to do with the currency we borrow.”
He described the situation as “more or less like a rat race because you have to pay the debt you owe, and since you don’t have money to pay, you have to go and borrow and also finance our deficit.”
“The call must still be the appropriate way where the money will not land in the few people’s pockets but will land in the economy and reflect in the lives of the people,” he added.
Artiste manager,Bulldog, has called for the president to resign immediately at a time when many Ghanaians are calling on the Minister of Finance, Ken Ofori-Atta, to send in his resignation letter.
Speaking with Abrantepa on E-Forum, the former manager for Shatta Wale mentioned that if Ken Ofori-Attais sacked, the president should go with him.
“The president should resign today. Nana Akufo-Addo should bow down his head in shame and walk out of the office now, now as we speak. He came, saying he had the men. He put the guy there. You understand. So if the guy so messing up, they should be leaving together.
“He should be leaving now. I keep saying this all the time, let me try and get this, and get this right so I don’t make a mistake. This is what I have been reading for a while now. Chapter 8 of the Constitution of Ghana, Section 69,” he said.
Reading Chapter 8, Section 69 of the Constitution held, he disclosed that it details how the president can be removed from office.
He added that if Ghanaians can take the initiative seriously, the president could be out of office before they knew it.
“You know what that says, Removal of the President. Everybody should read that. I don’t know why we are not exploring this. There is a loophole in the constitution that can get us to remove him today. We don’t have to wait until 2024.
“The minority has to target the president, he is the head. They have to target him. If you read it is clear. It is only hovering with a few legal words but if we have a proper lawyer to interpret it we will find the solution.
“If we start today, by next year around this time he is gone. It won’t take that long and we are all seated and just complaining. Do you know that today as we speak, you are being paid half your salary because everything is gone up?” he added.
In recent times, calls for the dismissal of the Minister for Finance and Economic Planning, Ken Ofori-Atta, have heightened in the last couple of weeks following the wobbling state of the economy.
While pressure mounts on the Minister to resign, some netizens have urged the President to step down.
He pointed out that the ensuing employment losses had a negative impact on the expansion of the economy.
In 2017 and 2019, the government invested a total of GH23billion in the cleanup of the banking sector.
Former Finance Minister Seth Terkper has said the approach adopted by the Bank of Ghana and the Finance Ministry towards the banking clean-up exercise was wrong.
He said the exercise could have been carried out without loss of jobs on the scale that was witnessed during the exercise.
His comments come after Finance Minister Ken Ofori-Atta defended the approach that was adopted towards the clean-up exercise.
Mr. Ofori-Atta told TV3’s Etornam Sey in an exclusive interview on Monday, October 26, 2020, that the financial sector is the heartbeat of every economy globally. A weak financial sector, he said, will have dire consequences for the economy and its people, a situation that demands that central authorities step in swiftly to address.
Therefore, he said, the Government of Ghana will act quickly to address any challenges that may emerge in the sector again after the recent cleanup exercise.
The Bank of Ghana with support from the Finance Ministry swept through the financial sector of the economy between the period 2017 and 2019.
The central bank first started by revising the minimum paid-up capital for existing banks and new entrants from ¢120 million to ¢400 million.
According to the regulator, this was to test the viability of the banks.
The banks that were unable to meet this new requirement were either merged or collapsed.
Following this action, some nine local banks, 23 savings & loans companies, 347 microfinance institutions, 39 finance houses, and 53 fund management companies closed down during the exercise.
In total, the government spent GHSS23billion to undertake this exercise
UniBank, The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, UT Bank, Capital Bank all collapsed.
Mr. Ofori-Atta said “Once you have the problem, you have to solve it because the financial architecture is the (basis) for any development.
“So whether we like or not we had to do that. Now that we have done that we move ahead.”
Asked whether if the situation presents itself the government will do it again in the same manner, he answered “You meet problems as a government that is what they elected you for and so you solve it.
“And then you begin by commissioning this to give people the sense of hope for the future to say this thing can be done, and they have faith in you so lets us go with them.
“If the engine is not functioning you can’t build on top of that so you had to solve the problem.
“Is there a way you improve on what you are doing? Of course yes there is always a way to do that but fundamentally was the approach necessary, no question about that.”
But Mr Seth Terkper, when asked whether he supports this approach while speaking in an interview with Etornam Sey on the New Day programme Wednesday, October 28 said “No.”
He further explained that the government had the Energy Sector Levy left behind by the previous NDC administration, to use in strengthening the banks but did not.
Artiste manager, Bulldog, has called for the president to resign immediately at a time when many Ghanaians are calling on the Minister of Finance, Ken Ofori-Atta, to send in his resignation letter.
Speaking with Abrantepa on E-Forum, the former manager for Shatta Wale mentioned that if Ken Ofori-Atta is sacked, the president should go with him.
“The president should resign today. Nana Akufo-Addo should bow down his head in shame and walk out of the office now, now as we speak. He came, saying he had the men. He put the guy there. You understand. So if the guy so messing up, they should be leaving together.
“He should be leaving now. I keep saying this all the time, let me try and get this, and get this right so I don’t make a mistake. This is what I have been reading for a while now. Chapter 8 of the Constitution of Ghana, Section 69,” he said.
Reading Chapter 8, Section 69 of the Constitution held, he disclosed that it details how the president can be removed from office.
He added that if Ghanaians can take the initiative seriously, the president could be out of office before they knew it.
“You know what that says, Removal of the President. Everybody should read that. I don’t know why we are not exploring this. There is a loophole in the constitution that can get us to remove him today. We don’t have to wait until 2024.
“The minority has to target the president, he is the head. They have to target him. If you read it is clear. It is only hovering with a few legal words but if we have a proper lawyer to interpret it we will find the solution.
“If we start today, by next year around this time he is gone. It won’t take that long and we are all seated and just complaining. Do you know that today as we speak, you are being paid half your salary because everything is gone up?” he added.
In recent times, calls for the dismissal of the Minister for Finance and Economic Planning, Ken Ofori-Atta, have heightened in the last couple of weeks following the wobbling state of the economy.
While pressure mounts on the Minister to resign, some netizens have urged the President to step down.
The Chief Executive Officer of the Consumer Protection Agency, Kofi Owusu Hene, a.k.a. Kofi Kapito, has bemoaned the current state of his party, the ruling New Patriotic Party (NPP).
Speaking in a Neat FM interview monitored by GhanaWeb, Kofi Kapito accused the party’s leadership and council of elders of looking on unabated as some members, including President Akufo-Addo and his appointees, destroy the image of the party through their actions.
He also bemoaned the failure of the NPP government to address the challenges Ghanaians are facing and the recent utterances of the president against persons who have been criticising his government.
“… today, [the] president is telling his critics that he is unconcerned whether people vote for the NPP or not. I think he was not feeling well that day and so I will forgive him.
“But what I am trying to say is that when it comes to the party (NPP), as they have been saying in their hometown that they will [not] sit for Okyeman to be destroyed, I, Kofi Kapito, will not sit aloof for the NPP to be destroyed,” he said in Twi.
He went on to commend the NPP Members of Parliament (MPs) who demanded that President Akufo-Addo sacks the Finance Minister, Ken Ofori-Atta, for his poor management of the economy.
“God bless Eugene Antwi Antwi. God bless Patrick Boamah. Andy Appiah-Kubi, all of them, have done well for their courage to take this step,” he added.
An economist at the University of Ghana, Prof Godfred Alufar Bokpin, has charged the government to reduce the number of staff in its governance structure and across all state-owned institutions.
His calls came at the back for calls for the dismissal of the finance minister Ken Ofori-Atta.
Speaking to GhanaWeb on the sidelines of the 11th Ghana Economic Forum, he said “We must adopt the lean government across the general government approach, not just the central government, but general government approach to doing business must adopt least cost approach. That is the only way we can come out of with this.”
Professor Bokpin indicated his support for the calls to remove the finance minister, whiles adding that “that is not the only change we want. Beyond that, it will not amount to so much just changing the finance minister. We must go a step further and reduce the number of ministers and the government size overall, including the staff at the presidency.”
“Beyond that, we must replicate that across state-owned enterprises. If you look at their staff strength which has gone up since 2017, we are creating deputy CEOs and all of that. This is the best time for Ghana to look at Ghana and say what is tolerable and what cannot be allowed,” he noted.
An astute member of the New Patriotic Party (NPP), Charles Wereko-Brobby, is disappointed in the Majority Caucus over their decision to allow the Finance Minister to stay in office till the IMF negotiations are completed.
Owing to their sudden change of mind, Dr Wereko-Brobby, who can be remembered for his role in the Kume Preko demonstration in 1995, described the MPs as having lost their credibility.
“The complete U-turn for me is nothing but shameful. The people who originally issued this statement said that the Finance Minister had lost credibility and, therefore, this was affecting the discussions and pace of the outcome of the negotiations.
“The whole statement was premised on the need for change now. So the recent statement has now added them to those who have lost credibility,” he said during an interview on Joy FM monitored by The Independent Ghana.
On Tuesday, October 25, 2022, 80 MPs called for the dismissal of the Finance Minister, Ken Ofori- Atta, and the Minister of State at the Finance Ministry, Charles Adu Boahen. The legislators were appalled at the economic incompetence of the duo.
They threatened to boycott all activities of the House if the government failed to heed their call.
The move, which has been described as unprecedented and lauded by many, has rather been marred by the sudden change of mind of the MPs, following an appeal from the President to hold on with their decision until negotiations with the IMF are complete.
The MPs have (hesitantly) agreed to the President’s request.
With this, Mr Wereko Brobby noted that the said MPs who were calling for the dismissal of Mr Ofori-Atta “have joined the group of incredulous politicians.”
Buttressing his point, Dr Wereko- Brobby noted that “the people who originally issued this statement said that the Finance Minister has lost credibility and, therefore, this was affecting the discussions and pace of the outcome of the negotiations.
“The whole statement was premised on the need for change now. So the recent statement has now added them to those who have lost credibility. People don’t understand that it is not the Fund that is telling us what to do. We have to present a credible programme that they can add their credibility to to ensure that others can see us as credible,” he noted.
