President Nana Addo has appointed Ken Ofori-Atta as Senior Advisor to the President and Special Envoy for International Finance and Private Investment.
This comes after he was replaced by Dr. Mohammed Amin Adamu as Minister of Finance.
Details of the appointment were disclosed in a letter dated February 15, 2023 from the Office of the President signed by Chief of Staff Akosua Frema Osei-Opare.
Market watchers are seeing the new role as a promotion, as he will advise President Akufo-Addo on international finance and private sector investment issues.
The letter said: “I am pleased to inform you.” [Ken Ofori-Atta] We would like to inform you that the President of the Republic has appointed you as Senior Advisor to the President and Special Envoy for International Finance and Private Sector Investment. ”
“I would like to take this opportunity to formally congratulate you on your reassignment and wish you all the best in your new office. May the President rest in peace.”
The move comes after Mr. Ofori-Atta served as finance minister for seven years, navigating a period of economic crisis marked by both ambitious goals and difficult realities.
Prior to his appointment as Minister, he co-founded Databank, a prominent Ghanaian financial services company, and held numerous board positions in various industries.
In his new office, Ofori-Atta is expected to leverage his extensive experience and network to attract international investment and strengthen private sector participation in Ghana’s development.
His new role leverages his proven track record in finance and international engagement. He was the first African to testify before the U.S. Congress in support of the African Growth and Opportunity Act and has held leadership positions in international organizations such as the World Bank/IMF Development Committee and the African Capacity Building Foundation.
However, his tenure as finance minister was not without controversy. He faced criticism over Ghana’s rising debt levels and the impact of his economic policies.
In May 2021, Ofori-Atta said at a press conference that Ghana would not seek support from African countries. international monetary fund (IMF) is working to manage the growing debt situation. This was behind the Ghanaian government’s ambitious plan, Ghana Beyond Aid, announced by President Akufo-Addo in 2018. However, a press statement issued by the Ministry of Finance follows President Akufo-Addo’s directive to the Minister of Finance to formally engage with the 18th International Monetary Fund in July 2022, indicating that the Ghanaian government has made its debt sustainable. indicated that it would engage with the IMF for support to manage the situation to a safe level. economic program.
In December 2022, the IMF reached a staff-level agreement for Ghana’s $3 billion debt relief with Board approval in early 2023, as indicated in Ofori-Atta’s press conference. On May 17, 2023, the IMF Executive Board approved his $3 billion expanded credit facility arrangement for Ghana.
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