Ken Ofori-Atta

Last updated
Ken Ofori-Atta
Ken Ofori-Atta 2019.jpg
Ken Ofori-Atta 2025
Minister for Finance and Economic Planning
In office
27 January 2017 –14 February 2024

Kenneth Nana Yaw Ofori-Atta (born 7 November 1958), [1] [2] [3] is a Ghanaian investment banker [4] who served as the Minister for Finance and Economic Planning in the cabinet of Nana Akufo-Addo from 2017 to 2024. [5] He is co-founder of Databank Group, a Ghanaian financial services company, and was executive chairman until 2012 when he resigned. [6] He was nominated by President Nana Akufo-Addo, his paternal cousin, on 10 January 2017 and assumed office on 27 January 2017 as finance minister. [7] [8] On February 14, 2024, he was relieved of his position as the finance minister of Ghana by Nana Akufo-Addo. [9]

Contents

Early life and education

Ken Ofori-Atta was born on 7 November 1958 in Kibi, a town in the Eastern Region of Ghana. [10] [11] [12] [13] He is the son of the economist and politician Jones Ofori Atta. [14] Ofori-Atta attended A.N.T. 1 Experimental School in Accra New Town for his primary school education and subsequently Achimota School for his O-Level and A-Level certificates received in 1976 and 1978 respectively. He got a temporary job as a mathematics teacher at Accra Academy in the period after his A-level at Achimota. [15] In August 1980, Ofori-Atta was enrolled at Columbia University for a B.A. in Economics. He graduated from Columbia in 1984 and worked at Morgan Stanley in New York. He studied for and received an MBA from the Yale University School of Management in 1988 and went to work for the investment bank, Salomon Brothers. [16]

Career

Finance

Ofori-Atta has business interests in Insurance, Retail Banking, Private Equity, Microfinance, Pharmaceuticals, and Real Estate.

In 1996, Ofori-Atta was the first African to testify at the US Congress Ways and Means Committee to support the African Growth and Opportunity Act.

Ofori-Atta was a director of numerous companies and a member of some other boards. He was a director for Enterprise Group Ltd and Trust Bank Ltd of The Gambia of which he is the chairman. He also was a director at the International Bank and is also a board member of the Acumen Fund. [17] [18] [19]

Political career

Ofori-Atta was President Nana Akufo-Addo’s nominee to assess the health of the economy during the transition period after the 2016 elections. [16]

In May 2017, Nana Akufo-Addo named Ken Ofori-Atta as part of nineteen ministers who would form his cabinet. [20] The names of the 19 ministers were submitted to the Parliament of Ghana and were announced by the Speaker of the House, Aaron Mike Oquaye. [20] As a cabinet minister, Ken Ofori-Atta was an integral part of the inner circle of president Akufo-Addo. [20]

Ofori-Atta was elected Chair of the World Bank/IMF Development Committee at the 2018 Spring Meetings and also Chairs the Governing Board of the African Capacity Building Foundation (ACBF). In addition, he Chaired the African Caucus at the World Bank.

During his time in office, Ofori-Atta oversaw Ghana's debt restructuring efforts after the country defaulted on most of its external debt in December 2022. [21]

Parliamentary Motion of Censure

On 25 October 2022, 80 out of the 137 New Patriotic Party (NPP) lawmakers dared President Nana Akufo-Addo to sack Ofori-Atta as Finance Minister citing his inability to properly handle the Ghanaian economy. [22] [23] [24] [25] [26] [27] [28] Akufo-Addo sacked Ofori-Atta's deputy over corruption claims but kept Ofori-Atta at post saying that there is no basis for sacking him. [29] [30] [31] [32]

In November 2022, a motion of censure was started to remove Ofori-Atta from office due to the decline of Ghana's economy, leading to the Ghanaian cedi being ranked as one of the worst in the world. The motion failed as it was not able to gain two-thirds majority to pass, securing only 136 votes out of 275 votes. [33] [34] [35] [36] [37] [38] [39]