Meanwhile, the Executive Director of IDEG, Dr Emmanuel Akwetey, who was also on the show, shared a varied opinion.
Dr Akwetey argued that, given the current circumstances, President Akufo-Addo could only appeal to the NPP MPs and negotiate with them to hold on to their decision. “I do not think the President has had his way except that he said we are in a negotiation and in some weeks steps will be taken.
“I don’t know how the negotiation went but if they trusted their leader that his word will be done in terms of the minister standing down, this is the position they’ve taken and we should hold them to it,” he noted.
The Coalition for Democratic Accountability and Inclusive Governance wants the government to immediately take stern measures in solving the current economic challenges facing the country.
This comes after several complaints by the citizenry and several civil societies about the high prices of goods and services, the depreciation of the cedi against the dollar, and calls for the resignation of the Finance Minister Ken Ofori-Atta are clear indicators that the country is battling economic mishaps.
Outlining some measures including the resignation of the Finance Minister, and the reshuffling of ministers and their deputies, the Director of Advocacy and Policy Engagement at the Centre for Democratic Development and a member of the coalition, Dr. Kojo Pumpuni Asante said government must find ways to cut down on expenditure to revive the economy and gain public trust.
“This crisis offers us a rare opportunity to take bold and courageous steps that will not only restore confidence and repair the strained relationship between state citizens and government, but also help charge a pathway forward through the crisis. We think there are specific morale-boosting actions that should signal readiness, which includes subjecting its leadership to accountability, cutting expenditures, plugging leakages in government spending, and tackling corruption in this regard.”
“We fully endorse the call by many citizens, the majority of NPP MPs, and many well-meaning Ghanaians, who have asked for the disposal of the Finance Minister and his deputies.”
“The President should urgently take morale-boosting measures by reshuffling his ministers. Given what has transpired over the last year, it is evident that they have not been excellent, contrary to the President’s assessment”.
The coalition also known as the Citizens Coalition indicated that the government has lost the trust of bringing back the economy despite the current negotiations with the International Monetary Fund, thus fighting in gaining back the trust should be their focus instead of the current political gimmicks.
“There is a broken trust between the government and its citizens. That trust has to be rebuilt. And one of the actions that have to be rebuilt really needs to be with the finance minister. The finance minister has to be held accountable. It is a trust-building measure.”
“So whatever the government is going to do for us citizens to think that they are acting with credibility, they are serious about going forward, it has to be something that is substantial and definite and that’s why everybody says the Finance Minister. He is in charge of the economy, so he must be held accountable. I’m sure the other capable people can continue with the work”.
Speaker of Parliament Alban Bagbin has said the cedi appreciation is due to the calls for the removal of the Finance Minister, Ken Ofori-Atta.
According to him, since the minority filed a motion to have Ken Ofori-Atta removed, Ghanaians have regained confidence that action has been taken to curb the economic crisis.
“Because of this motion, you know what has happened to the state of our Cedi. Just because people are given confidence that action is being taken, the Cedi gained some value, and parliament should be commended. It climbed from about 16 to a dollar to around 13, which is a serious gain for this country, and it’s because there is some confidence being given to the people that action is being taken to rectify the wrongs. Please let’s play our role properly and effectively, and at the end of the day, we’ll all benefit,” he told MPs on Thursday.
On October 27, the speaker of parliament Rt. Hon. Alban Bagbin admitted the minority’s Censure Motion filed against Finance Minister Ken Ofori-Atta.
This comes after Members of Parliament on the Minority side signed their signatories to a motion for a vote of censure on Ken Ofori-Atta, the Finance Minister, filed on Monday.
The Minority cites the overall mismanagement of the economy and ethical concerns, among others.
The motion was filed a day before Parliament resumed recess.
The admission of the motion is contained in the Order Paper of Parliament, issued on Thursday, October 27, 2022.
The House is expected to organize “a secret vote” to censure the Minister. This is scheduled for November 10, 2022.
The Member of Parliament for Effiduase-Asokore, Dr. Nana Ayew Afriye, one of the New Patriotic Party (NPP) MPs demanding the dismissal of the Minister of Finance, Ken Ofori-Atta, has said that had it not been for the Coronavirus and the Russia-Ukraine war, the minister would have been one of the most glorified ministers in the sub-region.
In the view of the MP, who is the Chairman of the Health Committee of Parliament, Ken Ofori-Atta has performed wonderfully, insisting that the growth of the economy and the direction of the economy was on the right trajectory before the global disasters.
He, however, said that in spite of the wonderful work the finance minister has done on the economy, Ghanaians are going through difficult times, the reason for which there is a push for his dismissal.
Dr. Nana Ayew Afriye also likened Ghanaians to the Israelites of the biblical times, when they rejected God any time they went through difficulties.
He added that although the MPs acknowledge Ken Ofori-Atta’s sterling performance, they are only acting upon the instruction of their constituents.
“We represent the people and we must act upon their demand. But for COVID-19 and the Russia-Ukraine War, I am sure Ken would have been one of the most glorified ministers in Africa because the growth of the economy and the direction of the economy was on the right trajectory.
“Working with people is difficult because when things are going well, they won’t complain, but the moment things get difficult, they forget all the good works you have done for them. It’s just like how ungrateful the Israelites were to God in spite of all the things God did for them. In difficult times, they rejected God even to the extent of worshiping idols.
“So, the only way to satisfy our constituents is to act upon their demand of getting Ken Ofori-Atta sacked. They won’t listen to anything you tell them,” he told the Morning show host of Kumasi-based Oyerepa TV, Kwesi Parker-Wilson, in an interview.
He also added that if there are signs of economic recovery, they (the MPs) will abandon the call for the dismissal of the finance minister.
“Yes, we acceded to the president’s appeal so if after the 3 weeks, the economy is doing well, and everyone is talking about it we won’t push through with demand for his dismissal,” he added.
He added that President Nana Akufo-failure Addo’s to embrace the problem is another reason why the discussions are failing.
“The talks with the IMF [are] not going well.
I am positive about this.
The president needs to make a big, credible announcement, like he did regarding COVID. According to Accra-based TV3, the president declared, “I accept full responsibility, I’m in control, and I’m going to make sure that Ghanaians are safeguarded from COVID.”
“We need a president to own the crisis, to come out and say: ‘There is nothing that I will not do to stabilise the economy of Ghana to stop this pressure, the economic crisis that is looming, and that there are no sacred cows. All the flagship programmes would be looked at and reviewed for efficiency; free [SHS], the feeding [programme], we are going to look at all that’,” Mr Pianim noted.
Additionally, he said the President must tell the world: “I, myself, I’m going to set the example.”
According to Mr Pianim, “there are expenditures that need to be cut” rather than “spooking traders by planting GRA officers in their shops,” insisting: “It’s wrong”.
“Look, when people are suffering, that’s not when you irritate them by starting things new.”
“The hardship on Ghanaians is unprecedented, so, he should save Ghanaians additional misery by stepping down,” Mr Pianim said.
He said there are consequences for the governing party if Mr Ofori-Atta continues to stay on as finance minister.
“The second part is that the NPP has a reasonably good reputation as a good manager of the Ghanaian economy and it’s time that he stopped so that irreparable damage is not done to the reputation of the NPP as a good manager of the economy.”
“And the third one is: if he doesn’t go and the president doesn’t let him go, we risk, irreversibly dragging the president and his presidency into the gutters.”
Meanwhile, the majority caucus of parliament has made a U-turn, saying it fully supports Mr Ofori-Atta to continue his job until President Nana Akufo-Addo decides to take action on the caucus’ earlier demand for the minister’s removal from office.
Deputy Majority Whip Habib Iddrisu told journalists on Thursday, 27 October 2022: “At the end of the day, we all came to a conclusion that we have agreed to the request of the president” for the caucus to allow Mr Ofori-Atta to finish his negotiations with the International Monetary Fund (IMF) and also present the 2023 budget in November this year and finally move the motion for the approval of the appropriation bill.
“So, the entire majority caucus agreed to the request of the president to allow the finance minister to continue with the negotiation with the IMF and also the request of the president to make the finance minister present the 2023 budget,” he said.
Mr Iddrisu added: “So, because of that the leadership, led by the majority leader, Hon Kyei-Mensah-Bonsu, led a delegation yesterday – I was part of it – and we communicated to the president that his request has been accepted by the majority caucus and that we allow that the finance minister should continue with the negotiations with the IMF, the finance minister should come and present the 2023 economic statement and budget of the president of the Republic of Ghana and also, to move the motion for the appropriation bill.”
“So, at the moment, the entire majority caucus, the 138 of us, are all behind the finance minister to continue with the negotiations with the IMF, to come and read the budget statement to us and also move the motion for the approval of the appropriation bill for the 2023 budget. So, that is the stand now,” he indicated.
“The statement has been made clear that: ‘Yes, we do respect our president, we have heard the request and appeal of the president and the majority caucus is fully behind the finance minister,” he stressed.
The majority caucus gave the president the ultimatum to dismiss not only Mr Ofori-Atta but also the Minister of State at the Ministry of Finance, Mr Charles Adu Boahen, or they will boycott the 2023 budget hearing and other government businesses on the floor of parliament.
The caucus, led by spokesperson Andy Appiah Kubi, MP for Asante Akyem North, issued the ultimatum within the precincts of parliament on Tuesday, 25 October 2022, when the house resumed sitting after a long recess.
He told the parliamentary press corps: “We are members of the majority caucus of the parliament of Ghana and we, here so, present; represent a greater number of the said caucus.”
“My name is Andy Appiah Kubi and I am only here as the spokesperson for the majority group – without more,” he caveated.
Mr Appiah-Kubi continued: “We have had occasions to defend allegations of conflict of interest, lack of confidence [and] trust against the leadership of our finance ministry,” however, “the recent developments within our economy are of great concern to the greater majority of the members of our caucus and our constituents.”
“We have made our grave concerns [known] to the president through the parliamentary leadership and the leadership of the party without any positive response,” he revealed.
“We are, by this medium, communicating our strong desire that the president change the minister of finance and the minister of state at the finance ministry, without further delay, to restore hope to the financial sector and reverse the downward trend in the growth of the economy,” the group demanded.
