The Ghanaian parliament has formed an eight-person committee to look into accusations of ineptitude and conflict of interest against Finance Minister Ken Ofori Atta.
The committee will also give Atta and his attorneys a chance to respond to the accusations, according to Speaker Alban Bagbin’s decision.
The minority in Ghana’s parliament has introduced a vote of censure calling for the resignation of the finance minister. On Wednesday, the vote was scheduled, but it was postponed. In order for a decision to be made, the committee must submit a report to parliament in seven days.
With a sinking currency and record-high inflation of 40.4%, Ghana is currently experiencing its worst cost of living crisis.
Ghana is grappling with runaway inflation as prices of basic commodities have spiralled. Government finances are also at their weakest in years. Ghana’s local currency, the cedi, is now the world’s worst performer against the US dollar – a signal of the depth of the country’s economic crisis.
Ghana’s government had borrowed so much money by the year 2000 that the nation was in serious financial trouble. The International Monetary Fund and the World Bank’s Heavily Indebted Poor Countries plan was then adopted by the country. Ghana’s overall public debt stock was $780 million ($25 percent of GDP) when the project came to an end in 2006. The debt stock has since increased by 7000% to US$54 billion, or 78% of GDP, nevertheless.