IMF Bailout

In May 2021, Ofori-Atta in a press conference indicated that Ghana will not seek the assistance of the International Monetary Fund (IMF) in managing the rising debt situation. [40] [41] This was on the back of the Government of Ghana's ambitious agenda of 'Ghana Beyond Aid' unveiled in 2018 by President Akufo-Addo. [42] [43] [44] However, a press statement issued by the Finance Ministry indicated the Government of Ghana's engagement with the IMF for assistance in managing its debts to sustainable levels after President Akufo-Addo directed the Finance Minister in July 2022 to formally engage the International Monetary Fund for an 18th economic programme. [45] [46]

In December 2022, the IMF reached a staff-level agreement on Ghana's $3 billion debt bailout with board approval in early 2023 as indicated in a press conference by Ofori-Atta. [47] [48] [49] [50] [51]

On 17 May 2023, the IMF Board approved a $3-billion Extended Credit Facility Arrangement for Ghana. [52] [53] [54] [55] [56] [57]

On 10 January 2023, Ofori-Atta was appointed caretaker minister of the Ministry of Trade and Industry following the resignation of Alan John Kyerematen. [58] [59] [60] [61] [62] [63]

On 14 February 2024, he was replaced as finance minister by President Akufo-Addo in a cabinet reshuffle following criticism of his handling of the country's economic woes. He was replaced by Mohammed Amin Adam. [64]

In early February 2025, Ken Ofori-Atta was added to the Special Prosecutor’s wanted list over financial misconduct charges. [65] But on February 18, 2025, his name was removed after he pledged to return voluntarily. [66]

Other activities

Awards and recognition

Ofori-Atta is a Henry Crown fellow of the Aspen Institute. He was adjudged as the 2nd most respected C.E.O in Ghana. Ken is a Donaldson Fellow at Yale University in 2010 and a recipient of the John Jay Award from Columbia University in 2011. [74] [75] [76] [77] He is a co-founder of the Aspen Africa Leadership Initiative.

He was honored by PricewaterhouseCoppers Ghana twice as one of the Top 5 Most Respected CEOs in Ghana.

In May 2018, he was adjudged Best Africa Finance Minister of the year by London-based magazine The Banker .

He was named one of Africa's most politically connected bankers by The Africa Report in 2021. [78]

Personal life

Marriage and children

He is married to Professor Angela Lamensdorf Ofori-Atta, an associate professor in Clinical Psychology at the University of Ghana Medical School and former deputy minister for Manpower Development and Employment from 2003 to 2005 under the Kufour administration. [79] Ofori-Atta has four children with his wife and adopted son Ofori Atta Kwaku who is an alumuni of KNUST Culture and Tourism 2023

[80] [81] [82]

COVID-19, health and death rumors

There were rumors that Ofori-Atta died from COVID-19 after testing positive when he traveled to the United States on 15 February 2021 for medical review. The Ministry of Finance in a statement denied that he had died but acknowledged that he was receiving treatment outside Ghana due to medical complications after contracting COVID-19 in December 2020. [83] [84]