“The summary of our concerns lead to a plea that the Minister of Finance, Mr Ken Ofori-Atta and the Minister of State at the Ministry of Finance, Mr Charles Adu-Boahen, be removed from office. We pray that this prayer would be carried to the presidency.”
The caucus then threatened: “Meanwhile, we want to serve notice, and notice is hereby served that until such persons, as aforementioned, are made to resign or removed from office, we, members of the majority caucus here in parliament, will not participate in any business of the government by or for the president by any other minister.”
“We hope that those of us at the backbench and members of the majority caucus will abide by this prayer,” the group added.
“We are saying that if our request is not responded to positively, we will not be present for the budget hearing nor will we participate in the debate,” Mr Appiah-Kubi stressed.
Also, the Alliance for Accountable Governance (AFAG) had demanded that President Akufo-Addo reassign Mr Ofori-Atta and Mr Adu Boahen if he cannot dismiss them.
The pro-government pressure group said in a press statement that the two ministers are to blame for the poor performance of the Ghana cedi in relation to other international trade currencies.
“The Minister of Finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen, must be reassigned,” the group demanded.
AFAG’s demand came a few days after media personality and comic Kwaku Sintim-Misa, alias KSM, asked Mr Ofori-Atta to resign.
He said this in a tweet where he claimed to be giving advice to Mr Ofori-Atta.
The award-winning comic posited that President Nana Akufo-Addo, who is cousins with Ken Ofori-Atta, has no desire to sack him from office for a more competent person to assume it, even though it is the best for Ghana’s ailing economy.
“Advice to Ken Ofori-Atta. Bra [brother] Ken, it is obvious the President cannot and will not fire you,” Mr Sintim-Misa began.
“Please do him and Ghana a favour and respectfully resign for a competent financial manager to take charge,” he advised.
According to the TV show host, the resignation of the Finance Minister will be followed by restored confidence in Ghana’s economic recovery.
“I am sure that the financial markets will react positively to the news,” is how he put it.
Also, another entertainment personality, Lydia Forson, recently said: “It makes absolutely no sense that Ken Ofori-Atta is still the finance minister,” and queried: “How?”
“He’s lost the confidence of the people!” she argued.
The clamour for Mr Ofori-Atta’s head come on the back of the cedi’s very poor performance against the US dollar.
Bloomberg has named the Ghana cedi as the worst-performing currency in the world.
At the time of KSM and Lydia Forson’s tweets, one needed more than 15 cedis to obtain a dollar in Accra, the capital of Ghana.
Recently, the United Kingdom’s Finance Minister Kwasi Kwarteng was sacked and subsequently their Prime Minister, Liz Truss, also resigned.
A section of the Ghanaian public have asked why this is not common in Ghana.
President Nana Akufo-Addo, last week, said Mr Ofori-Atta has been an excellent handler of the Ghanaian economy and, thus, sees no reason to sack him as being clamoured for by his critics.
Speaking to OTEC FM in the Ashanti Region on the first day of his four-day official working tour of that part of Ghana, Mr Akufo-Addo parried criticisms that his cousin is to blame for Ghana’s return to the International Monetary Fund (IMF) for help since he mismanaged the economy.
The president said he takes full responsibility for Ghana’s return to the IMF since he took the decision as the head of state.
He argued that the same Ofori-Atta was able to manage an IMF-programmed economy that the New Patriotic Party (NPP) inherited in 2017 to become one of the fastest-growing economies in the world with an average annual growth rate of 7%.
The president, thus, wondered, how he could cut ties with Mr Ofori-Atta as finance minister.
The president said he has a lot of difficulty understanding the clamour for Mr Ofori-Atta’s exit, since, he noted, even the IMF confirmed that the causes of the current economic situation in Ghana are global in nature rather than a result of internal mismanagement.
“It is very easy for people to say we went back to the IMF due to mismanagement of the economy. I do not accept that criticism because the reasons why we got into the situation we find ourselves has very little to do with us.
Former president, John Dramani Mahama has urged the Nana Addo Dankwa Akufo-Addo administration to cut costs, remove waste, and spend money wisely.
On Thursday, October 27, 2022, Mahama stated that one method to achieve this is by scaling back his administration. The event was titled “Building the Nation We Want.”
Additionally, he recommended that the government put on hold non-essential initiatives and eliminate or restructure governmental entities that served comparable purposes.
Again, the 2020 flagbearer of the NDC backed calls for the dismissal of the Finance Minister, Ken Ofori-Atta from office; adding that his removal will not affect the ongoing negotiations between Ghana and the IMF.
“A big contributor to the excessive public expenditure is the sheer size of government. President Akufo-Addo has been particularly irresponsible in keeping a needlessly large government. At a point, we had over 120 ministers in his government with hundreds of political appointees at the Presidency and others attached to ministers and state organisations.
“While the President has cut down this number, there is still room for a further reduction including merging some Ministries to reduce expenditure and cut down the number of Ministers to below 65. It is also necessary to trim the large number of political appointees who have sought refuge in the Flagstaff House. This will reflect the necessities of the time and the need for modesty and prudence” John Dramani Mahama noted.
The Majority Caucus has agreed to President Akufo- Addo’srequest to delay the discussion of Mr Ofori-Atta’s dismissal as finance minister until after Ghana’s negotiations with the International Monetary Fund (IMF) are concluded.
On Tuesday, some 80 New Patriotic Party (NPP) Members of Parliament called for the dismissal of the Finance Minister and the Minister of State at the Finance Ministry, Charles Adu Boahen, over the economic hardship facing the country.
Spokesperson for the Majority caucus, Mr Andy Appiah-Kubi, who is MP for Asante-Akim North Constituency indicated that his side would desist from government business if their demand was not met.
The bold step taken by the Caucus was supported by many on social media, who expressed their displeasure with the hashtag #Kenmustgo.
Following this, President Akufo- Addo engaged the aggrieved legislators and asked that the Finance Minister be made to complete dealings with the IMF on behalf of Ghana and submit the 2023 Budget Statement
Briefly after the interaction, the Majority Caucus, in a statement dated October 26, noted that after deliberation among members, it would suspend its current demands.
“The President engaged Members of the Caucus and requested that the issue be stood down until the conclusion of the round of negotiations with the International Monetary Fund (IMF) and the presentation of the Budget Statement and Economic Policy in November 2022, and the subsequent passage of the Appropriation Bill, after which time the demand shall be acted upon.”
“After deliberations among the Majority Caucus today, Wednesday, October 26th, 2022, it was agreed to accede to the President’s appeal,” parts of the statement read.
Ghana is hopeful of securing a deal with the IMF by December this year.
Despite the President’s appeal, some Ghanaians continue to demand the removal of Mr Ofori- Atta from the Ministry of Finance.
Meanwhile, the Minority Caucus has filed an impeachment against the Finance Minister and is calling on members of the Majority to support its motion.
Under Mr Ofori-Atta’swatch, the country battles a high inflation rate of 37.2% as of September 2022, and a worsened depreciation of the cedi.
A dollar is currently trading at about GH14. Also, fuel prices have escalated, with a litre of petrol going for about GHS17 at some pump stations.
Transport fares have been revised three times just this year. Since January, transport fares have risen by 54 per cent. The adjustment has been associated with a general rise in the prices of goods and services.
He claims that the minister has performed his duties admirably and is not to be held responsible for the current economic difficulties caused by outside sources.
“It is obvious that the finance minister did a great job controlling the economy when you look at Ghana’s economic track before 2020. The COVID-19 pandemic’s arrival and the Russia-Ukraine war, however, have reversed the achievements,” Domfe added.
“Cast your mind back to 2017 when he took over as finance minister,” Domfe told Accra-based Peace FM. “He managed to stabilise the dollar for a very long time. The dollar until this year was selling at GHC6. This shows the kind of work he did to stabilise it.”
“Unfortunately, the US decided to hike their prime rates which is forcing our cedi to fall rapidly. So, I don’t understand the call for his dismissal,” he added.
Ofori-Atta has come under immense pressure to resign from his post with the most recent coming from a section of the governing New Patriotic Party MPs. The lawmakers, numbering about 80 called for his dismissal to boost government’s chances of restoring confidence in Ghana’s economy.
However, Domfe dismissed their request insisting that there is no basis for President Nana Akufo-Addo to relieve him of his duties, citing the instrumental role Ofori-Atta played in steering the country towards sound economic footing prior to 2020.
Notably, he said, the minister was able to keep the country’s inflation at a single digit, supervised the implementation of the Fiscal Responsibility Act and managed to achieve a 7% growth in the economy in 2019.
The government and the International Monetary Fund, or IMF, are negotiating for an economic rescue scheme, but conversations are not going well, according to renowned economist and elder statesman Kwame Pianim.
In an interview with Accra-based TV3, he claimed that President Akufo-Addo and his troubled Finance Minister, Ken Ofori-Atta, were primarily to blame for the current state of affairs.
He claimed that the IMF was waiting for Akufo-Addo to provide a clear statement on the problem.
should accept responsibility for it and take decisive action to address the problems before they arise.
He noted that Ofori-continuing Atta’s tenure in office in the face of calls for his ouster was not resolving matters.
“The IMF negotiations are not going well. I know this for a fact. What the IMF is waiting for is a bold credible pronouncement from the president as he did over [the] COVID.
“The president said I take full responsibility, I am in charge and I am going to make sure that Ghanaians are protected from [the] COVID,” he submitted.
“We need the president to own the crisis. To come out and say, there is nothing that I will not do to stabilize the economy of Ghana, to stop this pressure and the economic crisis that is looming and that there are no sacred cows,” he stressed stating the need to review any and every government programme if need be.
Pushed about how he knew the negotiations were not going well, he insisted: “It is not going well, the negotiations. I know that. That is my business, to keep my ears open, I am a Ghanaian, and I am interested in the economy moving in the right direction.
“We have friends in Washington so what I am saying is that it is not going well,” he reiterated.
Government months back approached the IMF for a support programme amid an economic crisis. Whiles it has partly blamed the aftershock of COVID-19 and the Russia-Ukraine war, the opposition insists the crisis has been brought on by economic mismanagement brought on by reckless borrowing and unnecessary spending.
