Ghana’s finance minister ‘really sorry’ for financial disaster, fends off criticism

Ghana’s finance minister ‘really sorry’ for financial disaster, fends off criticism

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 underneath rising stress and President Nana Akufo-Addo confronted rising criticism for what has turn into 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 high 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 removing from workplace. Final week, parliament arrange a committee to analyze opposition allegations that he has been benefitting from Ghana’s financial woes via unlawful funds and unethical contracts, amongst different fees.

Nevertheless, the minister mentioned he was involved in regards to the West African nation’s woes, including that the accusations had been false.

“I acknowledge our economic system is going through difficulties and the folks of Ghana are enduring hardships,” he mentioned.

“Because the individual, President Akufo-Addo has put answerable for this economic 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 in charge for the cedi’s steep decline. “The concept the depreciation of the cedi is a results of monetary danger and recklessness isn’t supported by the out there information,” 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 break up between the governing NPP and the opposition NDC occasion. 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 known as for the president’s resignation amid spiralling meals and gasoline prices.

Further sources • Aljazeera

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