Finance minister Kenneth Ofori-Atta confronted an enquiry from lawmakers amid Ghana’s worst financial disaster in a era.
Ghana’s finance minister mentioned on Friday that he was “actually sorry” for the nation’s financial hardship however defended himself in opposition to accusations that he's unfit for the job.
Minister Kenneth Ofori-Atta confronted an inquiry from lawmakers for his monetary administration, as the federal government got here below growing strain and President Nana Akufo-Addo confronted rising criticism for what has turn out to be Ghana’s worst financial disaster in a era.
In the midst of the inquiry and disaster, the federal government has additionally been negotiating as much as $3bn in credit score from the Worldwide Financial Fund (IMF) to assist shore up public funds.
A high cocoa and gold producer, Ghana additionally has oil and gasoline reserves, however its debt service funds are excessive and like the remainder of the continent it has been hit arduous by fallout from the worldwide pandemic and the Ukraine warfare.
The Ghanaian cedi has plummeted greater than 40 p.c this 12 months, straining importers of each uncooked and processed supplies. Shopper inflation hit a 21-year excessive of 40.4 p.c in October on the again of hovering import prices.
Towards this backdrop, Ofori-Atta has confronted censure with lawmakers from each main political events calling for his elimination from workplace. Final week, parliament arrange a committee to research opposition allegations that he has been benefitting from Ghana’s financial woes by way of unlawful funds and unethical contracts, amongst different fees.
In his first public feedback on the matter, the embattled minister mentioned he was involved concerning the West African nation’s woes, however added that the accusations have been unfounded.
“I acknowledge our economic system is dealing with difficulties and the folks of Ghana are enduring hardships,” he mentioned.
“Because the particular person President Akufo-Addo has put answerable for this economic system, I really feel the ache personally, professionally, and in my soul.”
He mentioned that by the top of the listening to, the “unfounded doubts about my motives, my competence and my character would have been dispelled”.
He additionally denied claims that he had misreported financial knowledge to parliament and that his insurance policies have been guilty for the cedi’s steep decline. “The concept that the depreciation of the cedi is a results of fiscal threat and recklessness just isn't supported by the out there details,” mentioned Ofori-Atta.
The parliamentary committee will probe the allegations in opposition to the minister earlier than deciding to current a movement of censure to the parliament, which is equally break up between the governing NPP and the opposition NDC social gathering. The president has the ultimate phrase on whether or not to dismiss the minister.
Earlier this week, Akufo-Addo fired the federal government’s junior finance minister, Charles Adu Boahen, over corruption allegations after he appeared in an expose. Earlier this month, protesters additionally known as for the president’s resignation amid spiralling meals and gas prices.
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