His request comes after President Nana Addo Dankwa Akufo-Addo urged lawmakers from his party, the NPP, to postpone their demands for Ofori-Atta to be fired over the nation’s economic woes until the IMF bailout negotiations he is leading are through.
Kwame Pianim, however, thinks that Ofori-replacement Atta’s is essential for reviving the economy and rescuing Ghanaians from their current predicament.
The senior statesman, who made these remarks in a TV3 interview monitored by GhanaWeb, outlined the following reasons as the justification for Ofori-Atta to leave office now.
Success of the IMF negotiation:
According to Kwame Pianim, the government’s current negotiation with the International Monetary Fund for a bailout is not going well because the Fund does not see any seriousness on the side of the government.
“What the IMF is waiting for is a bold, credible pronouncement from the president as he did over the COVID-19 (pandemic). And then you need a credible messenger. Ken Ofori-Atta is not a credible messenger.
“Somebody who didn’t want you taking this route, how can you say he should lead it?” he questioned
“The hardship on Ghanaians is unprecedented. So, he Ofori-Atta should save Ghanaians additional misery by stepping down.”
Save the reputation of the NPP
Again, Kwame Pianim said that Ofori-Atta had to go to save the New Patriotic Party’s reputation as good managers of Ghana’s economy.
“NPP has a reasonably good reputation as a good manager of the Ghanaian Economy. And it is time that (the current economic meltdown) is stopped so that irreparable damage is not done to the reputation of the NPP as good managers of the economy,” he said.
Save the legacy of Akufo-Addo
Also, the statesman intimated that Ofori-Atta staying in office would make it very difficult to restore Ghana’s economy and also risks destroying the legacies of President Akufo-Addo.
“If he (Ofori-Atta) does not go and the president doesn’t let him go, we risk irreversibly dragging the president’s legacy and his presidency into the gutters,” he said.
Former President, John Mahama has blamed the Finance Minister, Mr. Ken Ofori-Attafor the country’s economic woes.
According to him, the President’s seeming inability to remove Mr. Ofori-Atta from office is making the situation worse.
“To be clear, we’re in this mess because of an untouchable Finance Minister relying on his Databank workers and neglecting the advice of seasoned experts at the Finance Ministry. He has been left to run this economy into the ground’.
We’re in this mess because of the so called solid Economic Management Team, who over the last several years has been unable to call the President’s cousin (Ofori-Atta) to order when he embarked on a reckless borrowing spree”.
Speaking at a lecture on the economy on Thursday, he stressed that the incompetence of the sector minister and the entire Akufo-Addo regimeaccounts for the depreciation of the Cedi and the other economic challenges plaguing the country.
“For the avoidance of doubt, we in the NDC will not have dared been reckless or would we have been allowed to be irresponsible in the handling of the public purse and the nation’s resources as the NPP has done.
We would not have been reckless and even society would not have allowed us to do some of the things that they have done. We’ve had our set of challenges in government. But nothing we did, or the outcome thereof has come anyway near close to the disaster unfolding before our eyes today”, he said.
The theme for the lecture was ‘Building The Ghana We Want’.
Touching on the hardship facing Ghanaians, he assured that the next NDC governmentwill rescue Ghana from its current state through prudent economic reforms and policies.
He also urged the current regime to consider measures such as a cut in the number of government appointees as a means of salvaging the economy.
Meanwhile, President Nana Akufo-Addo will on Sunday, October 30, also address the nation on the economic challenges facing the country and its people.
The President made this known in a Facebook post on Thursday.
The address is scheduled for 8:00pm, and will be telecast on ‘GTV and on major television networks across the country’, the post said.
The address by the President comes in the wake of recent public agitations about the ailing state of the economy.
At the moment, Ghana’s economyis reeling under pressure; a situation which has led to an increase in the cost of living as well as what some have described as a ‘galloping inflation’.
The country’s local currency is also battling a fluctuation against the US dollar and other major trading currencies across the globe.
Coupled with graduate unemployment and the general hardship in the system, many Ghanaians have subsequently bemoaned the situation and called on government to speedily resolve the crisis.
For some, the President’s upcoming address, therefore, comes as a welcome relief amidst the prevailing challenges.
Meanwhile, government says it is working to put the economy on a better footing.
The embattled Finance Minister Ken Ofori-Atta is expected to be fired by December 31, 2022, according to Andy Appiah Kubi, a legislator representing Asante Akim North in the House of Representatives.
He acknowledged that the group of more than 80 MPs attended a meeting where President Nana Addo Dankwa Akufo-Addo pleaded with them to hold off on asking for the dismissal of Ofori-Atta until two pressing concerns had been resolved.
He told Accra-based 3FM in an interview that they understood that Ofori-Atta will be done with Phase One of his International Monetary Fund responsibilities by next week and his work on the budget and appropriation will end by December this year after which he will leave office.
“…personally, I understood the president to be saying that when the matters come to a close he would do our bidding. The whole IMF programme will end in April but the first phase, which is necessary for our budgetary preparations will end next week.
“The understanding is that the end of the first phase and the conclusion of appropriation, which is December, our understanding is that at that place, he will effectuate our request and indeed give and take, the maximum he can run up to is in December before Christmas.
“So, we condition our minds that all things being equal, we expect that to happen latest 31st December 2022,” he added.
But their meeting with the president ended in a deal that Ofori-Atta concludes first stage talks with the International Monetary Fund and sees to the presentation of the 2023 budget and its appropriation before he is removed.
The majority in parliament wants the motion for censure against finance minister Ken Ofori-Atta thrown out for want of evidence.
Speaking on the floor, the deputy majority leader, Alexander Afenyo-Markin, argued the minority MPs failed to attach evidence to the motion to back their claims.
“Mr. Speaker, I beg to submit that the legal grounds or grounds for submission are not embedded in the motion. I am saying that Mr. Speaker, the motion is supposed to be advertised; that is what the constitution says. The constitution is not saying that you should accompany it with allegations as part of the motion; that is my contention. And if they beg to disagree, they should say so for the records to capture. And if there is any other provision that perhaps I have not read which allows you to state allegations, not facts, to support your motion, they should again draw my attention; we are here to learn. I’m not ashamed if I get it wrong, and I’m corrected. Mr. Speaker, I so submit.”
Minority leader Haruna Iddrisu however, rubbished the claim arguing there’s enough evidence to impeach Ken Ofori-Atta.
“We have made reference to constitutional provisions of Articles 178, 176, and 82. Mr. Speaker, to demonstrate with facts on this floor that the Minister is in breach of the law apart from the fact that he’s trashed the Ghanaian economy, we’ll do so. You cannot question the competence of the Speaker in admitting the motion. And we have not given you any facts; we are only giving you headlines of the matters to which we’ll lead with evidence. Mr. Speaker, our evidence will be in the category ‘beyond a shadow of a doubt’ – that the Ghanaian economy is a trashed economy, the cedi worst performing currency in the world.
“You have done what is constitutionally right. I expect him to be assuring me that his side will support this, and by consensus, we save this country. We need to save this country, save its businesses. Businesses are collapsing, industry is collapsing, the Ghanaian citizens are reeling under unprecedented hardships. That must be your concern. We are invoking provisions of the constitution.”
Calls for the sack or the resignation of the Finance Minister, Ken Ofori-Atta, have been relentless over the past few weeks, with even Members of Parliament (MPs) of his own party, the New Patriotic Party (NPP), joining the calls.
One of the names that have come up as a possible replacement for Ken Ofori Atta should President Akufo-Addo heed the calls for his sack or should he resign from his post, is Dr. Mark Assibey-Yeboah.
Even though Dr. Assibey-Yeboah has been an ardent critic of the Akufo-Addo government, some Ghanaians including broadcaster Paul Adom-Otchere have said that he (Assibey-Yeboah) is considered as the favourite among the rank and file of the NPP to replace Ken Ofori-Atta.
Dr. Assibey-Yeboah has, on a number of occasions, criticised the implementation of a number of policies of the Akufo-Addo government, including the Free Senior High School and the Electronic Transfer Levy (E-Levy). Prior to Ghana returning to the International Monetary Fund (IMF) for a bailout, Dr. Assibey-Yeboah warned of harsh economic conditions and therefore called on the government to resort to the Fund at an earlier time ahead of its July 1, 2022 decision.
Who is Dr. Assibey-Yeboah?
Dr. Mark Assibey-Yeboah is a Ghanaian politician and member of the 6th and 7th Parliament of the Fourth Republic of Ghana (from 2013 to 2021), representing the New Juaben South Constituency in the Eastern Region on the ticket of NPP.
He is a Christian and was born on March 2, 1974. He comes from Obo-Kwahu, a town in the Kwahu South District of the Eastern Region of Ghana.
During his term as an MP, Dr. Assibey-Yeboah served as the Chairman of the Finance Committee of Parliament. During his tenure as chair, he led many engagements toward sound economic indicators of government and was noted for demanding accountability from the government. He was also a member of the Sports Committee of the 6th Parliament.
Before venturing into politics, Dr. Assibey-Yeboah was a lecturer between 2009 and 2010 at the Ghana Institute of Management and Public Administration (GIMPA), a senior economist at the Bank of Ghana between 2011 and 2012 and a lecturer at the Ghana Technology University College from 2011 to 2012.
He had also previously worked as a lecturer at the University of Tennessee and as an adjunct faculty at Milligan College – both in the United States of America. He was also a board member of the ADB Bank Ghana from August 2018 – 2021.
He is a member of the American Economic Association.
Educational background of Dr Assibey-Yeboah
The former MP attended Presbyterian Boys’ Secondary School, Legon and the Ghana Secondary School, Koforidua, where he obtained his GCE Ordinary Level and GCE Advanced Level, respectively.
Dr. Assibey-Yeboah holds a BSc (Hons) in Agricultural Economics degree from the Kwame Nkrumah University of Science and Technology (KNUST). He also holds an MS (Agricultural and Resource Economics) from the University of Delaware, USA.
He also holds an MA and a PhD, both in Economics from the University of Tennessee, USA specialising in International Macroeconomics, Monetary Economics and Econometrics.
