Ghana’s President Nana Akufo-Addo has announced the dismissal of minister Ken Ofori-Atta and others in what is expected to be his last ministerial reshuffle before the nation’s crucial December election.
The decision comes amid mounting pressure on Ofori-Atta, whose tenure has been marred by economic challenges and public outcry.
Ofori-Atta will be appointed senior presidential advisor on finance and special envoy on international investment and the capital markets, according to Jubilee House sources.
President Akufo-Addo expressed his “sincere appreciation” to Ofori-Atta and the others for their “commitment, competence, dedication and hard work in office,” a statement issued by the Office of the President said on 14 February.
Economic issues
Ghana faced its worst economic crisis in decades in 2022 as inflation surged to over 50%, prompting the government to seek a $3bn bailout from the International Monetary Fund (IMF). The subsequent debt restructuring process was fraught with difficulties, further exacerbating the country’s financial woes.
Throughout this period, over 90 governing New Patriotic Party (NPP) lawmakers voiced their dissatisfaction with Ofori-Atta’s handling of the economy, calling for his removal due to the hardships faced by ordinary Ghanaians.
The discontent was not limited to political circles. Labour organisations and youth activists took to the streets in protest over the soaring cost of living, demanding immediate action from the government to alleviate the financial burden on the populace.
Economists have long argued that a change in leadership within the finance ministry is essential to restore investor confidence and steer Ghana’s economy back on track. Ofori-Atta’s departure is seen as a step in the right direction towards addressing the underlying issues plaguing the nation’s financial stability.
“It will restore investor confidence. Introducing a fresh face at the finance ministry will show Ghanaians that the government is listening to their concerns. It’s the right call by the president,” Daniel Amateye Anim-Prempeh, the executive director of the think tank Policy Initiative for Economic Development, tells The Africa Report.
New faces
As part of the ministerial reshuffle, Nana Akufo-Addo announced the appointment of Karaga MP Mohammed Amin Adam as the new head of the finance ministry. Before joining the finance ministry he was the deputy minister for energy in charge of the petroleum sector. He also served as a deputy minister for the Northern Region in 2005.
Adam is a stalwart in the extractive sector and founded the policy think tank Africa Centre for Energy Policy (ACEP.)
“He has proven himself and appears to understand the sector quite well. We shouldn’t expect much, but at least some reforms aimed at macroeconomic stability are expected ahead of the elections,” Anim-Prempeh said.
As the nation braces for the fiercely contested election, the dismissal of Ofori-Atta marks a significant shake-up in Ghana’s political landscape. The state of the economy is also expected to be a central focus of the campaign.
The ruling NPP candidate, vice president Mahamudu Bawumia, is highlighting the need for economic reform and stability under his leadership, while the opposition NDC’s John Mahama is poised to capitalise on public discontent and promises a brighter financial future for all Ghanaians.
Other ministerial changes include the appointment of Henry Quartey as interior minister as former minister of the Greater Accra region, Kojo Oppong Nkrumah, moves from the information ministry to head works and housing as his deputy Fatimatu Abubakar becomes the substantive information minister. (The Africa Report)
