Former President, John Dramani Mahama, has urged President Nana Akufo-Addo to change his Finance Minister. He claimed that as a result of overseeing “the devastating collapse of the economy,” Ken Ofori-Atta had already lost his reputation, trust, and confidence. This comes after the Information Ministry reported on Friday, July 1, 2022, that President Akufo-Addo and Kristalina Georgieva, the head of the IMF, had already begun discussions over the decision for the bailout.
Since his appointment in 2017, Mr. Ofori-Atta has assumed control of managing Ghana’s economy. With more than three decades of experience in the financial industry in both Africa and the West. He is currently the IMF and World Bank’s African Caucus chair. Mr. Ofori-Atta worked at Morgan Stanley and Salomon Brothers in New York before founding Databank with Keli Gadzekpo in 1990. He has developed holdings in insurance, microfinance, pharmaceuticals, and real estate in addition to Databank.
Considering the impressive portfolio of the Finance Minister, one would ask what went wrong because, during his tenure as the “manager” of the economy, we have seen an enormous decline in the national economy. Is it possible that he is incompetent despite his enviable years of experience in the financial industry, or should we blame it on the mismanagement of public funds?
Meanwhile, Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has accused Mr. Ofori – Atta of personally “cashing out” from the economic challenges of the nation. He alleges that Databank which is owned and founded by the Minister recouped a massive GHS 159. 31 million as part of its role as a business advisor on Ghana’s bond issuance between 2017 and 2021. The lawmaker also alleged that Mr. Ofori – Atta’s business ventures flourished while he supervised the deterioration of the larger Ghanaian economy.
The government made a critical move in 2017 called “FINANCIAL SECTOR CLEAN UP,” which resulted in the collapse of 53 fund management institutions, nine banks, 23 savings and loan organizations, and 386 microfinance organizations nationwide. The NPP manifesto (2020) stated that despite some advances in the sector’s asset growth and profit, there had been negative trends in the growth of deposits and loans, and the cost of borrowing has significantly grown. The financial clean-up and the refund of monies to depositors came at a cost of over GHS21 billion to the government. Could this be one of the giant strides that have collapsed our economy?
Will the President of the Republic, Nana Addo Danquah Akuffo Addo take the bold step of firing his cousin, Mr. Ken Ofori Atta as the Finance Minister, who played a pivotal role in his victory in the 2020 elections and who had been a top sponsor for the ruling party in 2008 and 2012? We live to see.