Some of his research work has been published in reputable journals, including the Economic Record, the International Journal for Finance and Economics, the Journal for International Trade and Economic Development, and The North American Journal of Economics and Finance.
Over the past few weeks, demands for the dismissal or resignation of the Finance Minister, Ken Ofori-Atta, have been persistent. Even MPs from his own party, the New Patriotic Party (NPP), have joined the calls.
Dr. Mark Assibey-Yeboah is one of the names that have been mentioned as a potential successor to Ken Ofori Atta should President Nana Addo Dankwa Akufo-Addo heed the calls for his ouster or should he resign from his position.
Dr. Assibey-Yeboah has, on a number of occasions, criticised the implementation of a number of policies of the Akufo-Addo government, including the Free Senior High School and the Electronic Transfer Levy (E-Levy). Prior to Ghana returning to the International Monetary Fund (IMF) for a bailout, Dr. Assibey-Yeboah warned of harsh economic conditions and therefore called on the government to resort to the Fund at an earlier time ahead of its July 1, 2022 decision.
Who is Dr. Assibey-Yeboah?
Dr. Mark Assibey-Yeboah is a Ghanaian politician and member of the 6th and 7th Parliament of the Fourth Republic of Ghana (from 2013 to 2021), representing the New Juaben South Constituency in the Eastern Region on the ticket of NPP.
He is a Christian and was born on March 2, 1974. He comes from Obo-Kwahu, a town in the Kwahu South District of the Eastern Region of Ghana.
During his term as an MP, Dr. Assibey-Yeboah served as the Chairman of the Finance Committee of Parliament. During his tenure as chair, he led many engagements toward sound economic indicators of government and was noted for demanding accountability from the government. He was also a member of the Sports Committee of the 6th Parliament.
Before venturing into politics, Dr. Assibey-Yeboah was a lecturer between 2009 and 2010 at the Ghana Institute of Management and Public Administration (GIMPA), a senior economist at the Bank of Ghana between 2011 and 2012 and a lecturer at the Ghana Technology University College from 2011 to 2012.
He is a member of the American Economic Association.
Educational background of Dr Assibey-Yeboah
The former MP attended Presbyterian Boys’ Secondary School, Legon and the Ghana Secondary School, Koforidua, where he obtained his GCE Ordinary Level and GCE Advanced Level, respectively.
Dr. Assibey-Yeboah holds a BSc (Hons) in Agricultural Economics degree from the Kwame Nkrumah University of Science and Technology (KNUST). He also holds an MS (Agricultural and Resource Economics) from the University of Delaware, USA.
He also holds an MA and a PhD, both in Economics from the University of Tennessee, USA specialising in International Macroeconomics, Monetary Economics and Econometrics.
Some of his research work has been published in reputable journals, including the Economic Record, the International Journal for Finance and Economics, the Journal for International Trade and Economic Development, and The North American Journal of Economics and Finance.
Renowned economist and statesman Kwame Pianim has insisted that the Finance Minister, Ken Ofori-Atta, must, one way or the other, leave office now.
His call comes after President Nana Addo Dankwa Akufo-Addo urged Members of Parliament of his party, the NPP, to hold on with their demand for Ofori-Atta to be sacked over the economic difficulties in the country till the International Monetary Fund bailout negotiation he is leading is completed.
But according to Kwame Pianim, replacing Ofori-Atta is very critical to turning around the economy to get Ghanaians out of the current difficulties.
The senior statesman, who made these remarks in a TV3 interview monitored by GhanaWeb , outlined the following reasons as the justification for Ofori-Atta to leave office now.
Success of the IMF negotiation:
According to Kwame Pianim, the government’s current negotiation with the International Monetary Fund for a bailout is not going well because the Fund does not see any seriousness on the side of the government.
“What the IMF is waiting for is a bold, credible pronouncement from the president as he did over the COVID-19 (pandemic). And then you need a credible messenger. Ken Ofori-Atta is not a credible messenger.
“Somebody who didn’t want you taking this route, how can you say he should lead it?” he questioned
Save Ghanaians from additional misery
The economist intimated that Ofori-Atta’s mismanagement of Ghana’s economy is the cause of the hardship in the country and, therefore, he should step down.
“The hardship on Ghanaians is unprecedented. So, he Ofori-Atta should save Ghanaians additional misery by stepping down.”
Save the reputation of the NPP
Again, Kwame Pianim said that Ofori-Atta had to go to save the New Patriotic Party’s reputation as good managers of Ghana’s economy.
“NPP has a reasonably good reputation as a good manager of the Ghanaian Economy. And it is time that (the current economic meltdown) is stopped so that irreparable damage is not done to the reputation of the NPP as good managers of the economy,” he said.
Save the legacy of Akufo-Addo
Also, the statesman intimated that Ofori-Atta staying in office would make it very difficult to restore Ghana’s economy and also risks destroying the legacies of President Akufo-Addo.
“If he (Ofori-Atta) does not go and the president doesn’t let him go, we risk irreversibly dragging the president’s legacy and his presidency into the gutters,” he said.
His request comes after President Nana Addo Dankwa Akufo-Addo advised members of Parliament from his party, the NPP, to postpone their demand that Ofori-Atta be fired due to the nation’s economic challenges until the International Monetary Fund bailout negotiations he is leading are finished.
But according to Kwame Pianim, Ofori-replacement Atta’s is essential for reviving the economy and helping Ghanaians out of their current predicament.
The senior statesman, who made these remarks in a TV3 interview monitored by GhanaWeb, outlined the following reasons as the justification for Ofori-Atta to leave office now.
Success of the IMF negotiation:
According to Kwame Pianim, the government’s current negotiation with the International Monetary Fund for a bailout is not going well because the Fund does not see any seriousness on the side of the government.
“What the IMF is waiting for is a bold, credible pronouncement from the president as he did over the COVID-19 (pandemic). And then you need a credible messenger. Ken Ofori-Atta is not a credible messenger.
“Somebody who didn’t want you taking this route, how can you say he should lead it?” he questioned
“The hardship on Ghanaians is unprecedented. So, he Ofori-Atta should save Ghanaians additional misery by stepping down.”
Save the reputation of the NPP
Again, Kwame Pianim said that Ofori-Atta had to go to save the New Patriotic Party’s reputation as good managers of Ghana’s economy.
“NPP has a reasonably good reputation as a good manager of the Ghanaian Economy. And it is time that (the current economic meltdown) is stopped so that irreparable damage is not done to the reputation of the NPP as good managers of the economy,” he said.
Save the legacy of Akufo-Addo
Also, the statesman intimated that Ofori-Atta staying in office would make it very difficult to restore Ghana’s economy and also risks destroying the legacies of President Akufo-Addo.
“If he (Ofori-Atta) does not go and the president doesn’t let him go, we risk irreversibly dragging the president’s legacy and his presidency into the gutters,” he said.
The National Democratic Congress (NDC) Youth Wing has made a strong-worded call on President Akufo-Addo to not only sack Ken Ofori-Atta but for him to also resign as Head of State.
Issued under the hand of the National Youth Organiser of the party, George Opare Addo, the group said that Ghanaians have had enough of the performance of this administration that has plunged the country into a lot of hardships.
The statement added that many Ghanaians have lost their investments and livelihoods because of the kind of government the president has run in the last six years.
“Over the past six years, you, your cousin the Finance Minister, your Economic Management Team headed by your incompetent Vice President, as well as your entire Government have pursued economic and fiscal policies that have wreaked havoc on our nation’s economy and resulted in untold hardships for the Ghanaian people.
“Today, because of your reckless governance, Ghanaian families are unable to put food on the table. People’s entire life savings are going down the drain, and our currency, the cedi, is depreciating at a rate never seen in the history of our nation in the past four decades. Yours has been a failure of historic proportions; one that has plunged our nation into its most acute economic downturn in an entire generation,” the statement said.
The NDC Youth Wing, therefore, called for an immediate resignation from the president else they would embark on an unprecedented resistance to his government.
“Enough is enough! Ghanaians did not give you the mandate to put us through this level of suffering that has spared no family nor business. The Ghanaian people cannot continue to suffocate under your repressive and destructive misrule. It has become apparent that you lack the fortitude to properly govern this country. We demand that you sack your finance minister and resign now, to stem the suffering that has engulfed our nation and save our country from further collapse and international ignominy!
“If you remain headstrong and refuse to sack the finance minister and resign from office as President, we will confront you with a level of resistance never experienced by any President in the history of our country,” it added.
The group further called on the youth of the country to be on standby to picket against the government.
“We are by this medium calling on all young people of this country to picket at Government offices and protest across the country whenever they are called upon by the Leadership of the Youth Wing to do so,” the statement said.
Already, there has been a call by 80 Members of Parliament from the New Patriotic Party (NPP) for President Nana Addo Dankwa Akufo-Addo to sack the Minister of Finance, Ken Ofori-Atta, as a way of restoring public confidence in the economy.
The president has since met with the MPs and urged them to give the minister some time to complete some pertinent government business, including the completion of an IMF negotiation.
Minister for Information, Kojo Oppong Nkrumah has stated that President Akufo-Addo’s engagement with identifiable economic groups and institutions in the country has been fruitful and smooth and the deliberations has largely focused on the need to restore economic stability.
He said this when he addressed the press at the Jubilee House on 26 October 2022, at the end of two days of broad consultations between the President and multiple groups and stakeholders in the country’s economic space.
Amongst the groups the President held meetings with are; Association of Ghana Industries (AGI), Ghana Association of Bankers, Ghana Private Road Transport Union (GPRTU) and Transport Operators.
The rest are Forex Bureau Association of Ghana, Forex Bureau, Market Women, Ghana Employers Association, Private Enterprise Federation, and the leaders of the Trades Union Congress (TUC).
In his interaction with the identifiable bodies, President Akufo-Addo, according to Kojo Oppong Nkrumah, briefed them on the state of negotiations between his government and the International Monetary Fund (IMF) and the implications of a possible programme with the fund on the country’s economy in the coming weeks and in the long term.
“Cost of living has been big on the agenda, the currency is being big on the agenda but item number one has been stability, restoring economic stability and then on the back of that, looking to how we can bring back so growth and expansion on the Ghana economy. These discussions have gone very smoothly” Oppong Nkrumah said.
