Kwasi Kwarteng of Ghanaian descent has been relieved of his duties as the Finance Minister of the United Kingdom.

He was appointed on Tuesday, September 6, 2022 by newly sworn-in Prime Minister Liz Truss.

Mr Kwarteng was the first black person to assume such a position in the United Kingdom.

His dismissal comes amid speculation that Prime Minister Truss will today, October 14, announce a U-turn on parts of the mini-budget.

Mr Kwasi Kwarteng, serving for 39 days, becomes the second shortest-serving UK chancellor on record.

The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.

Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days - the fourth shortest tenure on record.

Kwasi Kwarteng reacts

In a letter to the Prime Minister, Kwarteng said he took on the job "in full knowledge that the situation we faced was incredibly difficult".

He wished Prime Minister Liz Truss well with her plans for the economy, noting that "we've been colleagues and friends for many years".

He also promised  to support Truss from the backbenches.