Don’t blame Ofori-Atta for economic woes - Development Economist

George Domfe, the development economist, has said Finance Minister Ken Ofori-Atta cannot be blamed for the current economic woes Ghana is facing. According to him, the minister has discharged his duties excellently and cannot be blamed for the current economic struggles fueled by external factors. “When you look at Ghana’s growth trajectory prior to 2020, it is clear that the finance minister did an excellent job in managing the economy. However, the influx of the COVID-19 pandemic and the Russia-Ukraine war has eroded the gains,” Domfe said. “Cast your mind back to 2017 when he took over as finance minister,” Domfe told Accra-based Peace FM. “He managed to stabilise the dollar for a very long time. The dollar until this year was selling at GHC6. This shows the kind of work he did to stabilise it.” “Unfortunately, the US decided to hike their prime rates which is forcing our cedi to fall rapidly. So, I don’t understand the call for his dismissal,” he added. Ofori-Atta has come under immense pressure to resign from his post with the most recent coming from a section of the governing New Patriotic Party MPs. The lawmakers, numbering about 80 called for his dismissal to boost government’s chances of restoring confidence in Ghana’s economy. However, Domfe dismissed their request insisting that there is no basis for President Nana Akufo-Addo to relieve him of his duties, citing the instrumental role Ofori-Atta played in steering the country towards sound economic footing prior to 2020. Notably, he said, the minister was able to keep the country’s inflation at a single digit, supervised the implementation of the Fiscal Responsibility Act and managed to achieve a 7% growth in the economy in 2019.

George Domfe, the development economist, has said Finance Minister Ken Ofori-Atta cannot be blamed for the current economic woes Ghana is facing. According to him, the minister has discharged his duties excellently and cannot be blamed for the current economic struggles fueled by external factors. “When you look at Ghana’s growth trajectory prior to 2020, it is clear that the finance minister did an excellent job in managing the economy. However, the influx of the COVID-19 pandemic and the Russia-Ukraine war has eroded the gains,” Domfe said. “Cast your mind back to 2017 when he took over as finance minister,” Domfe told Accra-based Peace FM. “He managed to stabilise the dollar for a very long time. The dollar until this year was selling at GHC6. This shows the kind of work he did to stabilise it.” “Unfortunately, the US decided to hike their prime rates which is forcing our cedi to fall rapidly. So, I don’t understand the call for his dismissal,” he added. Ofori-Atta has come under immense pressure to resign from his post with the most recent coming from a section of the governing New Patriotic Party MPs. The lawmakers, numbering about 80 called for his dismissal to boost government’s chances of restoring confidence in Ghana’s economy. However, Domfe dismissed their request insisting that there is no basis for President Nana Akufo-Addo to relieve him of his duties, citing the instrumental role Ofori-Atta played in steering the country towards sound economic footing prior to 2020. Notably, he said, the minister was able to keep the country’s inflation at a single digit, supervised the implementation of the Fiscal Responsibility Act and managed to achieve a 7% growth in the economy in 2019.