“Our expectation is that all of these will form a part of what the President and cabinet will be considering over the weekend prior to making some decision and then on Sunday, he [President Akufo-Addo] will have the opportunity to address the nation and we take the steps from there” he added.
President Akufo-Addo’s engagement with economic groupings in the country and the upcoming Cabinet retreat follows the challenging state of the country’s economy as a result of the hit it has suffered from the COVID-19 pandemic and the impact of the geo-political war ongoing between Russia and Ukraine.
The entire global economy according to financial expects is slipping into recession as the World Bank warns that it will take all the countries of the world several decades to pay off the debts they have accumulated over COVID-19 spending in the last two years alone.
The Majority Caucus in Parliament on Wednesday issued a tempered statement following a surprise announcement on Tuesday by some of its members who had called for the removal of Finance Minister Ken Ofori-Atta and Minister of State for Finance Charles Adu Boahene.
Wednesday’s press statement by the Majority Caucus, signed by Osei Kyei-Mensah-Bonsu, MP, Majority Leader and Minister for Parliamentary Affairs, confirmed a much anticipated, but quick, meeting between President Nana Akufo-Addo and his party’s MPs about the surprise announcement, with Members of Parliament (MPs) of the governing National Patriotic Party (NPP) pledging to back the President.
Sources at Jubilee House had earlier indicated that the call for the removal of the Ministers for Finance had caught the Presidency by surprise.
According to the statement, the President has requested that the matter be delayed and “acted upon” after “the conclusion of the round of negotiations with the International Monetary Fund (IMF)” as well as the next presentation of the budget statement and economic policy”. This is to be followed by the passage of the Appropriation Bill, which is also a few weeks away.
The Majority Caucus, in their press statement, said that after internal discussions among their rank and file on Wednesday, they had “agreed to accede to the President’s appeal”.
In the meantime, analysts have pondered over the timing of Tuesday’s surprise announcement with looming fears over the uncertainty of the state of the country’s economic health should the Finance Ministers step aside, especially at a watershed moment. The two are currently leading negotiations on Ghana’s 17th return to the IMF. They are also in the middle of a yet-to-be finalised debt restructuring programme.
The minority in parliament have been wearing black to parliament since they reconvened on October 25.
According to the minority, their reason for wearing black is to communicate their dissatisfaction with the country’s current economic situation, including the cedi depreciation.
On Wednesday, October 26, almost all the MPs who showed up in parliament were dressed in black attires.
The Minority and Majority Members of Parliament seem to be on the same page following the call to remove the finance minister from office.
While the Minority in Parliament has filed a motion to have Ken Ofori-Atta sacked, the Majority also threatened to boycott the 2023 budget presentation if the finance minister is not relieved of his post.
The MPs explained that their position follows several concerns over the poor management of the economy, which has forced the government to seek IMF assistance.
While addressing the parliamentary press corps, the minority urged the majority to not relent on calling the finance minister out.
The Deputy Minority Chief Whip, Ahmed Ibrahim, noted “as representatives of the people and as duty bearers, we must move a motion to call for the end of the Finance Minister.
“Our brothers in the Majority believe in this. What they should do is to support the call of the Minority Leader and the motion for the Minority Leader for the dismissal of the Finance Minister.”
The Majority Caucus in Parliament has acceded to President Akufo-Addo’s appeal to allow Finance Minister, Ken Ofori-Atta, and Minister of State at the Finance Ministry, Charles Adu Boahen, stay in office till after the IMF negotiation is done.
Per the press statement released by the Majority Leader, Osei Kyei-Mensah-Bonsu, the Minister of Finance will stay “until the conclusion of the round of negotiations with the International Monetary Fund (IMF) and the presentation of the Budget Statement and Economic Policy in November, 2022 and the subsequent passage of the Appropriation Bill after which time the demand will be acted upon.”
This comes after some 80 New Patriotic PartyMPs called for the immediate dismissal of the Finance Minister and the Minister of State at the Finance Ministry.
According to them, the continuous stay of Ken Ofori-Atta in office was delaying the IMF bailout the country is seeking due to the fact that the Minister has lost all credibility.
They had thus petitioned the President to either remove him or face a boycott in Parliament.
“If our request is not responded to positively, we will not be present for the budget hearing, neither will we participate in the debate,” Mr Andy Appiah-Kubi, spokesperson for the Majority caucus and MP for Asante-Akim North Constituency indicated.
Safe to say we are in the era of ‘internet doesn’t forget,’ a reference to how comments or positions held by a person could easily be dug up in the event that they add nuance to current conversations.
Finance Minister Ken Ofori-Atta and Nana Addo Dankwa Akufo-Addo are undoubtedly the most talked about politicians in the last few days.
Ofori-Atta because of a call by some members of his party, the New Patriotic Party calling for his sack and Akufo-Addobecause of his ‘refusal’ to accede to that request – at least immediately.
Akufo-Addo has serially stood by his underfire Finance Minister despite an economic downturn that has seen Ghana run to the International Monetary Fund for a programme.
A video has popped up, of how Akufo-Addo, since Day 1, had spoken highly of his Finance Minister in early 2017 when he was introducing members of his cabinet to the public at the Jubilee House.
A UTV video that has been in circulation on social media shows Akufo-Addo call on Ofori-Atta to join him on a stage as the then new President speaks about his appointee’s academic and professional pursuits as well as experience with the local and global economy.
“He is arguably, one of the most successful bankers not in our country, an American-educated Colombia, Yale and the rest, worked in Wall Street as a youngman, Morgan Stanley and Solomon Brothers and when he returned here to Ghana …combined with his partners, co-found what has become what has become the most successful investment bank in our country, that is Databank,” Akufo-Addo said in his introduction.
In arguing out why the choice of Ofori-Atta, he stated: “We want to get the Ghanaian economy fully back on track and developing so that we can create jobs and raise the living standards of our people.
“We need an economist, we need somebody with finance, who has the range, who has the capacity and has the insight into how to move modern economies.
“I believe that most people who are dealing in the capital markets of our country would acknowledge him as one of the most outstanding figures in it,” he stressed.
Ofori-Atta was subsequently vetted and appointed, serving throughout the first term of Akufo-Addo, he was reappointed in 2021 to continue as Finance Minister, making him the longest-serving Finance Minister in the Fourth Republic.
Breakaway NPP MPs call for Ofori-Atta’s head
The group said it will not do business with government nor support the 2023 Budget if the president fails to heed their call to remove Ofori-Atta and the Minister of State at the Finance Ministry, Charles Adu Boahen.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
“We have had occasions to defend allegations of conflicts of interest, lack of confidence, and trust against the leadership of the Finance Ministry.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern to our president through the parliamentary leadership and the leadership of the party without and positive response,” Andy Appiah Kubi said.
The MPs believe the move will change the current economic situation in the country.
“We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope to the finance sector and reverse the downward trend in the growth of the economy,” he added.
President Nana Addo Dankwa Akufo-Addoand his cabinet will today, Thursday, October 27, 2022 begin a three-day retreat to deliberate on the economy as government’s negotiation with the International Monetary Fund (IMF) nears completion.
The President for the past two days engaged relevant stakeholders on how best torevive the economy.
Speaking at a meeting with the leadership of the Trade Union Congress (TUC), President Akufo-Addo was hopeful the retreat will yield positive outcomes.
“Government is going on a three-day retreat to tackle this problem of the negotiation with the IMF and the making of the economic policies for the country for 2023 to present the budget for the nation to Parliament.”
The free fall of the cedi, high inflation, huge debt stock, unbearable cost of living, fuel price hikes among others have come to the fore with many calling on the President to act to salvage the situation.
“The Economic Management Team is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward”, Information Minister, Kojo Oppong Nkrumah had said.
Already, the Association of Ghana Industries (AGI) has pledged its resolve to help the government find solutions to the current economic challenges.
At a meeting at the Jubilee House, the President of the Association, Dr. Humphrey Kwesi Ayim-Darke, said “we pledge our support that together we shall resolve the intended difficulties as we so find them.”
Responding to the association, President Akufo-Addo expressed hope that the government’s pursuit of support from the International Monetary Fund will take shape.
“We are talking and hopefully concluding soon these important negotiations, which are going to have an important impact on the way forward for the Ghanaian economy in the months and immediate years ahead.”
As part of the stakeholder engagements, the President has been meeting the Ghana Private Road Transport Union(GPRTU) and transport operators over increases in transport fares.
The Governor of the Central Bank, Dr. Ernest Addison also met all CEOs of commercial banks and forex bureaus earlier on Tuesday to address the continuous depreciation of the Ghana cedi.
President Akufo-Addo reportedly met with the top hierarchy of the governing New Patriotic Party (NPP) over the demands by some of the party’s Members of Parliament for the dismissal of the Finance Minister, Ken Ofori-Atta.
According to a report by Asempa FM, the president met with the Chairman of the NPP, Stephen Ayensu Ntim; the General Secretary of the party, Justin Frimpong Koduah, the National Organiser, Henry Nana Boakye and other national executives of the party.
Also, present at the meeting were at least three regional chairmen of the party, whose members are allegedly pushing for the sack of Ofori-Atta, including the Ashanti Regional Chairman, Bernard Antwi Bosiako, a.k.a. Chairman Wontumi; the Bono Regional Chairman, Kwame Baffoe, a.k.a. Abronye DC; and the Greater Accra Regional Chairman, Divine Otoo Agorhom.
The report indicated that the officials met the president on the fourth floor of the Flag Staff House in the late afternoon on Tuesday, October 25.
Officials of the government, privy to the details of the meeting, who spoke to Asempa FM on the condition of anonymity, told their presidential correspondent, Elton John Brobbey, that the president could not make a decision because there was no petition before him.
Elton Brobbey said that the officials indicated that news of the demand of the NPP MPs came as a surprise to the presidency.
He added that the officials had told him that the president was only going to make a decision on the matter if the petition signed by the NPPs who are calling for the sack of Ofori-Atta is presented to him.
“One issue that run out through all the conversations I had with the officials was that there was no petition before the president communicating the decision of the 80 MPs for the president to sack Ofori-Atta,” he said in Twi
He reiterated that even though there has been meeting and press conferences, no official petition has been sent to President Akufo-Addo.
