Ghana’s President fires Finance Minister

Ken Ofori-Atta, minister of finance, was among those replaced, according to a statement released on Wednesday by the communications directorate of Accra’s Jubilee House, Ghana’s presidential palace.

Ofori-Atta’s sack comes amid criticisms of the ex-banker’s leadership during the country’s worst economic crisis in a decade.

A 2023 World Bank report showed that a combination of domestic imbalances and external shocks in the previous year led to macroeconomic challenges in Ghana.

The year was marked by currency depreciation, spiralling inflation, and tumbling investor confidence.

According to the report, pre-existing fiscal vulnerabilities such as mounting debt burden, a rigid budget weakened by high energy sector costs and chronically low public revenues, were deepened by difficult global economic conditions which led the country into a “full-blown crisis”.

In July 2022, Ghana’s central bank posted a record loss of 60.8 billion cedi, mostly due to debt restructuring.

Last year thousands of Ghanaians took to the streets to protest the regressing economy and demanded the removal of Ernest Addison, the central bank governor.

Ofori-Atta would be replaced by Mohammed Adam, current minister of state at the finance ministry, and previously deputy energy minister responsible for the petroleum sector.

Other ministries whose heads were sacked include health; environment, science, technology and innovation; gender, children and social protection; and tourism, arts and culture.

Deputy ministers of states were also sacked.

“President Akufo-Addo is hopeful that Parliament will, once again, on a bi-partisan basis, expedite the approval of his nominees, so they can join the Government forthwith, and assist in the delivery of his mandate for his second term in office,” the statement added.

Akufo-Addo will be stepping down next year when his constitutionally permissible two-term limit elapses.

The country’s general election is slated for December 2024.