The Member of Parliament (MP) for Suame, Osei Kyei-Mensah-Bonsu, has cautioned his colleague parliamentarians over their push for the sack of Finance Minister Ken Ofori-Atta.
Speaking on the floor of Parliament on Tuesday, October 26, Kyei-Mensah-Bonsu said that sacking the Offori-Atta now might have a devastating impact on the economy.
He intimated that sacking the finance minister while he is leading Ghana’s bailout negotiation with the International Monetary Fund might have disastrous consequences.
“My own personal thinking is whether or not could be done midstream into the negotiations with the IMF and again midstream in the crafting of a budget.
“What will be the effects of this (the sack) in the negotiation and even its impact on the performance of the currency as we see now? And so Mr. Speaker these are matters that we should interrogate,” Kyei-Mensah-Bonsu, who is also the leader of the majority caucus, said.
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.
Rapper Sarkodie is undoubtedly one of Ghana’s most popular musicians known globally for his talent. Back home, he is celebrated for winning awards and also being vocal about matters that affect citizens.
Unhappy about Ghana’s economic situation, Sarkodiewent after the country’s leadership some eight years ago under John Dramani Mahama of the National Democratic Congress (NDC).
He called out the president for mismanaging the economy which was characterized by power outages popularly known as ‘Dumsor’, hikes in fuel prices, and the cedi’s poor performance against the American dollar.
Sarkodiereleased two songs in the space of one year to ‘attack’ the then-government which was run by John Mahama. He spelt out all the wrongs under his leadership and called him to action.
Fast forward to 2022, Ghana is now facing a much more difficult situation that has witnessed citizens calling for the heads of President Nana Addo Dankwa Akufo-Addo, his Finance Minister, Ken Ofori-Atta, and other ministers who have woefully failed in their various positions.
GhanaWeb throws back to two of Sarkodie’shit songs that best describe Ghana’s current economic crises under Akufo-Addo.
1. Inflation
Released in 2014, ‘Inflation’ was Sarkodie’s first punch at the NDC’s government and the then-president, John Mahama. The lyrics in the songs are more than ever relatable.
The introduction of ‘Inflation’ goes like this: “The nation is full of surprises. Besi nne we still leave in crisis. Kantamanto kokohwe nneeama prices. ECGfoo nso play omo tactise. Ene na dumso, okyena na pipe. Towo nnooma so na yebe dum no five. Filli wo gallon na save wo life.”
Parts of the lyrics touched on the cedi’s performance against the dollar and the fuel price hikes.
2. The Masses (Inflation Part 2)
Just a year after Sarkodie released Inflation, he came out with ‘The Masses’ to hammer on the need for the government to address the plight of Ghanaians.
The song equally got all the hype despite claims that it was a deliberate attempt to make the government unpopular.
Sarkodie poured out his frustration on the song that was sung in the Twi language.
Meanwhile, Sarkodie in a couple of tweets has urged President Akufo-Addo to fix the country following distress calls from all four corners of the country as a result of the economic crises.
President Akufo-Addo has pleaded with some MPs of his party, who are demanding Finance Minister Ken Ofori-Atta‘s exit, to give his cousin some respite so he concludes the ongoing bailout talks with the IMF.
President Nana Akufo-Addo has pleaded with some MPs of his party, who are demanding Finance Minister Ken Ofori-Atta’s exit, to give his cousin some respite so he concludes the ongoing bailout talks with the IMF, which are likely to be concluded in about a month.
Reports trickling in from the presidency say that the president tabled the plea when he met the angry MPs over their demand at the Jubilee House on Tuesday evening.
Ghana is seeking a $3-billion extended credit facility from the Brettom Woods institution to restore her ailing eceonomy to good fortunes.
The majority caucus gave the president an ultimatum to dismiss Mr Ofori-Atta and 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) has 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 comes 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.
Again in the tweet, the award-winning comic posited that President Nana Akufo-Addo, who is cousins with Ken Ofori-Atta, has no desire to sack him from his 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 dollarin 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. In fact, the IMF confirmed it.”
Ghana is currently dealing with a wave of economic difficulties, especially as of 2022’s first day.
Numerous residents are struggling with terrible conditions that have put all economic indicators in danger, including the depreciation of the Ghana cedi, skyrocketing inflation rates, and revenue generation limits, among others.
Ghanaians generally feel frustrated as a result of these circumstances.
In the face of such crisis, there have been calls for leadership, bearing in mind that managing a middle-income country like Ghana is no small feat.
For instance, one would have to be associated with varied expertise, knowledge and educational credentials spanning across development, strategy, policy, economics, statistics, political science, among others to be able to steer this ship.
To address the ongoing challenges in the economy, Ghana has resorted to the International Monetary Fund for an economic support programme.
The country is targeting about $3 billion once an agreement can be reached, with the money geared toward restoring macro-economic stability, as well as other economic indicators.
In the wake of the development, GhanaWeb Business takes a look at the key figures behind the management of the Ghanaian economy and their respective educational pedigrees, which have somewhat come under fire in the wake of the crisis.
Ken Ofori-Atta – Finance Minister
Ghana’s current Minister of Finance and Economic Planning, Ken Ofori-Atta, is a key figure in the management of the country’s economy, just like the others who have occupied the position.
Ken Ofori-Atta has been meeting with the officials from the IMF since the government made a decision to seek assistance from the Fund on July 1, 2022.
At the present, Ken Ofori-Atta has been under intense pressure from his own party, as well as many citizens for him to resign from his position as finance minister, along with Charles Adu Boahen, Minister of State at the Finance Ministry; also, a close ally of Ofori-Atta.
He is an economist, investment banker, and co-founder of Databank Group, a financial services firm.
Prior to being appointed as the Minister of Finance in 2017, Ken Ofori-Atta had his secondary school education at the Achimota School in Accra, after attending the Accra Newtown Experimental School (ANT 1).
He then proceeded to have a Bachelor of Arts in Economics from the reputable Columbia University in the United States (1984), and later earned an MBA from the Yale University School of Management also in the United States in 1988.
Ken Ofori-Atta is also a member of the prominent Ofori-Atta family which has been influential in politics, law, chieftaincy, and business.
He has been touted as an astute economist and is currently the Head of the Economic Management Team of Ghana, serving under the Nana Addo Dankwa Akufo-Addo administration.
Dr Bawumia has also come under intense pressure over this narrative especially in his position as the Head of the EMT, which overseas most economic decisions taken by government.
Prior to his political journey, Dr Bawumia worked as a former banker with vast experience from the International Monetary Fund, the Bank of Ghana, among others.
Dr Bawumia, who is currently serving as Ghana’s vice president, attended the Sakasaka Primary school in Tamale and gained admission to the Tamale Secondary School in 1975.
After graduating from the Tamale Secondary School, he went to the United Kingdom where he studied banking and obtained the Chartered Institute of Bankers Diploma (ACIB).
He earned himself a First-Class Honours Degree in Economics at Buckingham University in 1987 and later obtained a master’s degree in Economics at Lincoln College, Oxford.
Dr Bawumia has earned a Ph.D. in Economics at Simon Fraser University, Vancouver, British Columbia, Canada in 1995.
He is credited for championing the governing NPP’s digitisation agenda.
Dr Bawumia specializes in macroeconomics, international economics, development economics, and monetary policy.
He attended the Methodist College and the Mfantsipim School for his primary and secondary. Dr. Addison then proceeded to the University of Ghana and earned a Bachelor of Arts Degree in Economics from 1982 to 1986.
From 1987 to 1989, he obtained an M.Phil in Economics and Politics from the University of Cambridge in England and later a Doctor of Philosophy degree in Economics from McGill University in Canada.
Before he was appointed Governor of the BoG, Dr Addison served as the former Director of Research at the Bank of Ghana from 2003 to 2011, as well as an Economist at the African Development Bank.
Dr. Addison specializes in financial policy and economic management.
Former Deputy General Secretary of the New Patriotic Party (NPP), Nana Obiri Boahen, has advised President Akufo-Addo to listen to the call by some NPP members of parliament to dismiss Finance Minister Ken Ofori-Atta.
According to him, if the concerns of these people are ignored, it could affect the democratic stability of the country.
Speaking on Ade Akye Abia on Okay FM, he said he must consider the call of the NPP MPs as this has never happened in the history of Ghana politics.
“Mr president, we have learnt history; we know history. But, Mr President, in the supreme interest of our tradition, multiparty democracy, please listen to the MPs. You are in a country you don’t take chances when issues of politics are popping up.
“We are in a continent where a small issue can escalate. This is not NPP and NDC issue. This is a national issue which goes down to the stability of western democracy. This has never happened in the country’s history,” he said.
Some Members of Parliament in the majority have threatened to boycott the 2023 budget presentation and debate 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.
“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 our economy is of great concern to the greater majority of members of our caucus and our constituents.
“We have made our great concern to the president through our parliamentary leadership and the leadership of the party without any positive response. We are by this medium communicating our strong desire that the president changes the Minister of Finance and the Minister of state in the Finance Ministry without further delay in order to restore hope in our financial sector and reverse the downwards trend in the growth of the economy,” Andy Appiah Kubi, MP for Asante Akyem North, who spoke on behalf of the MPs said at a press conference.
There is a substantial precedent in Ghana’s politics under the leadership of President Nana Addo Dankwa Akufo-Addoas even MPs of the ruling party are calling for the resignation of the country’s Finance Minister, Ken Ofori-Atta for nonperformance.
These celebrities are yet to speak on the #OforiAttaMustGo campaign trending on social media
The country’s economic downturn has sparked constant calls from more citizens for the resignation of the economic gatekeepers, particularly the finance minister and the Minister of State at the Finance Ministry, Charles Adu Boahen.
Yet in the midst of all these, some celebrities who actively campaigned for the Nana Addo-led administration are yet to comment on the call for the aforementioned to resign or be sacked. Since the declaration was made, #OforiAttaMustGo and #KenMustGo have been trending on social media.
Although some of these ‘NPP celebrity activists’ have called out the government for overseeing a poor economic state, many are expecting them to further throw their weight behind calls for the sacking of the two personalities.
Samini who in the past criticised his colleagues for endorsing political parties and candidates took a U-turn in 2020 when he endorsed Nana Addo Dankwa Akufo-Addo through social media posts, interviews, and campaign songs. He mounted political platforms to defend his decision stressing he was convinced Nana Addo needed another term.
Despite the barrage of backlash and criticisms against him, the musician’s support for Nana Addo was inflexible.
Prior to the calls for the two personalities to be axed, Samini made a post and lamented the depreciation of the cedi and other factors that have contributed to the hardship being experienced.
“Dear Nana Akufo-Addo. I supported you to bring change and stability. I believed in the vision and your concept of change! But with 2 years to go, my soul bleeds. Our investments wash away daily as the dollar openly whips our Cedi. Your people are crying. We cannot pretend all is well. But if God has blessed Ghana with anything, it is our ability to stare difficulty right in the face and say, it will #bealright. Ghana must work again! Where is the Nana Addo who begged us for the mandate?” parts of his comments read.
But Samini is yet to add his voice to the campaign seeking to remove Ofori-Atta and Adu Boahen from office for overseeing a failed economy.
The actor was the first ‘Celebrity NPP campaigner’ to call out the government for what he described as the poor management of the country’s economy.
Prince David Osei has not only spoken against the country’s ailing economy but had also issued an ultimatum that should the economic situation in the country not improve by December, he will mobilize the youth to hit the street irrespective of party affiliation and protest.
“If things don’t change by December, we will mobilize the youth of this country and hit the street irrespective of party affiliations, whether NPP, NDC, CQQ, PNC whatever doesn’t matter now, we are all in this together.. God bless our motherland ???????? We want to see improvement in our livelihoods.. If you have to sack some people do it without fear or favor because your legacy is on the line Sir!!” parts of his post read.
However, the actor is yet to support the sacking Ofori-Atta and Adu Boahen.
Unlike Prince David Osei and Samini who have spoken about the economic hardship and the need for a change in the narrative, Kalybos is yet to comment, not to talk of supporting the call for the removal of Ofori-Atta and Adu Boahen from office.