References

  1. ↑ Magdalene Teiko Larnyoh (8 November 2019). "Here is how Ghana's Finance Minister, Ken Ofori-Atta celebrated his 60th birthday". pulse Nigeria. Retrieved 4 September 2021.[ permanent dead link ]
  2. ↑ Rodgers, Ferdie (2021-08-14). "Ken Ofori Atta bio: early life, age, father, family, latest news". Yen Ghana. Retrieved 2023-09-07.
  3. ↑ "Ken Ofori-Atta, Biography". ghanaweb. Retrieved 2023-09-28.
  4. ↑ Estelle Maussion (11 February 2021). "Africa's most politically powerful bankers: Hott, Kooli and Ofori-Atta". theafrica report. Retrieved 4 September 2021.
  5. ↑ "Finance Minister justifies establishment of Development Bank Ghana". Citinewsroom. 2021-05-20. Retrieved 2021-05-21.
  6. ↑ "MSMEs to enjoy low interest rates with creation of Development Bank Ghana – Ofori-Atta". Citi Business News. 2021-05-21. Retrieved 2021-05-21.
  7. ↑ "Home | Ministry of Finance | Ghana". mofep government Ghana. Archived from the original on 2017-03-02.
  8. ↑ "Ken Ofori-Atta, Biography". ghanaweb. Retrieved 2023-10-14.
  9. ↑ GNA (2024-02-14). "President reshuffles Cabinet,".{{cite web}}: Missing or empty |url= (help)
  10. ↑ "Ghanaian role models – GC Banner | GhanaConscious – A free-thinker's association". ghanaconscious. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  11. ↑ "Ken Ofori-Atta: Executive Profile & Biography – Businessweek". Businessweek. Archived from the original on 2015-06-09. Retrieved 2015-05-30.
  12. ↑ "Ken Ofori-Atta's Big Hairy Audacious Goals". 2012-08-24. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  13. ↑ "Officer Profile". Reuters. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  14. ↑ "Okyenheneba Dr Akwasi Jones Ofori-Atta". myjoyonline. 2 December 2020. Retrieved 8 November 2021.
  15. ↑ Ken Ofori-Atta (2009). Leadership, Entrepreneurship, and Values: Selected Speeches, Statements, and Writings. Frangipani, 2009. p. 234. ISBN   978-9988847289. Uncle Fred found temporary jobs for us as Mathematics teachers at Accra Academy after our dismal A-Level results; he helped us to raise funds for the Jubilee Achimotan Magazine in 1976, as Frank and I were on the editorial board… He was thus most engaged in our decision to go to college in America, and Frank and I left a week apart in August 1980
  16. 1 2 Kwasi Kpodo (January 8, 2017), Ghana's new president to name investment banker as finance minister Reuters .
  17. ↑ "Pan African Capital Group LLC / Our Team". panafricancapital. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  18. ↑ "Ken N. Ofori-Atta". 4-traders. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  19. ↑ "Enterprise Group". enterprisegroup ghana. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  20. 1 2 3 FM, Citi. "Arts Minister Catherine Afeku makes it to Cabinet". ghanaweb. Archived from the original on 31 July 2017. Retrieved 7 July 2017.
  21. ↑ Christian Akorlie and Maxwell Akalaare Adombila (14 February 2024), Ghana president replaces finance minister in reshuffle   Reuters .
  22. ↑ "Ghana: Pressure on Akufo-Addo to sack Finance Minister Ofori-Atta over hardships". The Africa Report. Retrieved 2023-07-19.
  23. ↑ Awal, Mohammed (2022-10-25). "Sack Ken Ofori-Atta to restore hope in financial sector – Majority MPs to Akufo-Addo". The Business & Financial Times. Retrieved 2023-07-19.
  24. ↑ "Sack Ofori-Atta and Adu Boahen now – Some Majority MPs demand". Citinewsroom. 2022-10-25. Retrieved 2023-07-19.
  25. ↑ Akorlie, Christian; Inveen, Cooper (2022-10-26). "Ghana ruling party MPs coalition asks president to sack finance minister". Reuters. Retrieved 2023-07-19.
