Ghana’s Finance Minister Ken Ofori-Atta on Friday apologized for the country’s economic woes but defended himself against accusations that he is not fit for the job, reported The Reuters.
Ofori-Atta faced an inquiry from lawmakers for his financial management as Ghana faces its worst economic crisis in a generation. The government is under increasing pressure and President Nana Akufo-Addo is facing growing criticism over his failure to control the economic turmoil.
Despite being a top cocoa and gold producer with a lot of oil and gas reserves, Ghana’s debt service payments are very high and like the rest of the continent it has been hit hard by the global pandemic and the Russia-Ukraine war.
The value of Ghanaian cedi has dropped more than 40 percent this year, straining importers of both raw and processed materials. Consumer inflation hit a 21-year high of 40.4 percent in October owing to soaring import costs.
In the middle of the inquiry and crisis, the government is also holding discussions with the International Monetary Fund to get $3bn in credit to help shore up public finances.
Against this backdrop, lawmakers from both major political parties are calling for Ofori-Atta’s removal from office. Last week, parliament set up a committee to investigate allegations the finace minister that he has been benefitting from Ghana’s economic woes through illegal payments and unethical contracts, among other charges.
The minister, however, continues to deny the accusations and said he was concerned about the West African country’s woes.
“I acknowledge our economy is facing difficulties and the people of Ghana are enduring hardships,” he said. “As the person, President Akufo-Addo has put in charge of this economy, I feel the pain personally, professionally, and in my soul.”
He also denied claims that he had misreported economic data to Ghana’s parliament and that his policies were to blame for the cedi’s steep decline.
The parliamentary committee has launched enquiry to probe allegations against the minister before deciding to present a motion of censure to the parliament. The president will have the final word on whether to dismiss the minister.
