Kenneth Nana Yaw Ofori-Atta (born 7 November 1958),[1][2][3] is a Ghanaian investment banker[4] who served as the Minister for Finance and Economic Planning in the cabinet of Nana Akufo-Addo.[5] He was a co-founder of Databank Group, a Ghanaian financial services company, and served as executive chairman until 2012 when he resigned.[6] He was nominated by PresidentNana Akufo-Addo on 10 January 2017 and assumed office on 27 January 2017 as finance minister.[7][8] On February 14, 2024, he was relieved of his position as the finance minister of Ghana by Nana Akufo-Addo.[9]
Ofori-Atta co-founded Databank Financial Services with Keli Gadzekpo and Togbe Afede XIV in 1990; he served as its executive chairman until 14 February 2012 when he went on retirement.[16] He has other business interests in Insurance, Retail Banking, Private Equity, Microfinance, Pharmaceuticals, and Real Estate.
Ofori-Atta was President Nana Akufo-Addo’s nominee to assess the health of the economy during the transition period after the 2016 elections.[16]
In May 2017, Akufo-Addo named Ken Ofori-Atta as part of nineteen ministers who would form his cabinet.[20] The names of the 19 ministers were submitted to the Parliament of Ghana and were announced by the Speaker of the House, Aaron Mike Oquaye.[20] As a cabinet minister, Ken Ofori-Atta was an integral part of the inner circle of president Akufo-Addo.[20]
Ofori-Atta was elected Chair of the World Bank/IMF Development Committee at the 2018 Spring Meetings and also Chairs the Governing Board of the African Capacity Building Foundation (ACBF). In addition, he Chaired the African Caucus at the World Bank.
Ken Ofori-Atta, as Minister of Finance made a comment that, the World Bank has projected that if not tackled, climate change might lead to a yearly cost of around 1.7% of Ghana's GDP by 2030.[21]
Parliamentary Motion of Censureedit
On 25 October 2022, 80 out of the 137 New Patriotic Party (NPP) lawmakers dared President Nana Akufo-Addo to sack Ofori-Atta as Finance Minister citing his inability to properly handle the Ghanaian economy.[22][23][24][25][26][27][28] Akufo-Addo sacked Ofori-Atta's deputy over corruption claims but kept Ofori-Atta at post saying that there is no basis for sacking him.[29][30][31][32]
In November 2022, a motion of censure was started to remove Ofori-Atta from office due to the decline of Ghana's economy, leading to the Ghanaian cedi being ranked as one of the worst in the world. The motion failed as it was not able to gain two-thirds majority to pass, securing only 136 votes out of 275 votes.[33][34][35][36][37][38][39]
IMF Bailoutedit
In May 2021, 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.[40][41] This was on the back of the Government of Ghana's ambitious agenda of 'Ghana Beyond Aid' unveiled in 2018 by President Akufo-Addo.[42][43][44] 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.[45][46]
In December 2022, the IMF reached a staff-level agreement on Ghana's $3 bilion debt bailout with board approval in early 2023 as indicated in a press conference by Ofori-Atta.[47][48][49][50][51]
On 17 May 2023, the IMF Board approved a $3-billion Extended Credit Facility Arrangement for Ghana.[52][53][54][55][56][57]
On 14 February 2024, he was replaced as finance minister by President Akufo-Addo in a cabinet reshuffle following criticism of his handling of the country's economic woes. He was replaced by Mohammed Amin Adam.[64]
Other activitiesedit
Joint World Bank-IMF Development Committee, Chair (since 2018)[65][66]
He was honored by PricewaterhouseCoppers Ghana twice as one of the Top 5 Most Respected CEOs in Ghana.
In May 2018, he was adjudged Best Africa Finance Minister of the year by London-based magazine The Banker.
He was named one of Africa's most politically connected bankers by The Africa Report in 2021.[76]
Personal lifeedit
Marriage and childrenedit
He is married to Professor Angela Lamensdorf Ofori-Atta, an associate professor in Clinical Psychology at the University of Ghana Medical School and former deputy minister for Manpower Development and Employment from 2003 to 2005 under the Kufour administration.[77] Ofori-Atta has four children with his wife.[78][79][80]
COVID-19, health and death rumorsedit
There were rumors that Ofori-Atta died from COVID-19 after testing positive when he traveled to the United States on 15 February 2021 for medical review. The Ministry of Finance in a statement denied that he had died but acknowledged that he was receiving treatment outside Ghana due to medical complications after contracting COVID-19 in December 2020.[81][82]
Referencesedit
^Magdalene Teiko Larnyoh (8 November 2019). "Here is how Ghana's Finance Minister, Ken Ofori-Atta celebrated his 60th birthday". pulse Nigeria. Retrieved 4 September 2021.[permanent dead link]
^Rodgers, Ferdie (2021-08-14). "Ken Ofori Atta bio: early life, age, father, family, latest news". Yen Ghana. Retrieved 2023-09-07.