  26. ↑ "Sack Ken Ofori-Atta – Majority MPs tell Akufo-Addo". myjoyonline. 25 October 2022. Retrieved 2023-07-19.
  27. ↑ "Traders Hail Majority Over Calls To Sack Ofori-Atta". Peacefmonline. Retrieved 2023-07-19.
  28. ↑ "80 NPP MPs call on Akufo-Addo to sack Ofori-Atta and Adu Boahen immediately". Pulse Ghana. 2022-10-25. Retrieved 2023-07-19.
  29. ↑ "There is no basis to sack Ofori-Atta – Akufo-Addo". myjoyonline. 17 October 2022. Retrieved 2023-07-19.
  30. ↑ "I Won't Sack Ofori-Atta – Akufo-Addo". DailyGuide Network. 2022-10-18. Retrieved 2023-07-19.
  31. ↑ "Ghana president fires junior finance minister over mining expose". aljazeera. Retrieved 2023-07-19.
  32. ↑ "There is no basis to sack Ken Ofori-Atta – Prez Akufo-Addo". 2022-10-17. Retrieved 2023-07-19.
  33. ↑ "Ghana: 'I am not guilty, but I am sorry for the hardship' says Finance Minister Ofori-Atta". The Africa Report. Retrieved 2023-07-19.
  34. ↑ "Ghana: Parliament probes Finance Minister Ofori-Atta amidst censure notice". The Africa Report. Retrieved 2023-07-19.
  35. ↑ "Vote of censure: Vote to remove Ghana Finance Minister fail sake of majority lawmakers walk out from parliament". BBC News Pidgin. 2022-12-08. Retrieved 2023-07-19.
  36. ↑ "Ofori-Atta 'acquitted' as vote of censure motion fails". GhanaWeb. 2022-12-08. Retrieved 2023-07-19.
  37. ↑ "Vote of censure against Ofori-Atta fails as majority stage walkout". Pulse Ghana. 2022-12-09. Retrieved 2023-07-19.
  38. ↑ "Ofori-Atta safe as vote of censure fails amidst Majority walkout". Citinewsroom. 2022-12-08. Retrieved 2023-07-19.
  39. ↑ "Ghana Lawmakers to Debate Censure Motion Against Finance Chief". Bloomberg. 2022-12-08. Retrieved 2023-07-19.
  40. ↑ "Ghana will do without IMF assistance (Ken Ofori-Atta)". Ecofin Agency. Retrieved 2023-07-19.
  41. ↑ "We are not going to IMF for bailout – Ofori-Atta". Ghanaian Times. 2021-11-11. Retrieved 2023-10-14.
  42. ↑ "We are not going to IMF for bailout – Ofori-Atta". Ghanaian Times. 2021-11-11. Retrieved 2023-07-19.
  43. ↑ "Govt has no intention to seek IMF bailout – Ofori-Atta". Graphic News. Retrieved 2024-02-15.
  44. ↑ "Akufo-Addo outlines policies for 'Ghana beyond aid'". GhanaWeb. 2018-03-07. Retrieved 2023-09-09.
  45. ↑ "Finance Minister Briefs Media on Economy and IMF Negotiations". mofep.gov.gh. Retrieved 2023-07-19.
  46. ↑ Awal, Mohammed (2022-07-07). "18th IMF bailout: Time to break the vicious cycle". The Business & Financial Times. Retrieved 2023-07-19.
  47. ↑ "IMF agrees to Ghana $3bn debt bailout". Aljazeera. Retrieved 2023-07-19.
  48. ↑ "IMF Reaches Staff-Level Agreement on a $3 billion, three years Extended Credit Facility with Ghana". IMF. Retrieved 2023-07-19.
  49. ↑ Komminoth, Leo (2022-12-13). "Ghana receives $3bn bailout from the IMF". African Business. Retrieved 2023-07-19.
  50. ↑ "At last: Ghana gets $3bn IMF loan …$600 million to be released immediately". Ghanaian Times. 2023-05-18. Retrieved 2023-09-09.
  51. ↑ "$3bn IMF bailout: Ghana to receive 1st tranche by 2023 first quarter". Citinewsroom. 2022-12-13. Retrieved 2023-09-09.
  52. ↑ "IMF Executive Board Approves US$3 Billion Extended Credit Facility Arrangement for Ghana". IMF. Retrieved 2023-07-19.
  53. ↑ "IMF board approves Ghana's $3bn bailout to revive ailing economy". Citinewsroom. 2023-05-17. Retrieved 2023-07-19.
  54. ↑ "Transcript of IMF Press Briefing on Ghana". IMF. Retrieved 2023-07-19.
  55. ↑ "Ghana IMF loan: Will $3bn solve the economic crisis?". BBC News. 2023-05-18. Retrieved 2023-07-19.
