Removal of Ofori-Atta as finance minister won't affect IMF deal – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has noted that the February 14, 2024, reshuffling which affected the Minister of Finance, Ken Ofori-Atta, will not affect government's commitment to implementing the financial bailout programme with the International Monetary Fund (IMF).

“The Reshuffle will not affect the government’s commitment to implementing the programme with the IMF,” he said.

President Akufo-Addo made this known while delivering the State of the Nation address in parliament on Tuesday, February 27, 2024.

Ken Ofori-Atta after his removal as the Minister of Finance was appointed as the senior presidential adviser and special envoy for international trade and investments by President Akufo-Addo.

About the IMF deal

As part of measures to tame high inflation and stabilize the economy, government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, IMF's executive board approved Ghana's $3 billion loan facility.

The first tranche of $600million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

The IMF programme, according to the government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

SA/NOQ