Kalybos’ silence on the economy has been loud and considering that he was one of the celebrities who vigorously campaigned for the NPP, a section of the populace is eager to hear his assessment of the economy.
Bibi Bright
After campaigning her way up to being elected as the secretary for the Creative Arts Council under the current NPP government, Bibi Bright has been silent on political issues.
Like Kalybos, she has not spoken about the hardships in the country; neither has she supported nor kicked against calls for the dismissal of Ofori-Atta and Adu Boahen.
The majority and minority caucuses of Parliament’s request for the ouster of Finance Minister Ken Ofori-Atta has not gone far enough, according to renowned economist and businessman Dr. Kofi Amoah.
He contends that in addition to being fired, the finance minister needs to be looked into for the alleged crimes he committed.
He asserted that Ofori-alleged Atta’s conflict of interest claims should be looked into because of the intermediary role his bank, Data Bank, played in the borrowing of money by the government.
In a tweet shared on October 25, 2022, Dr Amoah added that Parliament must also probe the usage of funds the country got through the various loan agreements and other grants under the leadership of Ofori-Atta.
“SACKING of the Finance Minister should not end there, investigate the ff: 1. Conflicts of interest in the fleecing of the public purse. 2. Full ACCOUNTABILITY of the billions of Eurobond and other Borrowings, COVID funds etc,” parts of the tweet read.
The Minority and Majority Members of Parliament seem to be on the same page following the call to remove the finance minister from office.
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.
Read Dr Amoah’s tweet below:
Ghana Parliament…
SACKING of the Finance Minister should not end there, investigate the ff
1. Conflicts of interest in the fleecing of the public purse
2. Full ACCOUNTABILITY of the billions of Eurobond and other Borrowings, COVID funds etc
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.
President Nana Addo Dankwa Akufo-Addo’s comment on North Star radio in Tamale in August that persons demanding the sacking of Ken Ofori-Atta were members of the opposition National Democratic Congress seem to have ruffled feathers within his own New Patriotic Party (NPP).
This is a suggestion by Eugene Boakye Antwi, a Member of Parliament for Subin, who says some NPP legislators from then took the position to demonstrate to the president that members from his own backyard also wanted the minister dismissed.
In an interview with Accra-based Joy News on October 25, the NPP MP stated that it was time to deliver ‘a very cold message’ from constituents to the president that Ofori-Atta should be shown the exit.
“The reason why some of us took the stance we took today….I think a month or two ago, the president was in the northern part of Ghana where he said that those calling for the head of Ken Ofori-Atta were NDC members.
“So we had to demonstrate to him after spending three months in our respective constituencies that our constituents have sent us to come and deliver to him a very very cold message that Ken Ofori-Atta must be asked to step aside,” he said.
Narrating events that led to over eighty (80) NPP MPs taking a public stance against Ofori-Atta, Eugene Boakye Antwi said tensions started brewing within the party over the minister’s stay at post before Parliament even went on recess.
He stressed, however, that a decision to begin engaging leadership of the caucus on the subject matter after recess was agreed.
The Subin MP continued that one Sunday, towards the resumption of Parliament, over forty (40) met the Majority Leader Osei Kyei-Mensah-Bonsu to discuss the controversial matter which had been put on hold.
The Majority Leader was then tasked to inform President Akufo-Addo of the decision by NPP MPs to have Ofori-Atta relieved of his post.
“What happened was that on Sunday, we could see tension brewing right from before we even went on recess. What we decided to do was that let’s go back, when we come back, we can then begin to engage leadership. I woke the Majority Leader up at dawn and said look we need you in Accra by 1pm because the way things are if you don’t come and things blow up in our faces, we are done.
“He said ‘don’t worry’. He was in Rock City, Kwahu. The Majority Leader got here around 1pm and we met. There were about 40 MPs at the time. I said if that is the case, the Parliamentary Affairs Minister should take the worries and the concerns of MPs who had just returned from their constituency to the president.
“We’ll not want a situation where we spring a surprise on him the Majority Leader or embarrass our president so go to him and sit with him and say ‘look, this is the position of your members of parliament’ and let us have a feedback,” Boakye Antwi said.
When he called the Majority Leader to inquire about the response from the president. Kyei-Mensah-Bonsu asked him to come to Parliament for a discussion on the matter.
He said the leader informed him in the presence of two other MPs that he did not have a ‘positive feedback’ from the president for the MPs demanding Ofori-Atta’s dismissal.
While discussing the matter, Boakye Antwi indicated that the Chairman of the New Patriotic Party, Stephen Ntim together with General Secretary, Justin Frimpong Kodua, walked into the office of the Majority Leader who also doubles as Suame MP.
The aggrieved MPs again tasked the NPP national executives together with the Majority Leader to meet President Akufo-Addo and reiterate their demands for the sacking of Ofori-Atta to aid them to make a decision in the morning of October 25 – however, there was a stalemate.
He contended that the legislature reigns supreme in any democracy thus to express their frustration against the refusal to sack Ofori-Atta, the MPs will not carry out government business in Parliament.
The move he said was to demonstrate to their constituents that their ‘cold message’ has been delivered to the president but was not being acted upon.
“As Members of Parliament, in any democracy, it’s the legislature that is supreme because you need them to conduct your business. The executive can be there but if you don’t have the numbers like it’s happening now, it’s difficult to transact any business.
“So if we are telling you the president that this is what is happening and also look at a trend everywhere the president has been, there has been a question about the performance of his Finance Minister,” he said.
“Can everybody be wrong and the president alone be right? This were all our concerns. Everywhere you go, they ask you. All the ministers, why him?
“So we felt that if the president does not want to listen to us, then the only way to let our constituents understand that we have articulated their concerns is to boycott Parliament and not participate in any government business so that they would know that the message they gave us has been communicated to the president but no action has been taken on the side of the president,” Boakye Antwi added.
The President, Nana Addo Dankwa Akufo-Addo has asked the New Patriotic Party Members of Parliament (MPs) demanding the removal of Ken Ofori-Atta as Finance Minister to hold on till Ghana concludes negotiations with the International Monetary Fund (IMF).
The President says, terminating the appointment of Mr. Ofori-Attawill disrupt the programme.
At a meeting with the aggrieved MPs at the Jubilee House, Nana Akufo-Addo appealed for calm.
Citi News gathered that the MPs were not happy with the appeal and were still insisting on the Finance Minister’s exit.
Nana Akufo-Addo has asked Ken Ofori-Atta to be given three more weeks to conclude the IMF negotiations.
Some NPP MPs say several efforts to have government address the plights of their constituents with regard to the ailing economy had proved futile.
They thus held a press conference on Tuesday, October 2022, to voice their disquiet and demanded the head of Ken Ofori-Atta and the Minister of State at the Ministry of Finance, Charles Adu Boahen.
Andy Kwame Appiah-Kubi, the Member of Parliament for the Asante-Akim North Constituency and spokesperson for the disgruntled Majority MPs group, told the media on Tuesday that sacking Ofori-Atta and Adu Boahen will help restore confidence in Ghana’s economy.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern known to our president through the parliamentary leadership and the leadership of the party without any positive response.”
“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 financial sector and reverse the downward trend in the growth of the economy,” he added.
Several Ghanaians had mounted pressure on President Nana Addo Dankwa Akufo-Addo to remove Mr. Ofori-Atta from office in light of the country’s current economic predicament, which has compelled government to seek support from the International Monetary Fund (IMF).
The Minority in Parliament has also filed a motion for a vote of censure against Ofori-Atta.
President Nana Addo Dankwa Akufo-Addo is scheduled to meet the New Patriotic Party Members of Parliament who want Finance Minister, Ken Ofori-Atta removed from office.
The Media understands the meeting will come off this evening.
The NPP MPs claimed several efforts to have government address the plights of their constituents with regard to the ailing economy had proved futile.
They thus held a press conference on Tuesday, October 2022, to voice their disquiet and demanded the head of Ken Ofori-Atta and the Minister of State at the Ministry of Finance, Charles Adu Boahen.
Andy Kwame Appiah-Kubi, the Member of Parliament for the Asante-Akim North Constituency and spokesperson for the disgruntled Majority group, told the media on Tuesday that sacking Ofori-Atta and Adu Boahen will help restore confidence in Ghana’s economy.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern known to our president through the parliamentary leadership and the leadership of the party without any positive response.”
“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 financial sector and reverse the downward trend in the growth of the economy,” he added.
Several Ghanaians had mounted pressure on President Nana Addo Dankwa Akufo-Addo to remove Mr. Ofori-Atta from office in light of the country’s current economic predicament, which has compelled government to seek support from the International Monetary Fund (IMF).
An economist, Dr Sam Ankrah, has said the markets will respond favourably towards the economy if the President heeds calls to remove the Finance Minister, Ken Ofori Atta. According to him, the economy was in dire strait and needed one who will inspire confidence and command the respect of the international community to restore the economy to its former glory.
Dr Ankrah was reacting to calls by some members of Parliament of the ruling New patriotic Party (NPP) who held a news conference a few hours ago to demand the removal of the Finance Minister from office.
The latest development comes amidst growing pressure from all sources for Mr Ofori-Atta to either step aside or face a sack from the President.
Dr Ankrah said the current developments in the economy and the reactions of the markets demonstrates a lack of confidence in the Finance Minister and noted that, if the President responds to the call, his action will restore confidence and the aftermath will be in the interest of the country.
“Let us remember that we play a key role in the international markets and therefore, any move that gives confidence will result in an action. That is what the markets are waiting to see,” he said.
Economy in Q3
The local currency, the cedi, suffered a steep decline in value against the world’s major currencies in the third quarter of the year.
It depreciated against the US dollar, the British pound, and the Euro by 37.5 per cent, 24.1 per cent, and 27.5 per cent respectively on a year-to-date (YTD) basis as of September.
Headline inflation rate accelerated to 37.2 per cent at the end of September 2022 compared to 29.8 per cent at the end of June 2022.
Food and non-food inflation for the end of September 2022 were 37.8 per cent and 36.8 per cent respectively, as compared to that of June 2022 which were 30.7 per cent and 29.1 per cent respectively.
These developments have created unbearable hardship for business leading to retrenchments due to high cost of operations. On the individual side, the developments have heavily eroded their disposable income making life unbearable.
Meanwhile, the country and the international community awaits what the President’s response will be after meeting various interest groups in an attempt to find solutions to the disturbing economic phenomenon.
President Akufo-Addo will meet the New Patriotic Party (NPP) Members of Parliament who want the Finance Minister, Ken Ofori-Atta be relieved of his duties.
The meeting will take place this evening, Tuesday, October 25, 2022 at 6:30 pm.
The NPP MPs argued that their attempts to get the administration take steps to assist their constituents in light of the failing economy had been ineffective.
Thus, on Tuesday, October 2022, the NPP organized a news conference to express their unhappiness and demand the resignation of Charles Adu Boahen the Minister of State for Finance, and Ken Ofori-Atta.
Andy Kwame Appiah-Kubi, the Member of Parliament for the Asante-Akim North Constituency and spokesperson for the disgruntled Majority group, told the media on Tuesday that sacking Ofori-Atta and Adu Boahen will help restore confidence in Ghana’s economy.
“The recent development within the economy is of major concern to our caucus and our constituents. We have made our grave concern known to our president through the parliamentary leadership and the leadership of the party without any positive response.”
“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 financial sector and reverse the downward trend in the growth of the economy,” he added.
Several Ghanaians had mounted pressure on President Akufo-Addo to remove Mr. Ofori-Atta from office in light of the country’s current economic predicament, which has compelled government to seek support from the International Monetary Fund (IMF).
On Tuesday, October 25, about 80 Members of Parliament within the governing New Patriotic Party (NPP)were reported to have signed a petition demanding the removal of Ken Ofori-Atta as finance minister.
The group, through a press conference, also demanded the removal of Charles Adu Boahen, who serves as a Minister of State at the finance ministry; a close ally of Ken Ofori-Atta.
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.
The group added that should the president fail to heed to their call, they will no longer do business with the government nor support the 2023 budget.
The MP for Asante-Akim North, Andy Kwame Appiah-Kubi, who introduced himself as the spokesperson for the Majority Caucus, said that several concerns raised on economic management have been sent to government, but are all yet to yield the intended results.