^Estelle Maussion (11 February 2021). "Africa's most politically powerful bankers: Hott, Kooli and Ofori-Atta". theafrica report. Retrieved 4 September 2021.
^"Finance Minister justifies establishment of Development Bank Ghana". Citinewsroom. 2021-05-20. Retrieved 2021-05-21.
^"MSMEs to enjoy low interest rates with creation of Development Bank Ghana – Ofori-Atta". Citi Business News. 2021-05-21. Retrieved 2021-05-21.
^"Home | Ministry of Finance | Ghana". mofep government Ghana. Archived from the original on 2017-03-02.
^"Ghanaian role models – GC Banner | GhanaConscious – A free-thinker's association". ghanaconscious. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
^"Ken Ofori-Atta: Executive Profile & Biography – Businessweek". Businessweek. Archived from the original on 2015-06-09. Retrieved 2015-05-30.
^"Ken Ofori-Atta's Big Hairy Audacious Goals". 2012-08-24. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
^"Officer Profile | Quotes | Reuters.co.in". in reuters. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
^"Okyenheneba Dr Akwasi Jones Ofori-Atta". myjoyonline. 2 December 2020. Retrieved 8 November 2021.
^Ken Ofori-Atta (2009). Leadership, Entrepreneurship, and Values: Selected Speeches, Statements, and Writings. Frangipani, 2009. p. 234. ISBN 978-9988847289. Uncle Fred found temporary jobs for us as Mathematics teachers at Accra Academy after our dismal A-Level results; he helped us to raise funds for the Jubilee Achimotan Magazine in 1976, as Frank and I were on the editorial board… He was thus most engaged in our decision to go to college in America, and Frank and I left a week apart in August 1980
^ abcKwasi Kpodo (January 8, 2017), Ghana's new president to name investment banker as finance minister Reuters.
^"Pan African Capital Group LLC / Our Team". panafricancapital. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
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^ abcFM, Citi. "Arts Minister Catherine Afeku makes it to Cabinet". ghanaweb. Archived from the original on 31 July 2017. Retrieved 7 July 2017.
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^"Sack Ofori-Atta and Adu Boahen now – Some Majority MPs demand". Citinewsroom. 2022-10-25. Retrieved 2023-07-19.
^Akorlie, Christian; Inveen, Cooper (2022-10-26). "Ghana ruling party MPs coalition asks president to sack finance minister". Reuters. Retrieved 2023-07-19.
^"Sack Ken Ofori-Atta – Majority MPs tell Akufo-Addo". myjoyonline. 25 October 2022. Retrieved 2023-07-19.
^"Traders Hail Majority Over Calls To Sack Ofori-Atta". Peacefmonline. Retrieved 2023-07-19.
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^"There is no basis to sack Ofori-Atta – Akufo-Addo". myjoyonline. 17 October 2022. Retrieved 2023-07-19.
^"Ghana president fires junior finance minister over mining expose". aljazeera. Retrieved 2023-07-19.
^"There is no basis to sack Ken Ofori-Atta – Prez Akufo-Addo". 2022-10-17. Retrieved 2023-07-19.
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^"Ghana: Parliament probes Finance Minister Ofori-Atta amidst censure notice". The Africa Report. Retrieved 2023-07-19.
^"Vote of censure: Vote to remove Ghana Finance Minister fail sake of majority lawmakers walk out from parliament". BBC News Pidgin. 2022-12-08. Retrieved 2023-07-19.
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^"Vote of censure against Ofori-Atta fails as majority stage walkout". Pulse Ghana. 2022-12-09. Retrieved 2023-07-19.
^"Ofori-Atta safe as vote of censure fails amidst Majority walkout". Citinewsroom. 2022-12-08. Retrieved 2023-07-19.
^"Ghana Lawmakers to Debate Censure Motion Against Finance Chief". Bloomberg. 2022-12-08. Retrieved 2023-07-19.
^"Ghana will do without IMF assistance (Ken Ofori-Atta)". Ecofin Agency. Retrieved 2023-07-19.
^"We are not going to IMF for bailout – Ofori-Atta". Ghanaian Times. 2021-11-11. Retrieved 2023-10-14.
^"We are not going to IMF for bailout – Ofori-Atta". Ghanaian Times. 2021-11-11. Retrieved 2023-07-19.
^"Govt has no intention to seek IMF bailout – Ofori-Atta". Graphic News. Retrieved 2024-02-15.
^"Why Ofori-Atta was made caretaker trade minister – Akufo-Addo's lawyer explains". GhanaWeb. 2023-01-07. Retrieved 2023-09-07.
^"Ofori-Atta appointed caretaker of Trade Ministry". Citinewsroom – Comprehensive News in Ghana. 2023-01-06. Retrieved 2023-09-07.
^Akorlie, Christian; Adombila, Maxwell (14 February 2024). "Ghana president replaces finance minister in reshuffle". Reuters. Retrieved 14 February 2024.
^Chair Joint World Bank-IMF Development Committee.
^"Finance Minister to chair World Bank Devt Committee". Citi Business News. 2018-05-23. Retrieved 2023-09-07.