Greetings, Mr. President. Shouldn't Ofori Atta resign right away?
Shouldn't Finance Minister Ken Ofori Atta resign? This has been the worry of many who have been following the request for Ofori Atta's resignation by 100 Members of Parliament. It's worth noting that the call was made by MPs from the ruling New Patriotic Party (NPP), Ofori Atta's political party.
The President's decision to maintain Ofori Atta in office was contingent on the approval of the International Monetary Fund (IMF) loan. The push to remove Ofori Atta from his position was started by these NPP MPs, who believed that Ghana's present economic woes was entirely the cousin's fault, and so ought to be sacrificed to save the NPP from defeat in the 2024 elections.
The MPs also believed that minister Ofori Atta's continuing tenure in office had the potential to disrupt the government's limited economic accomplishments since taking power in 2017. Although the President agreed to listen to the MPs' concerns, he urged them to postpone their requests until after Ghana's loan arrangement with the International Monetary Fund (IMF) was finalized.
The presidential request was based on the notion that Ken Ofori Atta was the principal negotiator for Ghana's IMF negotiating team and so should be permitted to complete the discussions. After the discussions are completed, what happens next? That appears to be the MPs' main worry. However, the President remained silent on the subject. Many suspicions have arisen as a result of the President's reserved posture, most notably that the President would be covering up for his cousin following the IMF deal.
Okudjeto Ablakwa, the minority ranking member on Foreign Affairs, reminded the President of the lingering Ofori Atta story shortly after the IMF's approval to bail the country out. The President, on the other hand, has yet to respond. So, what happened to Ken Ofori Atta? Perhaps now is the time for the "Rebel 100 MPs" lead by Appiah Kubi to remind the President that their concerns are still relevant and deserving of attention, and that they would like the President to act.
Ghana has borrowed more than any other administration since the First Republic under the supervision of Ofori Atta. Under his leadership, Ghana's banking system saw a severe reorganization that is seen as more of a personal vendetta than a self-inflicted death sentence signed by the owners of the impacted financial companies.
Former President Mahama has vowed to reinstate the licenses of the defunct banks that were unjustifiably closed down. Indeed, as a previous president with suspected intelligence contacts, no one can condemn the former president's choice to revisit the financial sector cleanup. Already, the owners of GN Bank are appealing for the reinstatement of their license since they consider the action taken on the facilities was unreasonable.
Dr. Papa Kwesi Nduom and other bank stockholders are currently fighting the case in court. Many Ghanaians feel the finance minister has brought more harm to the country than his extended tenure as finance minister will. According to the first Special Prosecutor, Martin Amidu, all important financial transactions originating in foreign countries are routed via Ken Ofori Atta's Databank investments bank, where medium fee charges are levied.
In actuality, the Bank of Ghana or the Commercial Banks are supposed to receive such transactions. It was never in the present administration's fiscal agenda to maintain the status quo. That explains why, with Ken Ofori Atta as finance minister, the story abruptly altered; and that politically-motivated choice received the tacit consent of his cousin, His Excellency, Nana Akufo Addo.
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