In the wake of the development, some Ghanaians on social media have lauded the confidence of the majority MPs.
Although President Nana Addo Dankwa Akufo-Addo has on numerous occasions backed down against calls to change his finance minister, the pressure now appears to be mounting from within his own party.
Some citizens have also already concluded that the president would likely not dismiss Ken Ofori-Atta, basing their assumption on the close family ties Akufo-Ado has with the finance minister.
While this is yet to come to fruition, GhanaWeb Business has compiled a list of potential candidates who are likely to be the best replacements if Ken Ofori-Atta is taken off the job at the Ministry of Finance.
Dr Mark Assibey Yeboah
Dr Assibey-Yeboah is a former Chairman of the Finance Committee of Parliament. During his tenure as chair, he led many engagements toward sound economic indicators of government.
He has also earned himself a reputation for being an economic guru among his peers.
Prior to Ghana returning to the IMF, 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.
He also cast doubts on the government’s ability to raise the projected GH¢6.9 billion revenue target from the controversial Electronic Transfer Levy (E-Levy), insisting they would not be able to realise the intended target – a prediction which came to be.
Dr. Assibey-Yeboah holds a BSc (Hons) in Agricultural Economics degree from Kwame Nkrumah University of Science and Technology (KNUST). He also holds an MS (Agricultural and Resource Economics) from the University of Delaware, USA.
He has earned an MA and a Ph.D. both in Economics from the University of Tennessee, USA specializing in International Macroeconomics, Monetary Economics and Econometrics.
Dr Assibey-Yeboah has worked in various capacities, locally and abroad. He has served as lecturer at the University of Tennessee, USA and worked in a similar capacity as an Adjunct Faculty at Milligan College, Tennessee-USA.
The former lawmaker has also served as a senior economist at the Bank of Ghana and has been a lecturer at the Ghana Telecom Technology University College and Ghana Institute of Management and Public Administration (GIMPA).
Professor Gyan-Baffour
Prof. George Yaw Gyan-Baffour is a Ghanaian development economist. He was in charge of the former Ministry of Planning, Monitoring and Evaluation.
He is credited for the introduction of Ghana’s first Monitoring and Evaluation mechanism which was used for assessing the progress of national development and dubbed the ‘Annual Progress Report’.
Despite the ministry no longer being in existence, the mechanism continues to be used in the monitoring and evaluation tool of Ghana’s development agenda.
He also supervised the preparation of the Coordinated Program for the Economic and Social Development of Ghana (2002-2012), which is a constitutional requirement for the President of the Republic of Ghana.
Prof. Gyan Baffour is also credited for leading the team that prepared Ghana’s first compact under the Millennium Challenge Account.
Prior to leaving for the USA to further his education, Prof. Baffour worked at the Ministry of Industrial Science and Technology from 1974 to 1984.
He is a fellow of the Institute of Chartered Economists of Ghana and has served on various boards of institutions, including the Bank of Ghana.
He holds a Ph.D. from the University of Wisconsin, Madison in Industrial Relations; a Post Doctorate diploma from Harvard University, John F. Kennedy School of Government; an MA in economic policy from University of Wisconsin, Madison; a BSc. (Hons) degree in Economics from the University of Ghana.
Kwame Pianim
Kwame Pianim is not a stranger when it comes to finance and economic management in Ghana.
The renowned economist is a management and investment consultant who has served in various capacities in government and the private sector.
He served as an Economic Research Officer of the United Nations-USA, from 1964 to 1970.
He was the Acting Principal Secretary of the Ministry of Finance and Economic Planning from 1970 to 1972 and served as Deputy Managing Director of Ghana Aluminum Products Limited, Tema. He was also Chief Executive Officer of the Ghana Cocoa Marketing Board from 1978 – 1979.
The veteran economist also served as the Chairman of Ghana Financial Services Limited at Bayport Financial Services Limited and was the Chairman of the Public Utilities and Regulatory Commission (PURC).
Kwame Pianim attended Achimota Secondary School and holds a B.A. Double Honors in Economics and Political Science from the University of New Brunswick, Canada (1963) and M.A. in Economics from Yale University (1964).
With additional files from the Chamber of Independent Power Producers
Dr. Ernest Addison
Dr. Ernest Kwamina Yedu Addison is an economist and the 15th Governor of the Bank of Ghana.
He attended the Methodist College and the Mfantsipim School for his primary and secondary education. Dr. Addison then proceeded to the University of Ghana and earned a Bachelor of Arts Degree in Economics from 1982 to 1986.
From 1987 to 1989, he obtained an M.Phil in Economics and Politics from the University of Cambridge in England and later a Doctor of Philosophy degree in Economics from McGill University in Canada.
Before he was appointed Governor of the BoG, Dr. Addison served as the former Director of Research at the Bank of Ghana from 2003 to 2011, as well as an Economist at the African Development Bank.
He specializes in financial policy and economic management.
One person has been injured and at least one vehicle has been set on fire following a dispute over a piece of land in Central Dzorwulu, Accra.
The police in a Facebook post on Tuesday, October 25, 2022 , indicated that the burnt car belonged to two men who hired some thugs to destroy a four-bedroom flat.
“The Police responded to the scene to restore calm. Police later had information that one of the vehicles belonging to the suspects, Nana Owusu Banahene and James Quainoo, run into a ditch and was attacked by a mob who pelted them with stones, injured one of the suspects, James Quainoo, and set his car ablaze,” the police added.
The thugs in an attempt to flee from the police whilst executing the assigned task entered into a ditch.
Information gathered by the police shows that before the demolishing began, the perpetrators attacked the occupants of the house.
On Monday, October 24, 2022, a video which saw a middle-aged man driver bleeding profusely in the middle of the streets went viral on Twitter.
A voice was heard from the video stating that someone had been shot.
However, the police have thus far established that nobody was shot during the incident as per what has been circulated.
The law enforcement body, have also stated that the two culprits are in police custody.
In the meantime, while efforts are being made to apprehend all of the other culprits, the injured suspect is receiving medical care at the hospital.
Also, the police has asked the public to maintain calm adding that it is in control of the situation and would update the public on any development.
“The Police are in control of the situation and calm has since been restored. We, therefore, wish to urge the public to remain calm. Further developments will be shared in due course,” the police added.
The Member of Parliament (MP) for Team West, Carlos Ahenkorah, has explained why more than two-thirds of the majority caucus, including himself, are demanding that President Nana Addo Dankwa Akufo-Addo sacks the Finance Minister, Ken Ofori-Atta.
According to Ahenekorah, the MPs came to the decision after feedback from their constituents during their recess disclosed that most Ghanaians were unhappy with the government because Ofori-Atta 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, Ahenkorah intimated that they had to inform the president of the difficulties of their constituents so that it does not affect the NPP’s fortunes in the future.
“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 twi.
A group of New Patriotic Party (NPP) Members of Parliament has petitioned President Nana Addo Dankwa Akufo-Addo to sack the Minister of Finance, Ken Ofori-Atta, and the Minister of State at the finance ministry, Adu Boahen, to restore public confidence in the economy.
This was announced in a media briefing by their spokesperson, Andy Kwame Appiah-Kubi, who is the Member of Parliament for Asante-Akim North, in parliament on Tuesday, October 25, 2022.
The group said it will not do business with the government nor support the 2023 budget if the president fails to heed their calls.
According to them, the move follows previous concerns sent to the government that have not yielded any positive results.
If Finance Minister Ken Ofori Atta is not dismissed from office, a group of majority MPs in parliament have threatened to skip the 2023 budget presentation and subsequent budget debate.
Speaking to reporters on October 25, NPP MPs indicated that the position was taken in response to a number of issues with the way the economy was being managed, which has led to the request for IMF support.
However, the group declared that if the president ignores their requests, neither it nor it will support the 2023 budget.
MP for Asante-Akim North, Andy Kwame Appiah-Kubi who introduced himself as the spokesperson for the Majority Caucus said several concerns raised on economic management, have been sent to government, but are yet to yield the intended results.
“We have made our grave concerns to the President through parliamentary leadership and NPP leadership without any positive response. We are by this medium communicating our strong desire that the President change the Minister of Finance [Ken Ofori-Atta] and the Minister of State at the Finance Ministry [Charles Adu Boahen] without further delay to restore confidence in the financial sector and reverse the downward trend in economic growth,” the lawmaker told journalists.
“The summary of our concerns leads to a plea that the Minister of Finance Ken Ofori-Atta and Charles Adu Boahen be removed from office. We pray that this request will be carried to the presidency,” he added.
This follows a petition signed by over 80 NPP MPs calling for the dismissal of Charles Adu Boahen, the Minister of State for Finance, and Ken Ofori-Atta.
The MPs claimed that their attitude was prompted by a number of issues with the administration’s handling of the economy, which led to the government turning to the IMF for help.
Many people have joined the movement started by broadcast journalist and general manager of the EIB Network, Nana Aba Anamoah, to express their discontent with the state of the nation’s economy.
She said, “Whatever you tweet add #KenMustGo”.
A tweep, with the username, uniorkingp said, “At this point, I can say Ghanaians dey go through alot. Chale the hardship is real #KenMustGo.”
Another tweep called EkowDjan said, “#KenMustGo is not enough! Bawumia should be sacked from his position as Head of Economic Management team. Akufo-Addo must come out boldly to apologize to the business community and the people of Ghana for their failure. His unintelligence has caused this country greatly!”
Customers, on the other hand, have also lamented the high prices of goods and services on the market, increase in fuel prices and transport fares.
Reacting to this, Information Minister, Kojo Oppong-Nkrumah on Monday, October 24, 2022, noted that government was putting measures in place to stabilize the cedi.
Read some tweets below;
At this Point, I can say Ghanaians dey go through alot. Chale the hardship is real #KenMustGo pic.twitter.com/cak3UGON0n
— RING MY LINE (@juniorkingp) October 25, 2022
Hmmm this Rawlings agenda must come again ???? cos it’s not even funny. Whiles we talk about the FINANCE MINISTER let’s keep eye on the sellers as well ????????????????????Ghana #KenMustGo pic.twitter.com/UVc1al2cj6
— pretty Jane???? ???????? (@JanepherKE) October 25, 2022
As usual, #KenMustGo is just a camouflage to divert the anger and energy of the youth. The next Finance minister will work in the same leadership and system. We should be smart enough to lead a charge beyond this – a constitution review, institutional accountability…stay woke!!! https://t.co/TFQg1ef9Il
— Cloude ???????????????? (@dmcloude) October 25, 2022
Finance Minister Ken Ofori-Atta must go.
In compliance with Article 82 of the 1992 Constitution of Ghana, the NDC Caucus in Parliament has successfully filed a motion for his immediate removal.
We’re glad there’s positive indication some of our NPP colleagues will support us./1 pic.twitter.com/aqIYt2GWaK
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) October 25, 2022
The group called for the dismissal of Charles Adu Boahen, a close associate of Ken Ofori-Atta and a Minister of State in the finance ministry, during a news conference.
The MPs claimed that their attitude was prompted by a number of issues with the administration’s handling of the economy, which led to the government turning to the IMF for help.
The group added that should the president fail to heed to their call, they will no longer do business with the government nor support the 2023 budget.
The MP for Asante-Akim North, Andy Kwame Appiah-Kubi, who introduced himself as the spokesperson for the Majority Caucus, said that several concerns raised on economic management have been sent to government, but are all yet to yield the intended results.
Although President Nana Addo Dankwa Akufo-Addo has on numerous occasions backed down against calls to change his finance minister, the pressure now appears to be mounting from within his own party.
Some citizens have also already concluded that the president would likely not dismiss Ken Ofori-Atta, basing their assumption on the close family ties Akufo-Ado has with the finance minister.
While this is yet to come to fruition, GhanaWeb Business has complied a list of potential candidates who are likely to be the best replacements if Ken Ofori-Atta is taken off the job at the Ministry of Finance.
Dr Mark Assibey Yeboah
Dr Assibey-Yeboah is a former Chairman of the Finance Committee of Parliament. During his tenure as chair, he led many engagements toward sound economic indicators of government.
