Finance Minister Ken Ofori-Atta has rejected allegations of recklessness and mismanagement, insisting he acted responsibly in managing Ghana’s economy while appearing before Parliament’s ad hoc committee investigating a censure motion against him.
The minister acknowledged the economic hardships facing Ghanaians, saying he personally felt the impact of rising prices and the cost-of-living crisis. However, he maintained that the government’s economic challenges were driven largely by global shocks rather than poor management.
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Responding to allegations of unconstitutional withdrawals for the National Cathedral project, Ofori-Atta denied breaching the Constitution. He explained that the payments were made from the Contingency Vote under the “Other Government Obligations” budget line, not the Constitutionally established Contingency Fund.
He also dismissed claims that the Ministry of Finance deliberately misreported economic data to Parliament, insisting that all fiscal reports complied with the Public Financial Management Act and that Ghana’s reporting standards had been accepted by the International Monetary Fund (IMF).
On the depreciation of the cedi, the Finance Minister argued that the currency had remained relatively stable between 2017 and 2021, adding that the sharp decline experienced in 2022 was linked to global economic pressures rather than fiscal recklessness.
Ofori-Atta further defended his tenure by citing improvements in economic growth, inflation, and exchange rate stability before the COVID-19 pandemic. He attributed much of Ghana’s rising debt burden to inherited energy sector liabilities, the banking sector clean-up, and COVID-19-related spending.
The parliamentary committee is examining five allegations against the Finance Minister as part of a censure motion seeking his removal from office.
