President Akufo-Addo has clarified the reason for replacing Ken Ofori-Atta as Finance Minister during the February ministerial reshuffle.

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He stated that after seven years in the position, Ofori-Atta needed a break.

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The President made this explanation while discussing with IMF Managing Director, Kristalina Georgieva, at the Jubilee House over the weekend, emphasizing the necessity of the decision.

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“Since last year, we have made some important changes in our government. Your old friend, Mr. Ofori-Atta has had seven years as a Finance Minister and I thought it was time for him to wind down and take on more narrow roles.

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"And the new Minister of Finance is someone you have met before... now he has stepped forward,” he explained.

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President Akufo-Addo made significant changes to his cabinet on Wednesday, February 14, including the removal of Finance Minister Ken Ofori-Atta. This reshuffle affected around 13 current ministers of state, including 10 cabinet ministers and two regional ministers.

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Following his removal from the finance ministry, Mr. Ofori-Atta was appointed as the Senior Presidential Advisor and Special Envoy for International Finance and Private Sector Investments. In this new role, he is expected to utilize his extensive experience and network to attract international investments and enhance private sector involvement in Ghana's development.

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The decision to appoint Mr. Ofori-Atta to this position sparked a debate in the media, with many market observers considering it a promotion due to his advisory role on international finance and private sector investment to President Akufo-Addo.

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President Akufo-Addo commended the former finance minister's performance and emphasized the government's commitment to balancing the aspirations of Ghanaians with the requirements of the IMF 3-year extended credit program, especially as the country approaches the December 7 general election.

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