He has also earned himself a reputation for being an economic guru among his peers.
Prior to Ghana returning to the IMF, 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.
He also cast doubts on the government’s ability to raise the projected GH¢6.9 billion revenue target from the controversial Electronic Transfer Levy (E-Levy), insisting they would not be able to realise the intended target – a prediction which came to be.
Dr Assibey-Yeboah holds a BSc (Hons) Agricultural Economics degree from Kwame Nkrumah University of Science and Technology (KNUST). He also holds an MS (Agricultural and Resource Economics) from the University of Delaware, USA.
He has earned an MA and a Ph.D. both in Economics from the University of Tennessee, USA specializing in International Macroeconomics, Monetary Economics and Econometrics.
Dr Assibey-Yeboah has worked in various capacities, locally and abroad. He has served as lecturer at the University of Tennessee, USA and worked in the similar capacity as an Adjunct Faculty at the Milligan College, Tennessee- USA.
The former lawmaker has also served as a senior economist at the Bank of Ghana and has been a lecturer at the Ghana Telecom Technology University College and Ghana Institute of Management and Public Administration (GIMPA).
Professor Gyan-Baffour
Prof. George Yaw Gyan-Baffour is a Ghanaian development economist. He was in charge of the former Ministry of Planning, Monitoring and Evaluation.
He is credited for the introduction of Ghana’s first Monitoring and Evaluation mechanism which was used for assessing the progress of national development and dubbed as the Annual Progress Report.
Despite the ministry no longer being in existence, the mechanism continues to be used in the monitoring and evaluation tool of Ghana’s development agenda.
Prof. Gyan Baffour is also credited for leading the team that prepared Ghana’s first compact under the Millennium Challenge Account.
Prior to leaving for the US in furtherance of his education, Prof. Baffour worked at the Ministry of Industrial Science and Technology from 1974 to 1984.
He is a fellow of the Institute of Chartered Economists of Ghana and has served on various boards of institutions, including the Bank of Ghana.
He holds a PhD from the University of Wisconsin, Madison in Industrial Relations; a Post Doctorate diploma from Harvard University, John F. Kennedy School of Government; an MA in economic policy from University of Wisconsin, Madison; a BSc. (Hons) degree in Economics from the University of Ghana.
With additional files from Ministry of Planning
Kwame Pianim
Kwame Pianim is not a stranger when it comes to finance and the economic management in Ghana.
The renowned economist is a management and investment consultant who has served in various capacities of the government and the private sector.
He served as an Economic Research Officer of the United Nations, New York, from 1964 to 1970.
He was the Acting Principal Secretary of the Ministry of Finance and Economic Planning from 1970 to 1972 and served as Deputy Managing Director of Ghana Aluminum Products Limited, Tema. He was also Chief Executive Officer of the Ghana Cocoa Marketing Board from 1978 – 1979.
The veteran also served as the Chairman of Ghana Financial Services Limited at Bayport Financial Services Limited and was the Chairman of Public Utilities and Regulatory Commission (PURC).
Kwame Pianim attended Achimota Secondary School and holds a B.A. Double Honors in Economics and Political Science from the University of New Brunswick, Canada (1963) and M.A. in Economics from Yale University (1964).
With additional files from the Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB)
Dr. Ernest Addison
Dr. Ernest Kwamina Yedu Addison is an economist and the 15th Governor of the Bank of Ghana.
He attended the Methodist College and the Mfantsipim School for his primary and secondary education. Dr. Addison then proceeded to the University of Ghana and earned a Bachelor of Arts Degree in Economics from 1982 to 1986.
From 1987 to 1989, he obtained an M.Phil in Economics and Politics from the University of Cambridge in England and later a Doctor of Philosophy degree in Economics from McGill University in Canada.
Before he was appointed Governor of the BoG, Dr. Addison served as the former Director of Research at the Bank of Ghana from 2003 to 2011, as well as an Economist at the African Development Bank.
He specializes in financial policy and economic management.
Some Ghanaian celebrities and media personalities have waded into the ongoing discussion about some 80 MPs who have demanded the sacking of the Minister of Finance, Ken Ofori-Atta.
In the midst of the ongoing hardships in the country, there have been unanimous constant calls from citizens for the resignation of the economic gatekeepers, particularly the finance minister.
Interestingly, the latest to join the campaign are a host of NPP MPs in parliament.
The MPs in a rather interesting and unexpected event, held a press conference on Tuesday, October 25, 2022, to impress on the president to relieve his cousin of managing the national purse or risk losing their support for government businesses going forward.
They also want the Minister of State in charge of Finance at the Office of the President, Chares Adu Boahen, to be subjected to a similar fate.
“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 government by or for the President [or] by any other minister. If our request is not responded to positively, we will not be present for the budget hearing, neither will we participate in the debate,” MP for Asante Akyem North, Mr. Appiah Kubi, read on behalf of his colleagues.
Responding to this development which has created some excitement on Twitter, scores of Ghanaians, including some celebrities have shared their opinions.
The likes of Nana Aba Anamoah, Bridget Otoo, Kwame A Plus, Lawyer Ntim, Ohemaa Woyeje, Kafui Dey and many others have shared their two cents on the issue.
In the case of Nana Aba Anamoah, who wrote an open letter to the finance minister asking him to throw in the towel, she said the majority MPs’ decision is a step in the right direction.
The majority caucus (NPP MPs) say they will not do any government business until Ken Ofori Atta is fired as Finance Minister. The frog is out of the water saying the crocodile is smelling. If President @NAkufoAddo doesn’t listen to this last call, then he’s worse than a dead goat
Minority leader in Parliament Haruna Iddrisu and his colleagues in the National Democratic Congress (NDC) have initiated processes to file a motion for the immediate removal of Finance Minister Ken Ofori-Atta.
The move comes shortly after some Members of Parliament who are part of the Majority Caucus called for the dismissal of the Finance Minister, as well as the Minister of State at the Finance Ministry, Charles Adu Boahen.
Engaging the press on Tuesday, First Deputy Minority Whip Ahmed Ibrahim, noted that the Majority’s demands are long overdue.
“If they meant well, the day they went to the cabinet meeting and President Akufo-Addo pointed to them that ‘you want me to sack my Finance Minister when he was funding my campaign, where were you’ . This is what he told them at the cabinet meeting. That was the day we were expecting them to come with such a statement,” he said.
He further alleged that Mr Ofori-Atta still heads the Ministry of Finance because “he used his Data Bank to support his )Akufo-Addo’s) campaign to become President, therefore the Finance Ministry is compensation.”
Nonetheless, Mr Ahmed Ibrahim charged the NPP MPs who want the sector minister dismissed to demonstrate good will by supporting the motion for immediate impeachment of Ken Ofori-Atta.
He said “as representatives of the people and as duty bearers, we must move a motion to call for the head of the Finance Minister. So if our brothers in the Majority believe in this, what they should do is to support the motion from the Minority Leader for the dismissal of the Finance Minister.”
Two-thirds of Parliamentarians are required to impeach the Finance Minister. The Minority Group currently comprises 136 legislators, while the Majority, 138.
The Assin North Parliamentary seat is being contested at the Supreme Court over dual citizenship claims by James Gyakye Quayson.
Several Ghanaians including opposition parties have mounted pressure on President Nana Addo Dankwa Akufo-Addo to remove Mr. Ofori-Atta from office following the country’s current economic predicaments which has compelled government to seek support from the International Monetary Fund (IMF).
Both Minority and Majority Groups believe that the sacking of Ofori-Atta and Adu Boahen will help restore confidence in Ghana’s economy that has been saddled with debt and high inflation.
“We are communicating our strong desire that the President should change the Minister of Finance and the Minister of State at the Finance Ministry without further delay in order to restore hope into the financial sector and reverse the downward trend in the growth of the economy,” Asante-Akim North MP, Andy Kwame Appiah-Kubi, who spoke on behalf of the Majority said.
The Alliance for Accountable Governance (AFAG) has said the name of Finance Minister Ken Ofori-Atta, has become the meaning of failure and incompetence.
The pro-government group’s General Secretary, Mr Arnold Boateng, said on Monday, 24 October 2022 that “clearly, it looks like the Finance Ministry and the government have dropped the ball on the economy.”
“Reassign the Finance Minister and Adu-Boahen because they have been there for a long time and their activities have caused the mess we are in now”, he demanded in an interview on Accra-based Citi FM.
In Mr Boateng’s view, Mr Ofori-Atta’s “posture does not augur well” for the country’s economic circumstances, adding: “He has lost the trust of the nation.”
“The name Ken Ofori-Atta has become synonymous with failure; synonymous with incompetence and any adjective you can call.”
AFAG also said President Akufo-Addo must tackle the economy “not just by giving a speech but by taking concrete actions which will strengthen the cedi.”
“What is worrying AFAG is there is no concrete assurance either from the President or from the BOG on these issues,” Mr. Boateng said.
“People dropping the ball has led us here and if we do not take the necessary actions, we will have a time bomb on our hands, and we cannot address that.”
The majority caucus of parliament has given President Akufo-Addo an ultimatum: remove Finance Minister Ken OFori-Atta and the Minister of State at the Finance Ministry, Mr Charles Adu-Boahen, from office, or they will boycott the 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, in order 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.
Some eighty Members of Parliament (MP) belonging to the governing New Patriotic Party (NPP) have called for the sacking of Finance Minister, Ken Ofori-Atta.
They also want the Minister of State at the Finance Ministry, Charles Adu Boahen, removed from post.
According to the legislators, the aforementioned members of the Executive have proven to be incapable of handling the Ghanaian economy which is currently in tatters.
Speaking to the press on Tuesday, October 15, 2022, Asante-Akim North MP, Andy Kwame Appiah-Kubi said “we are communicating our strong desire that the President should change the Minister of Finance and the Minister without further delay in order to restore hope into the financial sector and reverse the downward trend in the growth of the economy.”
He noted that push has come to shove as the concerns of the Majority Group which were tabled before its leadership to the President, have yielded no positive results.
The Majority Group now adds their voice to the many Ghanaians calling for Mr Ofori-Attato be replaced by a more competent individual.
Pressure now mounts on President Akufo-Addo, who has indicated that he has no plans of sacking the current Finance Minister.
The President has explained that Mr Ofori-Atta has proven himself worthy of managing the economy. He cited Ghana’s growth in 2017 to argue that he finds no basis to replace the Finance Minister.
“I came to office in 2017 under a stringent IMF programme. This same man was able to manage the affairs of our economy in such a way that in my first term, we were one of the fastest-growing economies in the world. An average growth rate of 7% which allowed us to initiate programmes such as Planting for Food and Jobs,” he said.
“So somebody who has been able to do that. The current difficulties are not his fault. So how do I do it (sack him)? What will be the basis? What will be the rationale,” he further interrogated.
Ghana is currently battling a high inflation rate of 37.2% as of September, 2022. Also, the local currency continues to lose its value against major trading currencies.
A dollar is trading at about GH15. All these have happened under the watch of Finance Minister, Ken Ofori-Atta.
Meanwhile, Mr Ofori-Atta has encouraged Ghanaians to remain calm as the country engages the International Monetary Fund for an economic recovery programme.
He expects that the local currency will begin to appreciate once a deal is agreed upon.
The organization bemoaned the ongoing decline of the dollar, attributing it to bank swindlers, and demanded action from the government to stop the problem.
Their first recommendation is that Ken Ofori-Atta, the Finance Minister, be transferred to another position in the cabinet while President Nana Addo Dankwa Akufo-Addo considers what to do to stop the precipitous slide of the cedi.
The group further indicated that “some forex restrictions targeted at persons undermining the system from the central bank through the commercial banks to the unlicensed forex operators.
“Investigate the banks and prosecute officials engaged in forex trading, impose import restrictions on selected items and engage multinational companies, business ventures contributing to the capital flight.”
FULL AFAG STATEMENT: Mr PRESIDENT, SPEAK & ACT NOW
The Alliance for Accountable Governance (AFAG) is a public interest advocacy group that shares a lot of centre-right positions on issues that are often in sync with the ideological philosophy of the New Patriotic Party (NPP).
