Ofori-Atta to be appointed Presidential advisor on economy

Ken Ofori-Atta, the former Minister for Finance, will soon be named Senior Presidential Advisor on the Economy, The Chronicle has learned.

He is also to be named as the President’s Special Envoy on International Investment and Capital Markets, deep-throat sources have told The Chronicle.

The Minister for Finance is not the only person to be given a new post after the reshuffle. The former Minister for Environment, Science, Technology and Innovation, Dr. Kwaku Afriyie, who was relieved of his position on Wednesday, February 14, 2024, is tabled to be named as President’s Special Envoy on Climate.

The new portfolio follows the major changes President Akufo-Addo made to his cabinet, which saw Mr. Ofori-Atta being dropped from the finance ministry.

He has been in charge of the sector for the past seven years, since 2017, when the Akufo-Addo government took over the reins of power.

GLOBAL TRENDS

The appointment of a special envoy on climate change is not alien to global trends. Checks revealed that countries like France, China, United States of America and the United Kingdom have all appointed climate envoys.

Also, international non-governmental organizations, such as the International Monetary Fund, the United Nations and the World Bank have all made such appointments.

EFFORT

Ken Ofori-Atta, since the second term of the Akufo-Addo government, has been supervising Ghana’s debt restructuring measures, following the economic crisis.

For instance, inflation rose above 50% in the later part of 2023, and the cedi plummeted against the dollar.

Prior to his exit, the former Minister for Finance suffered calls for him to step down, a protest championed by both the majority and minority members of parliament.

Meanwhile, the Ghanaian economy has started to recover. Inflation, for instance, is currently at 23.5%.

The recovery is attributed to the US$3 billion IMF-supported Post-Covid-19 Programme for Economic Growth (PC-PEG).In January this year, the government reached a deal with its external creditors to restructure the $5.4 billion in loans it owed.

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