Ghana President Nana Akufo-Addo announced the removal of his finance minister, Ken Ofori-Atta, as the country is set to reach a deal with private lenders to reorganize its debts.
The President announced on Wednesday that Mohammed Amin Adam, the current state finance minister, will immediately take over from Ken Ofori-Atta. Additionally, the President stated that twelve other ministers and ten deputy ministers were removed from their positions in the reshuffle.
Ofori-Atta, aged 65, has been the finance minister since 2017. He effectively managed talks to get a $3 billion loan from the International Monetary Fund and reached an agreement with other countries to reorganize Ghana’s loans.
Last month, Ghana’s government agreed with other countries to reorganize $5.4 billion in loans. They aim to reach a similar deal with private lenders by March 31. Ghana is preparing for presidential elections scheduled for early December.
Earlier, he received backlash for how he managed the country’s economic problems. Ghana’s currency dropped in value, and the interest rates on its euro bonds increased due to worries about the country’s debt sustainability.