Over the years, AFAG has been quiet out of goodwill toward Government. However, given recent developments, we are forced to depart from our current position on national development.
Mr President, it is our considered opinion that the current speed of the cedi depreciation is borne out of the mischief of speculators and is purely artificial.
Although it will reflect various challenges with the balance of payment due to post covid and Ukraine, there is some panic buying, a lack of confidence and a high degree of uncertainty in the financial market.
Mr President, there is a particular conspiracy theory that points to the central bank’s supervision of the forex market as weak. It is believed that high-placed persons in the central and commercial banks with profit motives auction dollars at an interbank rate, cheaper to the black markets, who then sell it on the market at very high speeds.
It is also the belief that people in business in the subregions are contributing to the volatile situation by coming into Ghana to sell their currency and buy dollars for cheap in Ghana, and after that, sending it to their countries (where dollars are pretty expensive). Mr President, this is among others.
Mr President, also critical is the mass belief by Ghanaians that the minister of finance is doing very little to shore up confidence in the market. Nonetheless, but arguably so, there is a broad perception of him not doing much, coupled with his attack on the IMF.
The finance minister believes that going to IMF has a dire effect on the economy and that Ghana won’t seek any support from the IMF. AFAG finds it inconsistent of him, therefore, to lead the IMF negotiations or remain in office now that the government is seeking a bailout.
Mr President, it is time to present an economic recovery plan to the nation. IMF intervention would not be enough to salvage the situation.
Over the period, you have not also addressed the country. We find this highly unusual based on how in the past, you have fostered cooperation from Ghanaians through your frequent addresses during the covid crisis. We will need you to reduce anxiety in the system and let Ghanaians know the “whys” and “hows”.
RESOLUTION:
● The minister of finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen must be reassigned
● some forex restrictions targeted at persons undermining the system, from the central bank through the commercial banks to the unlicensed forex operators
● investigate the banks and prosecute officials engaged in forex trading
● impose import restrictions on selected items
● engaging multinational companies and business ventures contributing to the capital flight.
● restricting the forex export to a certain level, at least in the next six months.
● Ensuring traders who export US dollars from Ghana annually have imported about an equal amount to the country.
● Encourage Ghanaians to understand why the current rates are artificial and how they will trade at a loss when the market settles, and the cedi benchmarks to the US Dollar at its real value.
In a press release dated October 24, 2022, the group bemoaned the ongoing decline of the dollar, attributing it to bank swindlers, and urged the government to take action to reverse the trend.
They provided a list of potential solutions to the economic crisis, placing particular emphasis on the need for Ken Ofori-Atta, the finance minister, to resign even though the president is unwilling to do so.
“Mr President, also critical is the mass belief by Ghanaians that the minister of finance is doing very little to shore up confidence in the market. Nonetheless, but arguably so, there is a broad perception of him not doing much, coupled with his attack on the IMF.
“The finance minister believes that going to IMF has a dire effect on the economy and that Ghana won’t seek any support from the IMF. AFAG finds it inconsistent of him, therefore, to lead the IMF negotiations or remain in office now that the government is seeking a bailout,” the AFAG statement read in part.
“The minister of finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen must be reassigned,” their first resolution read.
AFAG also wants president Akufo-Addo to produce an economic recovery programme because they believe that the International Monetary Fund, IMF, support alone will not solve the current crisis.
“Over the period, you have not also addressed the country. We find this highly unusual based on how in the past, you have fostered cooperation from Ghanaians through your frequent addresses during the covid crisis.
“We will need you to reduce anxiety in the system and let Ghanaians know the ‘whys’ and ‘hows’,” the statement added.
He adds that President Akufo-Addo will lead a three-day cabinet meeting over the coming weekend and will address the nation in due course.
FULL AFAG STATEMENT: Mr PRESIDENT, SPEAK & ACT NOW
The Alliance for Accountable Governance (AFAG) is a public interest advocacy group that shares a lot of centre-right positions on issues that are often in sync with the ideological philosophy of the New Patriotic Party (NPP).
Over the years, AFAG has been quiet out of goodwill toward Government. However, given recent developments, we are forced to depart from our current position on national development.
Mr President, it is our considered opinion that the current speed of the cedi depreciation is borne out of the mischief of speculators and is purely artificial.
Although it will reflect various challenges with the balance of payment due to post covid and Ukraine, there is some panic buying, a lack of confidence and a high degree of uncertainty in the financial market.
Mr President, there is a particular conspiracy theory that points to the central bank’s supervision of the forex market as weak. It is believed that high-placed persons in the central and commercial banks with profit motives auction dollars at an interbank rate, cheaper to the black markets, who then sell it on the market at very high speeds.
It is also the belief that people in business in the subregions are contributing to the volatile situation by coming into Ghana to sell their currency and buy dollars for cheap in Ghana, and after that, sending it to their countries (where dollars are pretty expensive). Mr President, this is among others.
Mr President, also critical is the mass belief by Ghanaians that the minister of finance is doing very little to shore up confidence in the market. Nonetheless, but arguably so, there is a broad perception of him not doing much, coupled with his attack on the IMF.
The finance minister believes that going to IMF has a dire effect on the economy and that Ghana won’t seek any support from the IMF. AFAG finds it inconsistent of him, therefore, to lead the IMF negotiations or remain in office now that the government is seeking a bailout.
Mr President, it is time to present an economic recovery plan to the nation. IMF intervention would not be enough to salvage the situation.
Over the period, you have not also addressed the country. We find this highly unusual based on how in the past, you have fostered cooperation from Ghanaians through your frequent addresses during the covid crisis. We will need you to reduce anxiety in the system and let Ghanaians know the “whys” and “hows”.
RESOLUTION:
● The minister of finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen must be reassigned
● some forex restrictions targeted at persons undermining the system, from the central bank through the commercial banks to the unlicensed forex operators
● investigate the banks and prosecute officials engaged in forex trading
● impose import restrictions on selected items
● engaging multinational companies and business ventures contributing to the capital flight.
● restricting the forex export to a certain level, at least in the next six months.
● Ensuring traders who export US dollars from Ghana annually have imported about an equal amount to the country.
● Encourage Ghanaians to understand why the current rates are artificial and how they will trade at a loss when the market settles, and the cedi benchmarks to the US Dollar at its real value.
The Alliance for Accountable Governance (AFAG) has called on President Akufo-Addo to reassign Finance Minister, Ken Ofori-Atta and Charles Adu Boahen, if he cannot sack them.
According to the Alliance, the two ministers have failed to curb the continuous depreciation of the Cedi.
In a press statement issued on Monday, they asked President Akufo-Addoto reassign the two immediately to salvage the situation.
“The Minister of Finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen must be reassigned,” they demanded.
Also, they have asked the President and the government to punish persons engaging in illegal forex trading.
“Some forex restrictions targeted at persons undermining the system need to be introduced, from the central bank through the commercial banks to the unlicensed forex operators,” excerpts of the statement demanded.
Meanwhile, the Governor of the Bank of Ghana (BoG)will on Tuesday meet managers of banks and operators of forex bureaux to address the depreciation of the cedi.
The meeting is also supposed to fix what the banks say is the overpricing of the dollar on the market.
The former president described the situation as critical and expressed doubts about whether the nation can even survive till an IMF programme is achieved given that the economy appears to be headed for a disaster.
On Friday, October 21, he addressed the leadership of the Ghana Journalists Association (GJA) in his office. He said that Ken Ofori-Atta, the minister of finance, had been concealing himself behind a dire economic situation while instead portraying a picture of prosperity.
“The government should come clean and tell us, ‘What is the state of the economy?’ You must put everything on the table,” he said.
“That is why I called for a national dialogue. I said, bring the best brains together. I have been president before, it served me well. I called the Senchi Forum, it didn’t reduce my stature as President.”
He said if immediate action is not taken, “it will be catastrophic for all of us”.
Ghana is currently at the International Monetary Fund (IMF) seeking a $3-billion cushion to save the ailing economy.
He intimated that answers to the devaluation of the cedi is at the department of economics at the University of Ghana.
“There is a book there called Economy of Ghana 101. Every politician should read it. We should go to the people at the economic department of the University of Ghana, get the book and read it,” the managing Editor advised.
He stressed the challenges with the cedi are embedded in the book adding that the issues dealt with in the book have to do with the country’s import and export structure of the economy.
Meanwhile, he said he believes that the cedi is heading toward its natural place.
“You know every animal has a habitat and the cedi is heading towards its natural habitat. When Kwame Nkrumah gave us the cedi its value was comparable to the pound sterling. But by the time we got towards the later part of Rawlings tenure one dollar was GH¢10,000” Mr. Kuranchie told Starr News.
Mr. Kuranchie, however, added that the redenomination about 16 years ago by former President John Agyakum Kuffuor was not helpful and “his government could not explain why cedi was equivalent to the dollar after the redenomination.”
“So until we sit and answer that question and address it and begin to passionately deal with that problem. The cedi will continue to head to its natural place and we are heading to a very deep and dark place.
The Minister of Finance, Ken Ofori-Atta has said Ghanaians should not panic over the high depreciation of the Cedi.
The woes of the Ghana Cedi continue to deepen as the currency has depreciated and reaching GH¢17.5 to 1$.
But, Ken Ofori Atta believes the economy will bounce back soon and the Cedi stabilized following measures being put in place by the government.
“…It is a bit perplexing but as you know, typically we go to market at the beginning of the year and get our 2 billion, this we were not able to do. We were able to get our 750 from AfroExim and in the summer – August or so things stabilized a bit. Then we moved on traditionally as we do with the ASL (Annual Syndicated Loan) of COCOBOD and that came in very strongly. So it’s a bit perplexing to see where it’s going.”
“Of course, typically in October, people are importing for Christmas, and maybe there’s a rush for that. But my expectation is that once we also conclude with the Fund that will lead to the Fund’s disbursement early next year. With the support we are getting from countries like Germany, France etcetera, we are confident that we’ll get the resources needed. So we really will want people not to panic or be rushing for that pressure on the currency. I think it is unnecessary and we are in good shape,” Mr Ofori Atta said in an interview in Washington.
Many Ghanaians, including well-known figures, have lamented the economic situation, with some even demanding for the resignation of Ken Ofori-Atta, the finance minister.
While many Ghanaians, particularly the young, criticize the government for being incompetent, Kwadwo Safo Jnr, CEO of the Kantanka group of firms, disagrees.
He accused the youth of not being willing to venture into entrepreneurship; especially farming because of their lazy attitude.
In a tweet sighted by GhanaWeb, the entrepreneur said, “Youth in farming is the way forward. In every small way anyone can. Plant something. Government isn’t responsible for it all. NO. We the citizens should also take responsibility. The youth of today are honestly lazy. Nobody wants to get his hands dirty.”
It would be recalled that in October last year, the Finance Minister, Ken Ofori-Atta admonished young people in Ghana to create their own jobs.
According to him, government’s payroll is full and has no more room for employment in the public sector.
“I can tell you that because we are spending about 60 percent of our revenue on renumerating some 650,000 people, and that is not sustainable,” he added.
Government has come under criticism from a cross-section of the public due to the current economic crisis.
In the wake of this, Finance Minister, Ken Ofori-Atta, has been at the receiving end from almost all and sundry.
While the “ordinary citizens” have been agitating on and off social media, Ghanaian celebrities have also not held back from expressing their dissatisfaction against government.
In the past week, some Ghanaian celebrities have called on President Nana Akufo-Addo and the Minister of Finance to sit up and address the economic crisis fraught the country.
Below are some celebrities who have waded into the national conversation
The Ghanaian actor is one of the familiar supporters of the ruling government. He, alongside other celebrities like Kalybos was seen to be involved heavily clothed in NPP paraphernalia campaigning for the then Presidential Candidate, Nana Addo Dankwa Akufo-Addo.
However, the movie star has openly displayed his disappointment in the government. In a tweet sighted by GhanaWeb, Prince called on government to seek help.
“Can we all put aside politics, humble ourselves and seek help from whoever has the ideas or in-depth knowledge on how to stop the further depreciation of our currency and stabilize our economy,” he tweeted.