  56. ↑ "IMF approves $3bn loan for Ghana to ease economic crisis". TheCable. 2023-05-18. Retrieved 2023-07-19.
  57. ↑ "Ghana Embassy in China commends Chinese president for role in approval of $3bn IMF bailout". GhanaWeb. 2023-05-22. Retrieved 2023-09-09.
  58. ↑ "President Akufo-Addo Accepts Alan Kyerematen's Resignation". Presidency Republic of Ghana. 10 January 2023.
  59. ↑ "President Akufo-Addo Accepts Alan's Resignation; Ken Ofori-Atta To Act As Caretaker Trade Minister". Peacefmonline. Retrieved 2023-09-07.
  60. ↑ Annan, Ekow (2023-01-06). "More responsibilities: Ofori-Atta appointed caretaker minister for Trade". Yen Ghana. Retrieved 2023-09-07.
  61. ↑ Agyeman, Adwoa (2023-01-07). "Ken Ofori-Atta now acting Trades Minister". Adomonline.com. Retrieved 2023-09-07.
  62. ↑ "Why Ofori-Atta was made caretaker trade minister – Akufo-Addo's lawyer explains". GhanaWeb. 2023-01-07. Retrieved 2023-09-07.
  63. ↑ "Ofori-Atta appointed caretaker of Trade Ministry". Citinewsroom – Comprehensive News in Ghana. 2023-01-06. Retrieved 2023-09-07.
  64. ↑ Akorlie, Christian; Adombila, Maxwell (14 February 2024). "Ghana president replaces finance minister in reshuffle". Reuters. Retrieved 14 February 2024.
  65. ↑ "Ken Ofori-Atta no longer a wanted person - OSP - MyJoyOnline". www.myjoyonline.com. Retrieved 2025-02-18.
  66. ↑ Ghanaweb (2025-02-18). "OSP removes Ken Ofori-Atta from list of wanted persons".
  67. ↑ Chair Joint World Bank-IMF Development Committee.
  68. ↑ "Finance Minister to chair World Bank Devt Committee". Citi Business News. 2018-05-23. Retrieved 2023-09-07.
  69. ↑ AfDB Annual Report 2017 African Development Bank (AfDB).
  70. ↑ Board of Governors ECOWAS Bank for Investment and Development (EBID).
  71. ↑ Board of Governors Multilateral Investment Guarantee Agency (MIGA), World Bank Group.
  72. ↑ Board of Governors World Bank.
  73. ↑ "Governance | The African Capacity Building Foundation". acbf-pact. Archived from the original on 2022-11-21. Retrieved 2022-11-21.
  74. ↑ "Kenneth Ofori-Atta". Archived from the original on 2015-05-30. Retrieved 2015-05-30.
  75. ↑ Chronicle, Ghanaian. "Ghana's 2nd most respected CEO – Ken Ofori-Atta". Archived from the original on 2016-03-04. Retrieved 2015-05-30.
  76. ↑ "KEN OFORI ATTA | African Leadership Academy". African Leadership Academy. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  77. ↑ "Ken Ofori-Atta receives the prestigious John Jay Award". ghanadot. Archived from the original on 2015-09-24. Retrieved 2015-05-30.
  78. ↑ "Africa's most politically powerful bankers: Hott, Kooli and Ofori-Atta". The Africa Report.com. 2021-02-11. Retrieved 2022-03-10.
  79. ↑ "datab – Prof. Angela Ofori-Atta". databankfoundation. Retrieved 2023-09-16.
  80. ↑ Arthur, Portia (2023-03-23). "Ken Ofori-Atta & his 'obroni' wife rock elegant outfits at his niece's wedding". Yen Ghana gh. Retrieved 2023-07-19.
  81. ↑ "Ken Ofori-Atta and wife captured lovey-doveying at a marriage ceremony". GhanaWeb. 2023-04-09. Retrieved 2023-07-19.
  82. ↑ Agyeman, Adwoa (2023-04-10). "Ken Ofori-Atta and wife 'chop' love; fans react [Video]". Adomonline. Retrieved 2023-07-19.
  83. ↑ Okyere, Gertrude (2021-02-15). "Brouhaha over rumoured passing on of Ken Ofori-Atta settled". Adomonline. Retrieved 2023-07-19.
  84. ↑ "Mood at Ken Ofori-Atta's residence after death rumours went viral". GhanaWeb. 2021-02-15. Retrieved 2023-07-19.
Political offices
Preceded by Minister for Finance and Economic Planning
2017-2024		Succeeded by
Preceded by Acting Minister for Trade and Industry
2023		Incumbent
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.