On Friday, Ghana’s finance minister expressed his “sincere regret” for the nation’s financial difficulties but also defended himself against claims that he is unqualified for the position.
As the administration came under increasing strain and President Nana Akufo-Addo came under increasing fire for what has turned into Ghana’s greatest economic crisis, Kenneth Ofori-Atta was the subject of a parliamentary probe into his financial management.
To assist stabilize state finances, the administration is negotiating a $3 billion credit line with the International Monetary Fund (IMF).
It has been severely impacted, much like the rest of the continent, by the effects of the worldwide pandemic and the conflict in Ukraine. Ghana, a significant producer of gold and cocoa, also possesses oil and gas deposits, but its debt servicing obligations are large and
This year, the value of the Ghanaian cedi has fallen more than 40%, placing pressure on importers of both raw and processed products. On account of rising import prices, consumer inflation in October rose to a 21-year high of 40.4%.
In light of this, Ofori-Atta has come under fire, with legislators from both main political parties demanding for his resignation. Parliament established a committee last week to look into opposition claims that he has been taking advantage of Ghana’s economic problems via, among other things, unlawful payments and shady business dealings.
The minister said that the claims were untrue but expressed worry for the problems facing the West African nation.
He remarked, “I understand that the people of Ghana are going through hardships and that our economy is having problems.
As the person President Akufo-Addo has chosen to oversee this economy, I personally, professionally, and spiritually feel the suffering.
He also refuted accusations that he had lied to parliament about economic facts and that his policies were to cause for the sharp depreciation of the cedi. According to the information at hand, “the concept that the devaluation of the cedi is a consequence of financial risk and irresponsibility is not justified,” said Ofori-Atta.
Before determining whether to submit a vote of censure to the parliament, which is evenly divided between the ruling NPP and the opposition NDC party, the parliamentary committee will investigate the accusations made against the minister. The decision to fire the minister rests with the president.
Charles Adu Boahen, the government’s junior finance minister, was removed by Akufo-Addo earlier this week due to charges of corruption after he was included in an exposé. In protests earlier this month over rising food and gasoline prices, protestors also demanded the president’s resignation.