The movie producer and actress is another popular figure who has not held back from bashing the government and calling for urgent steps to change the current tides.
In 2015, Yvonne Nelson led a demonstration against power cuts in Ghana, popularly known as “Dumsor”. Being a citizen and not a spectator as President Akufo-Addo implored Ghanaians, the model has this time taken to Twitter to quiz the President over his governance.
“Are you still the President? Are you still in this country? Are you this heartless? Do you hear people crying? Are you this heartless? No more campaign ahead so you are unbothered. You obviously feel nothing for Ghanaians. Such a disappointment”, she lamented.
The Ghanaian actress and social critic have also been vociferous over the state of affairs. She has opined that the Minister of Finance, Ken Ofori Atta, needs to resign.
According to her, the minister has performed woefully and thus is unfit to continue occupying his position.
Furthermore, she has asked the government to take a cue from Britain, whose Prime Minister has resigned her inability to lead.
“I really wish Gabby Otchere Darko’s obsession & admiration for the UK parliament included taking pointers as well on resignations and firing. It makes absolutely no sense that Ken Ofori Attah is still the finance minister; how? He’s lost the confidence of the people! She said in a tweet.
The Ghanaian media personality and General Manager of GHOne TV and Starr FM has penned a long letter to Ken Ofori Atta.
The TV host in the letter discusses how the minister has failed in his capacity and needs him to resign. She called the minister an absolute failure in managing the economy and driving it into an abyss.
A portion of the letter reads, “Hmm. Maybe a part of you wants to leave and your cousin (President Akufo Addo-Addo) is backing you to the hilt on the altar of loyalty. But for God’s, spare the entire nation this prolonged spectacle of failure and let go of the burning rod.”
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 wobblign state of the economy.
In spite of the fact that netizens have taken to social media to whine and call for the dismissal of the Finance Minister, President Akufo-Addo has disregarded their solicitations.
In some way or another, this got a few well-known individuals to pound on the Minister’s renunciation since the economic slump has forced government to seek a financial rescue programme from the International Monetary Fund (IMF).
President Akufo-Addo on August 8, while talking in an exclusive interview on Tamale-based North Star radio, during an official tour to the region shielded his ministers.
He noted that they have been working hard while expressing their outputs have been extensive.
GhanaWeb in this article puts together a list of some public figures pushing for the resignation of the Finance Minister.
Nana Oye Bampoh Addo
Former Gender Minister, Nana Oye Bampoh Addo, joined calls for Finance Minister, Ken Ofori-Atta, to resign.
She believes as the main gatekeeper of the national economy, the Minister must take responsibility for the economic downturn the country is experiencing.
Nana Oye pointed out that the approach that the National Democratic Congress government in 2015 used to secure a programme from the International Monetary Fund was different from that of this government.
Kwabena Agyei Agyapong
Former General Secretary of the governing New Patriotic Party, Kwabena Agyei Agyapong, has also hammered on the resignation of Ken Ofori-Atta.
According to Mr Agyapong, the main reason for his call was the decision of the government to seek an economic rescue programme with the International Monetary Fund (IMF) – a position that the Minister had vehemently opposed publicly and vowed will not be taken.
Mr Agyapong added that the Minister must on his own volition tender his resignation because of his anti-IMF statements and having “got it wrong.”
Lydia Forson
Entertainment personality, Lydia Forson, following the resignation of the UK’s Prime Minster, Liz Truss, questioned the rationale behind Ken Ofori-Atta’s decision to stay in office as the Minister of Finance.
According to her, Ghanaians have lost confidence in Ken Ofori-Atta as the Minister of Finance due to the economic downturn currently being faced by Ghanaians.
In a tweet sighted by GhanaWeb, she said, “It makes absolutely no sense that Ken Ofori-Atta is still the finance minister, how? He’s lost the confidence of the people!”
Nana Aba Anamoah
Lydia’s views were not different from media personality, Nana Aba Anamoah, who has also pushed for the Minister of Finance, Ken Ofori-Atta, to save himself the disgrace and step down.
According to her, Ken Ofori-Atta has failed in the management of the local economy.
Nana Aba Anamoah attributed the frequent fall of the local currency, high inflation rate, and increase in petroleum prices, among other factors leading to the country’s economic crisis to the incompetence of the Finance Minister.
She asserted that the current harsh economic condition was due to government’s “imprudent borrowing taste and wasteful use of those flammable funds.”
Kweku Sintim Misa (KSM)
Known for not shelving his thoughts on governmental issues, Ghanaian playwright and actor, Kweku Sintim Misa (KSM), in a recent post advised Minister for Finance and Economic Planning, Ken Ofori Atta, to resign from his position.
He didn’t mince words when he shared a post on Twitter on October 22, 2022, stating that since President Akufo-Addo has resolved not to sack him, Ken Ofori-Atta, he should take the initiative and step down from the position.
Dr Theo Acheampong
Political risk analyst and economist, Dr Theo Acheampong reiterated calls for the Finance Minister to resign from his post.
Speaking on Newsfile on JoyNews, he said that the calls for the minister’s resignation are not because he is not liked but because he has made serious policy mistakes which have impacted the livelihoods of many.
Dr Acheampong, listing some of the minister’s faults, said that “one is the E-Levy, number two on the fact that philosophically he doesn’t support us going to the IMF.”
Government has come under criticism from a cross-section of the public due to the current economic crisis.
In the wake of this, Finance Minister, Ken Ofori-Atta, has been at the receiving end from almost all and sundry.
While the “ordinary citizens” have been agitating on and off social media, Ghanaian celebrities have also not held back from expressing their dissatisfaction against government.
In the past week, some Ghanaian celebrities have called on President Akufo-Addo and the Minister of Finance to sit up and address the economic crisis fraught the country.
Below are some celebrities who have waded into the national conversation
Prince David Osei
The Ghanaian actor is one of the familiar supporters of the ruling government. He, alongside other celebrities like Kalybos was seen to be involved heavily clothed in NPP paraphernalia campaigning for the then Presidential Candidate, Nana Addo Dankwa Akufo-Addo.
However, the movie star has openly displayed his disappointment in the government. In a tweet sighted by GhanaWeb, Prince called on government to seek help.
“Can we all put aside politics, humble ourselves and seek help from whoever has the ideas or in-depth knowledge on how to stop the further depreciation of our currency and stabilize our economy,” he tweeted.
Yvonne Nelson
The movie producer and actress is another popular figure who has not held back from bashing the government and calling for urgent steps to change the current tides.
In 2015, Yvonne Nelson led a demonstration against power cuts in Ghana, popularly known as “Dumsor”. Being a citizen and not a spectator as President Akufo-Addo implored Ghanaians, the model has this time taken to Twitter to quiz the President over his governance.
“Are you still the President? Are you still in this country? Are you this heartless? Do you hear people crying? Are you this heartless? No more campaign ahead so you are unbothered. You obviously feel nothing for Ghanaians. Such a disappointment”, she lamented.
Lydia Forson
The Ghanaian actress and social critic have also been vociferous over the state of affairs. She has opined that the Minister of Finance, Ken Ofori Atta, needs to resign.
According to her, the minister has performed woefully and thus is unfit to continue occupying his position.
Furthermore, she has asked the government to take a cue from Britain, whose Prime Minister has resigned her inability to lead.
“I really wish Gabby Otchere Darko’s obsession & admiration for the UK parliament included taking pointers as well on resignations and firing. It makes absolutely no sense that Ken Ofori Attah is still the finance minister; how? He’s lost the confidence of the people! She said in a tweet.
Nana Aba-Anamoah
The Ghanaian media personality and General Manager of GHOne TV and Starr FM has penned a long letter to Ken Ofori Atta.
The TV host in the letter discusses how the minister has failed in his capacity and needs him to resign. She called the minister an absolute failure in managing the economy and driving it into an abyss.
A portion of the letter reads, “Hmm. Maybe a part of you wants to leave and your cousin (President Akufo Addo-Addo) is backing you to the hilt on the altar of loyalty. But for God’s, spare the entire nation this prolonged spectacle of failure and let go of the burning rod.”
In a post he shared on Twitter on October 22, 2022, he stated that since President Akufo-Addo has resolved not to sack him, Ken Ofori-Atta should take the initiative and step down from the position.
“Advice to Ken Ofori-Atta. Bra Ken, it is OBVIOUS the President CAN NOT and WILL NOT fire you.
“PLEASE do him and GH a favour and respectfully resign for a COMPETENT FINANCIAL MANAGER to take charge. I am sure that the financial markets will react POSITIVELY to the news,” he pleaded.
Since the beginning of the year, Ghana plunged into what many describe as ‘the worst time in our economic history’, as the dollar has reached ¢15.65.
In a previous post shared by KSM expressing disappointment in the country’s leaders, he stated that Ghana is self-programmed to land in disarray.
In a tweet dated October 3, 2022, a new crop of Ghanaians are rising and will fight for the confusion in the country to end.
“GHANA is SELF-PROGRAMMED to land in CHAOS. Out of these CHAOS, a NEW GENERATION WILL RISE.
“This Generation will insist that THIS NONSENSE MUST STOP. The REAL MENTAL REVOLUTION will then BEGIN. GHANA WILL THEN REGAIN HER LOST GLORY,” he posted.
Actress and model, Efia Odo, is concerned about the continued depreciation of the Ghana cedi.
She joined a long list of showbiz personalities lamenting the rate at which the cedi is losing grounds against the United States dollar.
In an October 20, 2022 tweet, at the time forex bureaus were reporting that a dollar had reached a record 13 Ghana cedi mark, Efia posed a rhetorical question on her timeline.
“$1=13 Cedis. Did we die and wake up in hell?” she asked.
She joins the likes of actresses Lydia Forson and Yvonne Nelson in calling out the government over the cedi depreciation.
Actor Prince David Osei has also threatened a protest amid calls for the government to fix the economy. On her part, broadcaster Nana Aba Anamoah published an open letter on the economy among others, calling on Finance Minister Ken Ofori-Atta to resign.
The economy is facing major headwinds that have been characterized by galloping inflation, consistent depreciation of the cedi and general high cost of living and of doing business.
The government is hoping to reach a deal with the International Monetary Fund, IMF, for an economic support programme aimed at shoring up the economy and easing the burden on ordinary Ghanaians.
The renowned media personality in a public letter to Ofori Atta justified the call for his immediate resignation by spelling out what she said is his abysmal management of the economy.
The president, Nana Akufo-Addo, however, has said he will not sack his appointee, saying such a move will amount to a betrayal of trust.
While expressing satisfaction with his minister’s actions, the president said: “I came to office in 2017 when we were under an IMF programme. This same Ken Ofori-Attawas able to manage the economy for the first 3 to 4 years. We were then one of the fastest-growing economies in the world. We had an average growth rate of 7% a year.”
“For someone who has been able to do all these, how do I turn my back on him? For me, his performance has been excellent. That is why I have great difficulty in understanding what is going on.”
Read Nana Aba’s letter below:
Dear Ken Ofori-Atta,
On any day I’d like to see through this Friday with excitement, do well with my commitments and settle in for a weekend of relaxation with full knowledge that all is good.
But you have decided to undo all of that.
Thanks to you, millions of Ghanaians and business owners have been robbed of honest gain for honest work.
Your incompetence has seen the value of our work depreciate at an alarming rate.
Before this week, depreciation was over 40 percent and inflation also close to that same percentile.
A cursory glance at everything and it’s another reason to be angry because you have willfully provoked us with your abysmal management.
At the National Forum on the Economy at the Accra International Conference Centre in 2017, you were unambiguous that you will work tirelessly to ensure all Ghanaian businesses flourish courtesy your competent leadership. I believed you. So did many Ghanaians.
Six years down the line your fruits are bitter and eery.
Before you gasp and reach for an explanation, don’t stretch and touch the COVID pandemic plus the Ukraine Russia crisis as a wall for balance and your cushion for solace. You lot sound like a broken record.
The world suffered same but your imprudent borrowing taste and wasteful use of those flammable funds has led us to this point.
The economic heat has broken the thermometer this week. The heartbeat has a new competitor in the Ghana Cedi. It is beating faster than the throb of the spongy organ. And you unashamedly ask us not to panic? Wow!