The Deputy Majority Leader of Parliament, Alexander Kwamena Afenyo Markin, has berated the minority caucus over its handling of a motion filed to get Finance Minister, Ken Ofori-Atta impeached.
According to him, the minority is creating the impression the House (Parliament) has accepted the motion and it has the support of the majority caucus which is false.
Speaking to the press at Parliament on Wednesday, October 26, Afenyo Markin intimated that the majority are against the idea of forcing Ken Ofori-Atta to resign.
“Admissibility of questions, motions or any process is the sole mandate of Mr. Speaker. So, until your motion or any application is admitted by the speaker you cannot assume that you have the motion properly before the House.
“So, I will like to say that, simply put, they are just throwing dust into the eyes of Ghanaians. We are all aware that the whole world is in a crisis. We are all aware that government has taken steps to address this economic crisis that we face as a nation.
“As we speak, we have an ongoing negotiation with the IMF. Midway into the negotiation government cannot come and make an announcement,” he said.
Afenyo Markin, who is the Member of Parliament (MP)
for Effutu, urged Ghanaians to stop politicizing the current challenges in the country and treat it as a national issue.
The minority caucus of Parliament filed a motion to have Ken Ofori-Atta and the Minister of State (in charge of Finance), Charles Adu-Boahen sacked.
The MPs explained that their position follows several concerns over the poor mismanagement of the economy, which has forced the government to seek IMF assistance.
The Deputy Minority Chief Whip, Ahmed Ibrahim, noted “as representatives of the people and as duty bearers, we must move a motion to call for the end of the finance minister.
“Our brothers in the majority believe in this. What they should do is to support the call of the Minority Leader and the motion for the Minority Leader for the dismissal of the finance minister.”
A former finance minister, Seth Terkper, has stated that no government has secured GH¢1 billion from the International Monetary Fund (IMF).
According to him, the highest the country has received from the Fund is GH¢3 billion when the country was declared as HIPC.
Speaking at the 11th Ghana Economic Forum on October 25, 2022, he said “the highest we have had by way of intervention and that was HIPC was 3 billion. No government ever got 1 billion to do a correction. The highest was GH¢950 million which we did and that came after 2017 to the current administration.”
He also stated that the notion that Ghana was doing well before 2020 needs to be re-examined.
Meanwhile, the Director of the Institute of Economic Affairs, Dr. John Kwakye, has stated that Ghana’s revenue targets have not been ambitious enough to rake in the expected revenue needed for development.
According to him, every country thrives on good policies and the ability to take advantage of resources, but, in Ghana’s case, both have been defective.
“As a country, we need both resources and policies to advance our development. For Ghana, we have lacked adequate resources, and our policies have also been defective in so many areas,” he said.
Osei Kyei-Mensah-Bonsu, the Majority Leader in Parliament, has appealed to the Majority Caucus to halt discussions on the sacking of Finance Minister Ken Ofori-Atta until negotiations with the IMF have concluded.
Some members of the Majority Caucus in Parliament are mounting pressure on President Akufo-Addo to sack Ofori-Atta, and the minister of state at the Finance Ministry, Charles Adu Boahen, to restore public confidence in the Ghanaian economy.
Speaking on The Asaase Breakfast Show on Wednesday (26 October), he said, “My advise after hearing them was that, if they were talking about this matter two or three months ago, that would have been different.”
According to the Suame MP, “even the first phase [of negotiation with the IMF] has not been concluded. Those conclusions will be factored into the budget.”
“They [IMF team] have come here on two occasions, the minister has led a team to Washington to follow up for the discussions, they are coming here again next week. And soon after, the conclusions we will derive will be captured into the budget that we are expecting not later than 15 November.
“We are pleading with them that looking at where we are, I am not too sure this is the appropriate time to be talking about this. So, I was pleading to let their feet pause the accelerator pedal for a while, maybe after the budget we could resurrect it. Now is not the best time,” Kyei-Mensah-Bonsu said.
The International Monetary Fund is already in talks with Ghana over a US$3 billion deal for budgetary support, aimed at reviving the economy and restoring investor confidence.
Demands of the MPs
Addressing the media in Parliament on Tuesday (25 October 2022), the spokesman for the caucus and MP for Asante Akim North, Andy Appiah-Kubi, said the move will help save the economy from further collapse.
“We have had occasion to defend allegations of conflict of interest, lack of confidence and trust against leadership of our Finance Ministry. The recent developments within our economy are of great concern to the greater majority of members of our caucus and our constituents,” Appiah-Kubi said.
“We are by this medium communicating our strong desire that the president change the Minister [for] Finance and the minister of state in the Finance Ministry without further delay in order to restore hope into the financial sector and reverse the downward trend in the growth of our economy.
“The summary of our concern leads to the plea that the Minister of Finance, Ken Ofori-Atta, and the minister of state at the Ministry of Finance, Charles Adu Boahen, should be removed from office.
“Meanwhile, we want to serve notice that until such persons as aforementioned are made to resign or removed from office, we members of the Majority Caucus here in Parliament will not participate in any business of government by or for the president or by any other minister. If our request is not responded to positively, we’ll not be present for the Budget hearing, neither would we participate in the debate,” Appiah-Kubi told the media.
The International Monetary Fund has launched talks with Ghana over a US$3 billion deal for budgetary support, aimed at reviving the economy and restoring investor confidence.
The Managing Editor of the Insight Newspaper, Kwesi Pratt Jnr, has taken a swipe at members of the majority caucus of Parliament after more than two-thirds of them reportedly demanded that President Akufo-Addo sacks his finance minister over the hardship in the country.
According to him, the New Patriotic Party (NPP) Members of Parliament (MPs) have time and again argued that the current hardship Ghanaians are facing is a result of external factors, including the Russia-Ukraine war and the COVID-19 pandemic and not poor economic management.
He, therefore, questioned why the NPP MPs are now calling for the sack of the Finance Minister, Ken Ofori-Atta, whom they have continuously exonerated from being the cause of the hardship in the country.
“We have a situation where now; the so-called majority caucus has come to the realisation that… the economy is not doing well. That the economy is not doing well, at least partly as a result of the incompetence of the managers of the economy.
“Now pitch that against the singsong all this time that the real cause of the problem is the Russia-Ukraine war. I sitting here, and I am wondering how Ken Ofori-Atta and Charles Adu-Boahen are responsible for the Russia-Ukraine war.
“If the Russia-Ukraine war is the main reason that we are here, why call for the removal of Ken Ofori-Atta and Charles Adu-Boahen, who have nothing to do with the Russia-Ukraine war,” he said.
According to the MP for Team West, Carlos Ahenkrorah, the NPP MPs came to the decision to demand Ofori-Atta’s sack after feedback from their constituents during their recess disclosed that most Ghanaians were unhappy with the government because the finance minister was still at post.
He said that most of the majority caucus MPs spoke about how their constituents were suffering due to the economic challenges in the country.
Speaking in a Neat FM interview monitored by GhanaWeb, Ahenkrorah intimated that they had to inform the President Nana Addo Dankwa Akufo-Addo of the difficulties of their constituents so that it does not affect the NPP’s fortunes in the future.
“There is a lot of pressure on us. If you go to your constituency office and you listen to the concerns of your constituents, it is very disheartening. Just yesterday, three women visited my office, and they were crying while narrating how they had lost their businesses because the price of a gallon of oil they used to purchase for GH¢60[600] is now selling for GH¢1000,” he said in Twi.
The first payment of the anticipated $1.13 billion cocoa syndicated loan is scheduled to be received today, October 26, 2022, according to Finance Minister Ken Ofori-Atta.
Myjoyonline reported that the consortium of banks will provide the $790 million.
In order to curb the devaluation of the cedi, Ghana has recently needed to shore up its reserves with foreign money.
The cocoa syndicated loan is to be used to purchase cocoa beans.
However, the second tranche of about $340 million, which will be spread over three months will come in between November 2022 and February 2023.
Interest to be paid on the facility is 1.75%.
The Standard Chartered Bank, Coöperatieve Rabobank, Industrial and Commercial Bank of China (ICBC), MUFG Bank Ltd, Natixis, and Ghana International Bank plc were the Initial Mandated Lead Arrangers for the facility.
The London branch of Bank of China Limited joined the facility as Senior Mandated Lead Arranger, while DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and the Arab Bank for Economic Development in Africa (“BADEA”) joined as Mandated Lead Arrangers.
Ecobank joined as Arranger. The OPEC Fund, United Bank for Africa PLC, Ahli United Bank B.S.C., and Federated Hermes Inc joined as Lead Managers, whilst AfrAsia Bank Limited, Citibank N.A, Absa Bank Ghana Limited, and GCB Bank Plc were joined as managers.
According to him, even the first phase of negotiations with the IMF has not been concluded; therefore, it will be “inappropriate” to sack the finance minister now.
Quoted by asaaseradio.com, he said, “My advice after hearing them was that if they were talking about this matter two or three months ago, that would have been different.”
According to him, “even the first phase [of negotiation with the IMF] has not been concluded. Those conclusions will be factored into the budget.”
“They [IMF team] have come here on two occasions; the minister has led a team to Washington to follow up on the discussions; they are coming here again next week. And soon after, the conclusions we will derive will be captured into the budget that we are expecting no later than November 15,” he stated.
He pleaded with the MPs to put their calls on hold till the 2023 budget is finalized.
“We are pleading with them that, looking at where we are, I am not too sure this is the appropriate time to be talking about this. So, I was pleading to let their feet pause the accelerator pedal for a while; maybe after the budget, we could resurrect it. Now is not the best time,” Kyei-Mensah-Bonsu said.
They made the demand on October 25, 2022, where they noted that these key players in the management of the economy must be removed in order to instil public confidence and put the economy back on track.
The dealers, who blamed the depreciating cedi on the Finance Minister, are calling for his removal from office.
According to them, if the President fails to sack his Finance Minister, they will hit the streets to press home their demand.
Speaking at the Launch of Transport Forum, held in Accra Wednesday, October 26, 2022, the President of the Automobile Dealers Union, Kwaku Boateng, bemoaned the effects of the depreciation of the cedi against the dollar on their business.
