Bolgatanga Central MP, Isaac Adongo, has expressed shock over the tenure of former Finance Minister Ken Ofori-Atta, criticising his handling of Ghana’s economy.
Speaking in an interview with GHOne TV, monitored by Mynewsgh.com, Adongo questioned how Ofori-Atta, who once assured investors of Ghana’s economic stability, later admitted the country could not meet its debt obligations.
“Eeii, at the peril of my life. I am surprised this country ended up with such a finance minister. To be honest with you, I am very surprised we ended up like that. I am extremely surprised. Because a finance minister who, as late as February 2022, was convincing people to give us $3 billion because the economy was robust, in seven, eight months’ time, this man wrote a letter to the same people that we can’t pay you. He didn’t write to them; he posted an open letter—’to whom it may concern,’” he said.
Background of Ken Ofori-Atta’s Scandals
Ken Ofori-Atta, who served as Ghana’s Finance Minister from 2017 to 2023, was at the centre of multiple financial controversies during his tenure.
Under his leadership, Ghana faced severe economic challenges, including high inflation, a depreciating cedi, and a mounting debt crisis that forced the country to seek an IMF bailout.
One of the major scandals surrounding Ofori-Atta was the government’s controversial domestic debt exchange programme, which led to massive losses for bondholders, including pensioners who protested against its implementation.
Additionally, Ofori-Atta was accused of conflict of interest due to his involvement with Databank, an investment firm he co-founded, which allegedly benefited from government bond transactions.
These concerns, coupled with allegations of mismanagement, led to calls for his dismissal.
In late 2022, a group of Majority MPs joined the Minority in Parliament to demand his removal, citing economic mismanagement.
However, despite public outcry and pressure from Parliament, President Nana Akufo-Addo kept him in office until his tenure ended in 2023.
Adongo’s remarks add to the continuing debate over Ofori-Atta’s legacy, with critics blaming him for Ghana’s financial crisis and the country’s dependence on an IMF bailout.
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