You may be in the company of finance ministers at the IMF Spring Meetings and looking for that “miracle” with your negotiations. But the ‘Ghanaian’ brother you sat next to, Kwesi Kwarteng, has fallen on his own sword for introducing policies which could have further crippled the British economy. He took the early steps to a political fiasco before his boss and now former PM, Liz Truss followed suit.
You on the other hand against all the clear public wails of the majority of your people continue to hold on to a job you’ve woefully failed at and leading a process you don’t believe in (going to the IMF) after failing to properly introduce a new tax line, E Levy and borrowing us out of the international financial market.
Hmmm. Maybe a part of you wants to leave and your cousin is backing you to the hilt on the altar of loyalty.
But for God’s sake, spare the entire nation this prolonged spectacle of failure and let go of the burning rod.
If you were leading a private company managing private funds with this current performance you probably would have walked. In fact, you would have been fired. This time it’s public funds and the stretch of the impact is much more.
Alex Vignet’s words ring true that “resignation is the courage of Christian sorrow”. All Ghanaians are weeping and as a devout believer, wouldn’t you rather resign and save us all from further ignominy?
The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has called on President Akufo-Addo to suspend his regional tours immediately.
The MP, in a tweet on Thursday, October 20, 2022, stated that the president cannot travel around the country as the citizens’ hardships continue to worsen.
The MP, who was particularly worried about the current rapid rate of depreciation of the Ghana Cedi, said the cedi’s performance should be treated as a national security threat.
He added that Akufo-Addo should, as a matter of urgency, fire his finance minister, Ken Ofori-Atta, and start consultative engagement with all stakeholders across the political divide to help find solutions to the difficulties Ghanaians are going through.
“The total crash of the Cedi must be seen as a major national security threat.
“Prez Akufo-Addo should immediately suspend his regional booing tours, sack his Finance Minister, dissolve his failed EMT & convene a non-partisan emergency economic rescue forum to harvest fresh ideas,” the tweet the MP shared read.
On Friday, October 21, President Nana Addo Dankwa Akufo-Addo began a three-day tour to the Eastern Region to commission completed projects, inspect ongoing ones and interact with traditional authorities of the area.
The Eastern Region tour comes days after the president’s tour of the Ashanti Region, which made news headlines after Akufo-Addo was hooted at by some factions in the party’s stronghold over the economic hardship in the country.
President Akufo-Addo and his government have come under heavy scrutiny for failing to address the current economic challenges in the country.
The prices of goods and services have been continuously rising all year round, with inflation currently hovering over 37 per cent.
The Ghana cedi has been ranked the worst currency in the world among 148 currencies tracked by Bloomberg, overtaking Sri Lanka’s rupee, having depreciated by nearly 50 per cent so far in 2022.
Prophet Kofi Oduro, General Overseer, Alabaster International Ministry, cannot comprehend why Ken Ofori-Atta, the Finance Minister who has failed miserably, will still be keeping his job.
According to him, if Ghana was his private company, he would have fired the under-fire minister and hired a different person who would deliver results.
In a viral video sighted by GhanaWeb, Prophet Oduro noted that the current government under the leadership of President Nana Addo Dankwa Akufo-Addo does not like to hear the truth, but as a man of God, he has to tell the President and his ministers the truth.
“Wrong is wrong. When you are wrong, I need to look into your eyes and tell you that you are wrong. It doesn’t matter [who you are]; that is what is killing this nation, and it is killing churches…
“This is the time, Your Excellency, to make changes, and that changes must be to the honour and glory of God…our finance minister, even though he is a Christian, has failed miserably, and I am telling Your Excellency with all due respect, this is the time to make drastic changes. We cannot sit here when $1.00 is equal to GHC12.00,” Prophet Kofi Oduro said.
“You can do whatever you like; I came with a fresh grace to tell you something. Look! What I have observed is that the current government hates being told the truth, but I am telling, ‘you will take it’. If Ghana is my private company and somebody is not delivering; I fire them; I replace them; I hire somebody else and then we are working…why can’t a nation do that?” he quizzed.
The Cedi has recently been classified by Bloomberg as the worst-performing currency against the US Dollar.
Currently, the Cedi is trading at around GH¢13 – GH¢14 to a dollar at some forex bureaus. The depreciation rate is a contributory factor for the ongoing shop closures ordered by the Ghana Union of Traders Association (GUTA).
Captain Smart, host of the morning show on Onua FM/TV, has commented on the devaluation of the cedi and demanded information regarding Mahamudu Bawumia, the vice president.
The journalist, who takes pride in belonging to the ruling New Patriotic Party, stated that although Bawumia’s silence was concerning, so was the rate at which the cedi was losing value.
“The dollar is almost hitting 14 cedis, where is our Bawumia? I am an NPP person and I won’t stop saying it. Where is our Bawumia?
“Very respectfully, even Amissah-Arthur who is dead is of more importance than him. What is his real importance to the extent that the dollar has hit 14 cedis?” he quizzed.
The Cedi has recently been classified by Bloomberg as the worst-performing currency against the US Dollar.
Currently, the Cedi is trading at around GH₵13 – 14 cedis to a dollar at some forex bureaus. The depreciation rate is a contributory factor for the ongoing shop closures ordered by the Ghana Union of Traders Association (GUTA).
According to the group, the fast depreciation of the Cedi is eroding their profits and also increasing the cost of doing business.
Ghana’s request for a financial bailout from the International Monetary Fund (IMF) team, led by Stéphane Roudet, has indicated that there has been considerable progress.
The IMF team leader said both teams had a constructive conversation in identifying concrete policies that will restore macroeconomic stability after meeting with Ghana’s Finance Minister, Ken Ofori-Atta, and Bank of Ghana Governor, Dr. Ernest Addison, in Washington, DC.
“The Ghanaian team and IMF officials had very fruitful discussions on the authorities’ post-COVID economic growth agenda and related laws and reforms that may be supported by a new IMF agreement.
“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth. The IMF team and the Ghanaian authorities remain fully committed to reaching an agreement on a framework and policies for an IMF-supported program as soon as feasible. Discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously,” Stéphane Roudet said in a statement after the meeting.
The Finance Minister had earlier assured Ghanaians that the economy is in good shape despite the continuous depreciation of the Cedi.
Speaking to a journalist of Accra-based Asaase Radio from Washington DC, Ken Ofori-Atta said, “It is a bit perplexing because as you know, typically we go to markets at the beginning of the year and get our two billion.
“But that we were not able to do, we were able to then get US$750 from AfriExim in the summer, August or so, to stabilize it. Then we moved on traditionally as we do, the ASL, the annual syndicated loan of COCOBOD, and that came in very strongly. So, it is quite perplexing to see where it is going.”
“The support we are getting from countries like Germany, France etc. we are confident that we will get the resources needed. So, we really would want people to know not to panic or be rushing to put pressure on the currency. I think it is unnecessary and we are in good shape.
“Of course, typically in October, people are importing for Christmas and maybe there is a rush for that. But my expectation is that once we also conclude the fund, that would lead to the Fund’s disbursement early next year.”
The Cedi has recently been classified by Bloomberg as the worst-performing currency against the US Dollar.
Currently, the Cedi is trading at around GH₵13 – GH₵14 to a dollar at some forex bureaus.
An economist and Finance Lecturer at the University of Ghana Business School, Prof. Godfred Bokpin has said that merely subscribing to an International Monetary Fund (IMF) programme will not guarantee that out problems as a country will disappear.
Speaking in an interview on Joy FM’s Top Story on Thursday, he said, “Inbuilt in the programme will work. In built-in, that programme will be a painful fiscal adjustment that we will have to go through in the next two to three years.”
According to him, the worst moment is yet to happen with regard to the cedi depreciation although Ghana is in talks with the IMF for a programme.
He added that although there are negotiations in place to secure a deal, it does not “look like the programme will be in place before the 2023 budget will be presented.”
This follows an International Monetary Fund staff-level agreement expected to be reached with Ghana this week for a possible 3 billion dollar bailout.
Details of the agreement are expected to form the basis for Ghana’s 2023 budget to be presented in the middle of November.
Finance Minister, Ken Ofori-Attawho is leading the Ghana team in negotiations with the IMF in Washington DC, is optimistic the agreement will offer Ghana the opportunity to access the funds early next year.
“The discussions with the fund are going very well, what we intended to do is to get us [Ghana] close to a staff-level agreement as possible so that we can incorporate all of our decisions, most of them, into the budget so there will be no reversal and therefore by year-end, the board will approve,” he said.
But Prof Bokpin said that it will be “challenging” for the government to achieve this. He agreed however, that the government may at best reach a staff-level agreement with the Fund.
He explained that a lot of processes have to be completed before a deal could be reached.
Meanwhile, government has said it will fast-track negotiations with the IMF to ensure key aspects of the programme are reflected in the 2023 budget statement.
President Nana Addo Dankwa Akufo-Addo has for the first time taken the blame for government’s decision to resort to the International Monetary Fund for financial support.
This comes after government had occasionally insisted that it would not turn to the Bretton Woods institution for support as it believes in its homegrown solutions until government backed down on its stance on July 1, 2022.
Speaking on Kumasi-based OTEC FM during a tour of the Ashanti Region, President Akufo-Addo on October 18 said the decision to turn to the IMF had become necessary in the face of economic headwinds.
“I take full responsibility for it. But I’m hoping very strongly that by the middle of November, a month from now, these negotiations will be over. We are going to come to a budget for the country in the middle of November,” he explained.
“I’m hoping that the IMF negotiations will be over at least substantially so we will have a clear idea of the elements of the agreement with the Fund, which hopefully will be able to feed into the budget and have that drive our budgetary projection for next year and the year ahead,” the president said.
“For me, my hope is that we will have a programme of fiscal adjustment. It will take us through most of the immediate budget but then will put us in a position in 2024 to begin the recovery and the growth,” he added.
Officials from Ghana and IMF have been engaged in the second round of negotiations in the United States of America toward reaching an agreement with the Fund.
Ghana is targeting an amount of $3 billion from the Fund once an agreement can be reached with funds likely to be accessed in 2023.
According to them, at the beginning of this year, 2022, the exchange rate on import duties was 4.6 however, the Ghana Revenue Authority (GRA) has inflated it to 10 in recent days.
They truly think Ken Ofori-Atta, the finance minister, is not top of his job because he should have been able to peg it at 6.8 amidst the dollar which is trading at GHc12.
“Exchange rate on import duties is too high. The government should have pegged it by 6.8 by now. Because in the beginning this year, it was 4.8 but it has been increased to 10 as we speak.”
They added that “The government is unable to give us money to work so what finance minister, Ken Ofori-Atta and President Akufo-Addo must do is to reduce the exchange rate at the ports.”
Dr. John Kwakye, an economist, has disputed President Akufo-assertion Addo‘s that the present finance minister, Ken Ofori-Atta, has performed his job admirably and does not require removal from office.
Speaking on Kumasi’s OTEC FM, the President insisted that there was no need to fire Ken Ofori-Atta since he thought it was the appropriate move to keep him on as his finance minister for another term.
“I came to office in 2017 under a stringent IMF programme. This same man was able to manage the affairs of our economy in such a way that the first four years of my first term, we were one of the fastest-growing economies in the world, an average growth rate of 7% a year from the beginnings of an IMF programme.
“An economy that allowed us to initiate the programme Planting for Food and Jobs. So, somebody who has been able to do that and the current economic difficulties are not his faults. So how do I do that (sack him)? What will be the basis? What will be the rationale?”
“If we were to say he didn’t do well in the first term, then I shouldn’t have repeated him for my second term? So, for me, their performance in my first term was excellent. Let me use that word. Excellent,” President Akufo-Addo said in an interview with the radio station.
But Dr John Kwakye reacting to the comments argued that Finance Ministers must always be held responsible for the economic situation of every country and must therefore take the blame.
“Finance Ministers must always be held responsible for a country’s economic problems no matter the source. Kwesi Kwarteng is a clear example,” The IEA director of research said in a tweet.
He however noted that the solution to Ghana’s current economic challenges cannot rest solely on the International Monetary Fund and the World Bank.
