President Nana Akufo-Addo of Ghana has announced the replacement of Finance Minister Ken Ofori-Atta as part of efforts to navigate the country through its current economic difficulties.
Ofori-Atta, who has held the position since 2017, faced significant criticism for his handling of Ghana’s severe economic crisis, considered the most severe in decades.
During the peak of the crisis in 2022, Ghana experienced inflation rates exceeding 50%, coupled with challenges such as the government defaulting on loan payments.
To address the crisis, Ghana underwent debt restructuring with creditors, a necessary step to qualify for financial assistance from the International Monetary Fund (IMF).
Mohammed Amin Adam, formerly the deputy energy minister and a minister of state within the finance ministry, has been appointed as Ofori-Atta’s successor.
In his new role, Mr. Adam is tasked with overseeing the implementation of Ghana’s $3 billion IMF economic recovery programme and conducting negotiations for debt restructuring with commercial creditors.
President Akufo-Addo also carried out a broader cabinet reshuffle, replacing 12 other ministers, ahead of the upcoming December presidential elections in Ghana.