President Nana Addo Dankwa Akufo-Addo and his finance minister Ken Ofori-Atta, according to Prince Kofi Amoabeng, the founder of the now-defunct UT Bank, have failed to manage the economy effectively.

He claimed that because he was the one who appointed the Finance Minister, Mr. Akufo-Addo must accept responsibility for his failure.

He added, "Of course if you fail with the planning and management of the Finances of the country you have failed," on the Business Focus with Paa Kwesi Asare on TV3 on Monday, October 3.

“So yes [the Finance Minister] has failed, there is no too waste about,”

When his attention was drawn to the fact that the President has expressed confidence in his appointees including Mr Ofori-Atta, Mr Amoabeng whose bank went under during the banking sector cleanup exercise undertaken by the Bank of Ghana, said “the president has failed first, so if you ask me, it is the president who has failed, everything starts with leadership, he appoints everyone and so if you appoint wrong people you must take responsibility for it. You can delegate authority not responsibility.”

President Akufo-Addo recently gave an indication that he was satisfied with the work of his appointees.

He said that most of his ministers have worked up to expectation. He said their output has been considerable and that is what he looks at.

Mr Akufo-Addo said these when asked for his views on calls to reshuffle his ministers while speaking on North Star Radio in Tamale as part of his two-day tour of the Northern Region on Monday August 8.

“Many of them for me have done outstanding work,” he said.

“Their output has been considerable, and that is what I look at,” he added.

The president further indicated that “If the output measures expectations, then I don’t have any strong reasons to heed the call.”