President Nana Akufo-Addo has said he has confidence in his Minister for Finance, Ken Ofori-Atta, to revive the economy, despite calls for the minister’s dismissal.
Ghana is in talks with the International Monetary Fund (IMF) for a US$3 billion assistance programme aimed at getting the economy back on track, the country having been severely hit by the pandemic and the Russia-Ukraine war.
The country’s inflation rate for September 2022 stood at 37.2% – 3.3 percentage points higher than the 33.9% recorded in August 2022, the Ghana Statistical Service (GSS) has said.
Speaking on the Kumasi-based OTEC FM on Monday (17 October 2022), President Akufo-Addo said Ofori-Atta is capable of steering the economy back to where it was during his first-term government.
The president said it is no fault of the Finance Minister’s that the economy has hit a snag following a succession of global crises.
“I came to office in 2017 under a stringent IMF programme … This same man [Ofori-Atta] was able to manage the affairs of our economy in such a way that in my first term, we were one of the fastest-growing economies in the world,” Akufo-Addo said.
“An average growth rate of 7% allowed us to initiate programmes such as Planting for Food and Jobs. So, somebody who has been able to do that … the current difficulties are not his fault. So, how do I do it [sack him]? What will be the basis? What is the rationale?” he asked.
Meanwhile, the IMF managing director, Kristalina Georgieva, has met in Washington, DC with Ofori-Atta and the Governor of the Bank of Ghana, Ernest Addison, to discuss progress on the bailout.
In a tweet, Georgieva said:
Very good meeting w/ Ghanaian @MoF_Ghana Minister Ofori-Atta & @thebankofghana Governor Addison at the #IMFMeetings. We discussed the progress being made toward an IMF-supported program aimed at restoring macro stability, protecting the vulnerable, and promoting inclusive growth.