Ghana’s finance minister mentioned on Friday that he was “really sorry” for the nation’s financial hardship however defended himself towards accusations that he’s unfit for the job.
Kenneth Ofori-Atta confronted an inquiry from lawmakers for his monetary administration, as the federal government got here beneath growing stress and President Nana Akufo-Addo confronted rising criticism for what has grow to be Ghana’s worst financial disaster.
The federal government has been negotiating as much as $3bn in credit score from the Worldwide Financial Fund (IMF) to assist shore up public funds.
like the remainder of the continent, it has been hit onerous by fallout from the worldwide pandemic and the Ukraine struggle. Regardless of it being a prime cocoa and gold producer, Ghana additionally has oil and fuel reserves, however its debt service funds are excessive and
The Ghanaian cedi has plummeted greater than 40% this yr, straining importers of each uncooked and processed supplies. Shopper inflation hit a 21-year excessive of 40.4% in October on the again of hovering import prices.
In opposition to 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 analyze opposition allegations that he has been benefitting from Ghana’s financial woes by unlawful funds and unethical contracts, amongst different expenses.
Nevertheless, the minister mentioned he was involved concerning the West African nation’s woes, including that the accusations had been false.
“I acknowledge our financial system is going through difficulties and the individuals of Ghana are enduring hardships,” he mentioned.
“Because the particular person, President Akufo-Addo has put accountable for this financial system, I really feel the ache personally, professionally, and in my soul.”
He additionally denied claims that he had misreported financial knowledge to parliament and that his insurance policies had been responsible for the cedi’s steep decline. “The concept that the depreciation of the cedi is a results of monetary threat and recklessness shouldn’t be supported by the accessible details,” mentioned Ofori-Atta.
The parliamentary committee will probe the allegations towards the minister earlier than deciding to current a movement of censure to the parliament, which is equally cut up between the governing NPP and the opposition NDC get together. 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 referred to as for the president’s resignation amid spiralling meals and gasoline prices.