“The increase in the dollar is affecting us, we have spoken to the President, and we’ve written several letters about the Finance Ministry. We’ve realised that the President has made up his mind not to mind anyone to remedy the situation.
“We have also realised that our brother Ken Ofori-Atta is the problem when it comes to the rising dollar. So we will hold a press conference next two weeks; when we’re done, we’ll continue with a demonstration on November 19.”
Mr Boateng stressed that: “We [union] will be demonstrating against President Nana Addo over his refusal to sack Ken Ofori-Atta because he’s the President, he appointed him, so if he’ll sit down for Ken Ofori-Atta to destroy Ghanaian businesses then we will demonstrate.”
The automobile dealers have also called on the Freight Forwarders to join in the demonstration to compel the President to remove the Finance Minister from office as both work together.
President of the Republic, Nana Addo Dankwa Akufo-Addo, in an emergency meeting with leadership and members of the New Patriotic Party (NPP) majority caucus in Parliament Tuesday, expressed regret on the approach taking by some 80 of them in their call for the removal of Ken Ofori-Atta and Charles Adu Boahen, as Minister of Finance and Minister of State in charge of Finance, respectively.
In a meeting that was cordial but tense, both sides, sources say, ended the meeting with deeper understanding of each other’s standpoint, with the common belief that the interest of the government, party and nation are paramount and need not be in conflict.
The President, in a passionate, eloquent but sober manner, told the NPP MPs that he would have expected those among them calling for removal of the two men to have first come to him directly on the matter.
There he could have also put his viewpoint and if they were not satisfied with his response then they would have been perfectly understood to advise themselves otherwise.
He told them, the nation was going through economic difficulties and the Presidency was open to ideas from an important arm of the ruling party, such as MPs, on the best way forward. But, the approach may matter as much as the message itself.
Majority Presser
In a press conference held at the foyer in Parliament Tuesday, Andy Appiah Kubi, MP for Asante-Akim North, the spokesperson for the group, demanded the resignation of Ken Ofori-Atta, and Charles Adu-Boahen over the management of the economy.
According to the group of MPs, they will not participate in any government business that involves the Ministry of Finance or have any dealings with the Finance Minister or the minister of state for finance, until both men leave the government.
“We have had occasion to defend allegations of conflict of interest, lack of confidence and trust against leadership of our Finance Ministry. The recent developments within our economy are of great concern to the greater majority of members of our caucus and our constituents.
“The summary of our concern leads to the plea that the Minister of Finance, Ken Ofori-Atta, and the minister of state at the Ministry of Finance, Charles Adu Boahen, should be removed from office.
“Meanwhile, we want to serve notice that until such persons as aforementioned are made to resign or removed from office, we members of the Majority Caucus here in Parliament will not participate in any business of government by or for the president or by any other minister” Appiah-Kubi said when he addressed the press.
“If our request is not responded to positively, we’ll not be present for the Budget hearing, neither would we participate in the debate,” Appiah-Kubi added.
Wrong approach
The President made it clear to his MPs and the party delegation led by National Chairman Stephen Ntim, that his office has no record of any petition or request for a meeting by the MPs themselves, through the party leadership or the leadership of the majority side in Parliament on the subject matter.
Yes, he has been aware of murmurings, but the approach adopted took him by surprise and that was not the best. An Asaase News source who attended the meeting held also on Tuesday 25 October 2022, at the Jubilee House, says the President also described the timing of the resignation call as ill.
There have been growing calls for the removal of the Finance Minister due to the high levels of anxiety as a result of the persisting economic challenges exacerbated by the steep cedi depreciation.
The timing for the dismissal call, President Akufo-Addo, stressed, was not optimal due to the following reasons:
His government has 20 days more to present the 2023 Budget, which is intrinsically linked to the IMF negotiations. So there is a the need to appropriately reflect the priorities of the IMF negotiations in this critical budget. He called on his MPs to not lose sight of the importance of maintaining focus.
Both Ofori-Atta and Adu Boahen have been leading Bilateral/ Multilateral Negotiations to secure additional funding to support the budget and Ghana’s development programme in line with the manifesto promise of the party.
The President was also clear that the ruling party could not afford any delay in either in concluding the debt sustainability agenda of the country or in securing the IMF programme itself.
He was in doubt over the duo’s determination to conclude the IMF negotiations, secure additional funding and finalise the 2023 budget and appropriation to bring relief to Ghanaians. “You do not change a captain who is steering the ship out of a storm”, he stressed.
There are also concerns over likely negative reaction of the market to new leadership who may not be privy to earlier discussions.
Inspite of all the challenges With the wealth of network and experiences built over the years and on the job, he asked for the two be allowed to finish with the budget and IMF negotiations, and if at the end the vast number of them are still not happy, he has no problem with listening to their concerns and taking the appropriate steps to address them.
For the President, given the exigencies of recent challenges, while he understands the anxieties this is also the time for calm heads.
Consultation
Majority leader, Osei Kyei Mensah-Bonsu, according to the source, welcomed the sentiments expressed by the President and told him that the leadership of the majority caucus of Parliament will meet with the MPs demanding the resignation of the Finance Minister and they will consult the “old lady” and revert to him.
NPP MPs are meeting Wednesday afternoon on the matter. Asaase News is gathering that some of the ringleaders are still adamant that the duo must go.
However a large number of the backbenchers who were also for the removal are now shifting to the side of the argument that the two must be allowed to first prepare the budget and conclude the IMF negotiations.
Asaase News further learns that some are even planning another press conference to say the position stays and there are moves to organise a demonstration against the duo.
Party position
The Chairman of the New Patriotic Party (NPP), Mr Stephen Ayensu Ntim, who was present at the meeting, said the party was fully behind both the Government and the Majority Caucus.
However, he added that the party will await the outcome of the proposed consultation between leadership and the MPs to determine the way forward.
Ordinarily, there shouldn’t be anything special about the day, Wednesday, October 26, 2022, but politically, Ghanaians would have two major things to look out for.
Coincidentally too, these two things concern members of the governing New Patriotic Party (NPP).
It becomes even more relevant because of the many relationships that a lot of people are drawing between all the things happening in the United Kingdom at present, and why Ghana should take cues from it.
For more clarity, in the last week in the UK, Prime Minister, Liz Truss succumbed to mounting pressure from parliament and tendered in her resignation, making her the shortest-serving Prime Minister ever.
Days after, British-born Indian Member of Parliament for Richmond, Rishi Sunak, made history by being elected the first person of colour and the youngest in the last 200 years to be PM of the UK.
The fate of Ken Ofori-Atta in the balance:
In Ghana, calls are already mounting for the Minister of Finance, Ken Ofori-Atta, to be sacked, or, as other people have suggested, he should resign.
And that is one of the reasons Ghanaians should be interested in the happenings of Wednesday, October 26.
A day before – Tuesday, October 25, 2022, Ghanaians got the shock of their lives when news emerged that some 80 Members of Parliament from the Majority Caucus (whose government is in power) called for Ken Ofori-Atta to be sacked.
The MPs, most of whom are backbenchers, stated that this was a simple scenario of doing the bidding of their constituents and nothing else.
“Most of the majority caucus came to this decision because it is what our constituents wanted. This is not something we wanted to do but it is what the people who voted for us, our constituents wanted. This was not by a rebel group in the caucus.
“There is a lot of pressure on us. If you go to your constituency office and you listen to the concerns of your constituents it is very disheartening. Just yesterday, three women visited my office and they were crying while narrating how they had lost their businesses because the price of a gallon of oil they used to purchase for GH¢60 [600] is now selling for GH¢1000.
“The other MPs also shared their experience and we saw that it all boils down to the same thing. So, this is how we came to the decision that we have to let the president know what our constituents want. We had to let him know, otherwise, our people will not listen to us if we go to them again,” Ahenkrorah said in a radio interview on Neat FM.
The 80 MPs also stated in their press briefing that should President Nana Addo Dankwa Akufo-Addo fail to heed to their call, they will henceforth make government business in parliament a difficult one for him.
They added that they will begin by absenting themselves from the reading and participation in the 2023 budget statement in parliament.
Although President Nana Akufo-Addo held a late meeting with the NPP MPs calling for the sack of Ken Ofori-Atta, asking them to allow the minister to seal the IMF deal first, it is the hope of many that the minister would make an announcement on his own before close of day.
Speaker to determine fate of Sarah Adwoa Safo:
News of the fate or otherwise of the Member of Parliament for Dome-Kwabenya, Sarah Adwoa Safo, is no longer a big news but the decision that will be made by the Speaker of Parliament, Alban Bagbin, on Wednesday, October 26, 2022, is one many are looking forward to.
It will be recalled that since 2021, there have been many calls for the MP to make clear her stance in her political position, both as MP and as minister, but she never did come clear on it.
As a major first step, and after many attempts to get her to fall in line, President Akufo-Addo sacked her as the Minister of Gender, Children and Social Protection.
Having been away from Ghana for the greater part of 2021 and 2022, many have also wondered how it is that she is able to execute her work as an MP in absentia.
Calls have been made for her seat to be declared vacant, among others, though the decision by parliament has taken some time, it appears a finality will be brought to the subject when parliament sits on Wednesday.
Giving his assurances of delivering his final verdict on the fate of the MP on this day, many people are looking forward to what that ruling would be.
The last time parliament was to determine the fate of Sarah Adwoa Safo, the Speaker of Parliament, Alban Bagbin, speaking during the last sitting of the third meeting of this eighth parliament, said he would not want to make a hasty decision.
He therefore informed the House that on resumption for the fourth sitting of this parliament, he would deliver his verdict on the matter.
“I have consulted the old lady. The old lady has given me an advice and I think that advice is clear because the issues raised by the Majority Leader is both substantive and procedural law and I need time to submit to this House a reasoned, written ruling.
“I cannot in the haste of today, give you the ruling. In the circumstances, I’d urge this House for us to call it a day,” he said.
It is also worth mentioning that the call for the seat of Dome-Kwabenya to be declared vacant was made by the NPP MPs, knowing very well that it is the seat of one of their members.
The events of the day are surely expected to be interesting.
