Priya PatelTLDR:
Ghana’s Minister of Finance, Seth Terkper, has been replaced by Ken Ofori-Atta, a former investment banker, as part of a cabinet reshuffle by the country’s new president, Nana Akufo-Addo. Terkper negotiated a $3bn bailout package with the International Monetary Fund (IMF) in 2015, which aimed to help steer the country out of financial crisis due to falling commodity prices. The new cabinet also includes new ministers for agriculture, energy, and monitoring and evaluation.
Ghana’s new president, Nana Akufo-Addo, has replaced the country’s finance minister, Seth Terkper, as part of a cabinet reshuffle. Terkper was responsible for negotiating a $3bn bailout package with the IMF in 2015, in response to falling oil and commodity prices. The new finance minister, Ken Ofori-Atta, is a former investment banker and co-founder of Data Bank. Other changes to the cabinet include new ministers for agriculture, energy, and monitoring and evaluation.
The reshuffle comes as Ghana seeks to stabilize its economy, which has been hit hard by falling oil prices and a decline in commodity exports. Despite the bailout package, Ghana’s economy continues to struggle, with high inflation and a large fiscal deficit. The new government has promised to implement measures to promote economic growth and reduce government spending.
One of the key challenges facing the new finance minister will be managing the country’s debt burden, which is estimated to be around 72% of GDP. Ghana has been seeking to restructure its debt, including renegotiating its debts with external lenders, in order to make it more manageable.
Another challenge for Ofori-Atta will be implementing policies to promote economic growth and job creation. Ghana’s economy has been growing at a sluggish rate in recent years, and unemployment remains high. The new government has promised to focus on sectors such as agriculture and manufacturing to promote growth and create jobs.
Overall, the appointment of a new finance minister is seen as a positive move by the new government, which is seeking to implement a range of reforms to revive the country’s struggling economy. However, the challenges facing Ghana remain significant, and the new government will need to implement bold and effective policies in order to achieve its economic goals.
