President Nana Addo has appointed Ken Ofori-Atta as the Senior Presidential Advisor and Special Envoy for International Finance and Private Sector Investments.
This is coming after he was replaced by Dr Mohammed Amin Adam as the Finance Minister.
Details of the appointment were disclosed in a letter dated February 15, 2023 from the Office of the President and signed by the Chief of Staff, Akosua Frema Osei-Opare.
The new position is seen by market watchers as a promotion since he will advise President Akufo-Addo on matters of international finance and private sector investment.
The letter reads,” I am pleased to inform you [Ken Ofori-Atta] that the President of the Republic has appointed you as the Senior Presidential Advisor and Special Envoy for International Finance and Private Sector Investments.”
“I take this opportunity to congratulate you formally on your reassignment and wish you the very best in this new office. Please accept the President’s best wishes”.
This transition comes after Mr. Ofori-Atta served as Finance Minister for seven years, navigating critical economic periods marked by both ambitious goals and challenging realities
Prior to his ministerial role, he co-founded Databank, a prominent Ghanaian financial services company, and held numerous board positions across diverse industries.
In this new office, Mr. Ofori-Atta is expected to leverage his extensive experience and network to attract international investments and bolster 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 US Congress in support of the Africa Growth and Opportunity Act, and held leadership positions in international organizations like the World Bank/IMF Development Committee and the African Capacity Building Foundation.
However, his tenure as Finance Minister wasn’t without controversy. He faced criticism for Ghana’s rising debt levels and the impact of economic policies.
In May 2021, Mr. Ofori-Atta in a press conference indicated that Ghana will not seek the assistance of the International Monetary Fund (IMF) in managing the rising debt situation. This was on the back of the Government of Ghana’s ambitious agenda of ‘Ghana Beyond Aid’ unveiled in 2018 by President Akufo-Addo. However, a press statement issued by the Finance Ministry indicated the Government of Ghana’s engagement with the IMF for assistance in managing its debts to sustainable levels after President Akufo-Addo directed the Finance Minister in July 2022 to formally engage the International Monetary Fund for an 18th economic programme.
In December 2022, the IMF reached a staff-level agreement on Ghana’s $3 billion debt bailout with board approval in early 2023 as indicated in a press conference by Ofori-Atta. On May 17, 2023, the IMF Board approved a $3-billion Extended Credit Facility Arrangement for Ghana.