“The answer to our problems doesn’t lie in Washington. It lies right here in Ghana,” he stressed.
Touching on the depreciation of the cedi against the US dollar, Dr. John Kwakye called for urgent interventions to slow down its depreciation which is now reaching alarming levels.
According to African Director at the IMF, Abebe Selassie, Ghana is among countries whose inflation is caused mainly by internal factors.
In September 2022, figures released by the Ghana Statistical Service showed that country’s inflation has risen to 37.2%, making it one of the highest in 20 years.
According to the aggrieved traders, their decision to halt commercial activities is based on the exorbitant tax rates and the continuous depreciation of the local currency against the US dollar.
This, the traders say is adversely affecting their businesses and depleting their capital and profit margins.
A visit by JoyNews’ Bernice Abu-Baidoo Lansah to the Central Business District on Tuesday morning confirmed that some of the traders have already closed down their shops.
They had red scarves on their locks indicating their displeasure about the prevailing economic crisis.
The traders noted that if the situation remains the same, they will be forced to run out of business, therefore, the need to protest to draw the attention of government to their plight.
“As retailers, when we come for supplies, we the women don’t get any profits. All the profits have been swallowed by the increments. Some of us are also operating on loans with very high interests rate and therefore we are really not making any profits.
Everything looks distorted in Ghana. The current regime promised to make things better, but now we the women in particular are really suffering”, one of the traders lamented.
The action by the traders in Accra follows an earlier closure by their counterparts in Kumasi, who also closed down their shops over similar concerns.
Commenting on the earlier action in Kumasi, the President of the Association, Dr Joseph Obeng expressed his reservations about the prevailing tax regime in the country, and how the situation is bringing businesses to their knees.
“You have a system that does not ensure fairness, you have a system that does not ensure equity, you have a system that runs trade concurrently in the same market that we have the standard rate that one pays 90.25 per cent and then we have a VAT rate of four per cent and then we have those who do not pay the VAT at all and they are all legitimate. What system is this?”, he questioned the Ghana Revenue Authority.
The ongoing protest comes at a time when there is public outcry about the state of affairs in the country, and the failure of government to address the growing economic decline.
The current economic decline is reflected in the depreciation of the Cedi as well as government’s fiscal deficits and the nation’s ballooning debt stock.
But in a recent interview on Monday, the President said there is no basis to sack the Yale-trained Minister.
Meanwhile, government is still in talks with the International Monetary Fund (IMF) to find appropriate solutions to address the economic difficulties in the country.
President Nana Addo Dankwa Akufo-Addo has clarified why Ken Ofori-Atta, the Finance Minister is still at post despite numerous calls for his dismissal from his government over abysmal performance.
According to him, Ken Ofori-Atta after the ruling party was sworn into office in 2017, was able to ensure that the economy which was on the verge of collapse grew at an average of 7 per cent.
He said he cannot turn his back on someone who was able to achieve that feat for the country.
He noted that he is keeping Ofori-Atta in office because his performance for the past six years has been excellent.
“I came to office in 2017 when we were under an IMF programme. This same Ken Ofori-Atta was able to manage the economy for the first 3 to 4 years. We were then one of the fastest-growing economies in the world. We had an average growth rate of 7% a year.
“For someone who has been able to do all these, how do I turn my back on him? For me, his performance has been excellent. That is why I have great difficulty in understanding what is going on,” President Nana Addo Dankwa Akufo-Addo said while speaking on Kumasi-based OTEC FM, Monday, October 17.
The calls for Ken Ofori-Atta’s dismissal intensified when Kwasi Kwarteng, his counterpart in the UK was dismissed by the Prime Minister following a fallout from the country’s mini-budget he [Kwarteng] presented.
One such individual who is of the view that the minister is relieved from his duties is Samuel Okudzeto Ablakwa, North Tongu MP.
To him, just as Kwasi Kwarteng has been dismissed by the Prime Minister Liz Truss as the UK Finance Minister, Ken Ofori-Atta should also go.
In a tweet, Ablakwa said, “Kwasi Kwarteng hasn’t done a fraction of the damage has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President Akufo-Addo as Ghanaians languish in more pain. Sad — no justice in the world.”
President Nana Addo Dankwa Akufo-Addo has defended why Ken Ofori-Atta, the Finance Minister is still at post despite numerous calls for his dismissal from his government over abysmal performance.
According to him, Ken Ofori-Atta after the ruling party was sworn into office in 2017, was able to ensure that the economy which was on the verge of collapse grew at an average of 7 per cent.
He said he cannot turn his back on someone who was able to achieve that feat for the country.
He noted that he is keeping Ofori-Atta in office because his performance for the past six years has been excellent.\
“I came to office in 2017 when we were under an IMF programme. This same Ken Ofori-Atta was able to manage the economy for the first 3 to 4 years. We were then one of the fastest-growing economies in the world. We had an average growth rate of 7% a year.
“For someone who has been able to do all these, how do I turn my back on him? For me, his performance has been excellent. That is why I have great difficulty in understanding what is going on,” President Nana Addo Dankwa Akufo-Addo said while speaking on Kumasi-based OTEC FM, Monday, October 17.
The calls for Ken Ofori-Atta’s dismissal intensified when Kwasi Kwarteng, his counterpart in the UK was dismissed by the Prime Minister following a fallout from the country’s mini-budget he [Kwarteng] presented.
One such individual who is of the view that the minister is relieved from his duties is Samuel Okudzeto Ablakwa, North Tongu MP.
To him, just as Kwasi Kwarteng has been dismissed by the Prime Minister Liz Truss as the UK Finance Minister, Ken Ofori-Atta should also go.
In a tweet, Ablakwa said, “Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President Akufo-Addo as Ghanaians languish in more pain. Sad — no justice in the world.”
Ghana’s Finance Minister, Ken Ofori-Atta has shared his sentiments on the firing of British-born Ghanaian UK chancellor Kwasi Kwarteng.
The Minister stated that it was painful to realize tha t a Ghanaian has strived to achieve such a feat but has had to lose the job just a few days after the appointment.
Kwasi Kwarteng was sacked as UK’s chancellor after 6 weeks in office.
According to a Reuters report attributing the development to the UK Times newspaper, Liz Truss is preparing to reverse a decision announced in the country’s mini-budget which was delivered by Kwasi Kwarteng.
The mini-budget has since sparked financial turmoil in the markets and caused a revolt among Conservative MPs in the UK.
Ofori-Atta added that he has reached out to Kwesi Kwarteng with a message that says God knows best.
“The pain or sadness is that he is a Ghanaian reaching almost the highest level, Chancellor of the Exchequer. Yes, we sat together three days ago.
“I am always very optimistic, if one is really doing things in truth there might be some waves but the Lord will see him through. I was surprised at what happened. I have sent an email to him, I told him the Lord knows best,” Ofori-Atta is quoted by 3news.com.
President Akufo-Addo says there is no basis for him to sack the Finance Minister Ofori-Atta.
According to him, Ken Ofori-Atta has discharged his duties “excellently” and he cannot relieve such a person of his position.
President Akufo-Addo speaking on OTEC FM on Monday said he has full confidence in the Minister who is his cousin.
He insisted that Ofori-Atta cannot be blamed for the current economic woes the country is facing.
“I came to office in 2017 under a stringent IMF programme. This same man was able to manage the affairs of our economy in such a way that in my first term, we were one of the fastest-growing economies in the world.
“An average growth rate of 7% which allowed us to initiate programmes such as Planting for Food and Jobs. So somebody who has been able to do that. The current difficulties are not his fault. So how do I do it (sack him)? What will be the basis? What will be the rationale.”
President Akufo-Addo thus said calls for him to sack the Minister is unjustified.
“If we were to say he didn’t do well in the first term, then why did I renominate him for my second term? So for me, his performance in my first time was excellent. Let me use that word. Excellent,” he added.
Some Ghanaians have called on the President to relieve the Minister of his duties due to the poor state of the Ghanaian economy.
Ghana is currently seeking support from the International Monetary Fund (IMF) to stay the economy afloat, but despite the gloom, President Akufo Addo insists he will keep the Finance Minister.
Meanwhile, the Ghanaian cedi exchanged for ¢12 to $1 in many places on Friday, selling at ¢12.10 at most forex bureaux or the retail market.
This development comes within a week after the cedi earlier depreciated against the dollar.
Meanwhile, scores of Ghanaians have taken to social media to bemoan the situation; urging the government to take urgent steps to address the persistent depreciation of the country’s currency.
In the midst of Ghana’s deteriorating economy, the Finance Ministry has stated that it will not relent in its efforts to protect investors’ interests in the financial sector.
In a communiqué sighted by The Independent Ghana dated October 14, 2022, the ministry noted that the Akufo-Addo-led administration, keen on boosting the country’s fortunes, has implemented pragmatic policies to protect the interests of investors.
“For the avoidance of doubt, it must be recalled that the Government of Ghana, since 2017, has always protected investors’ interests in the financial sector. Government will continue with this objective and ensure that investors’ best interests are upheld at all times,” part of the statement read.
The Ministry’s communiqué comes at a time when the country’s economy has been faced with several fiscal challenges, such as ballooning debt and a surge in inflation.
The Ministry of Finance has reacted to publications speculating that about 94%
of Tier 2 pension contributions placed in government securities will be affected by debt restructuring policies by the government.
According to reports, the Debt Restructuring Programme may have an impact on the GH3.7 billion of the GH3.9 billion in Tier 2 pension payments invested in government securities.
The Ministry, in a statement dated October 14, 2022, stated that the publication is unfounded and is meant to undermine investor confidence in Ghana’s financial sector, which contributes to the cedi depreciation.
According to reports, the government will have to cut down on its expenditures by scrapping some policies.
Financial experts have projected that several government programmes, such as the Free Senior High School programme (free SHS programme), Planting for Food and Jobs (PFJ), and the YouStart programme, may be sacrificed.
In the same vein, some experts have projected that about 94% of Tier 2 pension contributions placed in government securities will be affected by debt restructuring moves by the government. However, the Finance Ministry has refuted such allegations.
Touching on the Tier 2 pension contributions publication, the ministry argued that the publication is without merit.
It says “the attention of the Ministry of Finance has been drawn to social media audiotapes and mainstream media publications speculating about a 94% discount of Tier 2 pension investments in government securities. Other publications also encourage a switch from securities to forex as a store of value.
“These publications and “social media advisories” are without merit and are designed to undermine confidence in Ghana’s financial sector. Indeed, they rather contribute to pressures on the currency and undermine investor confidence,” portions of the statement read.
The Ministry assured that the government’s engagements with the IMF, both in Accra and in Washington, D.C., on a programme to restore macroeconomic stability, are progressing steadily.
The Ministry of Finance, therefore, asked all Ghanaians to disregard these publications.
The Finance Minister has extended well wishes to the former Chancellor of the Exchequer in the United Kingdom, Kwasi Kwarteng, after his removal.
Ken Ofori-Addo said he did not see this coming and shares in the pain of the Ghanaian-born UK politician.
“The pain or sadness is that he is a Ghanaian reaching almost the highest level, Chancellor of the Exchequer,” he said in an interview with Accra-based TV3.
Mr Kwarteng was sacked by the UK Prime Minister after less than six weeks on the job as the government’s huge tax cuts triggered a financial market crisis.
Finance Minister Ken Ofori Atta says he fèels sad about the sacking of Kwasi Kwarteng as Chancellor of the Exchequer. pic.twitter.com/Sv3gI4jVyP
His removal made him Britain’s shortest-serving chancellor since 1970. He was succeeded by Jeremy Hunt as the European nation grapples with a cost-of-living crisis.
Ken Ofori-Atta who was in Mr Kwarteng’s company just last week intimated that even though they have not spoken since his removal, he has sent an email.
“I am always very optimistic, if one is really doing things in truth there might be some waves but the Lord will see him through. I was surprised at what happened. I have sent an email to him, I told him the Lord knows best,” he said in Washington DC.’
Amid a free-falling cedi, a rising cost of living, and skyrocketing fuel prices, Finance Minister Ken Ofori-Atta is at the doors of the International Monetary Fund (IMF) to prevent a full-blown economic turmoil.
