Ministry of Finance and Economic Planning (Ghana)

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Ministry of Finance and Economic Planning, Ghana
Ministry of Finance and Economic Planning (Ghana)
Agency overview
Formed1957
Jurisdiction Republic of Ghana
HeadquartersFlag of Ghana.svg Ghana
Minister responsible
Website Official website

The Ministry of Finance and Economic Planning is the government ministry responsible for the economic and monetary health of Ghana. The Ministry is involved with economic planning, fiscal policy, national accounting, the national budget, and creating an environment for investment and growth. [1]

Contents

The main offices of the Ministry are located in Accra. [2]

History

Komla Agbeli Gbedemah was the first Finance Minister of independent Ghana under Kwame Nkrumah [3] [4] between 1954 and 1961.

The Budget

Ahead of Ghana's budget presentation on March 11, 2025, a government official emphasized the importance of accuracy and consistency in presenting the country's economic data. He cautioned Finance Minister Dr. Ato Forson against manipulating economic figures for political gain, stressing that Ghana's economic record should be based on data from institutions like the Bank of Ghana and the Ghana Statistical Service. He warned that presenting an overly optimistic or distorted view of the economy could scare investors away and damage the country's credibility.¹ [5]

E-levy

The Electronic Levy (E-levy), was introduced in 2022 with a 1.75% rate on all transactions. [6] It is set to be abolished by the government. This move is expected to boost mobile money usage, promote financial inclusion, and enhance business operations for mobile money service providers. Ghana ranked as the best in the world for Mobile Money regulation according to the 2024 GSMA Mobile Money Regulatory Index, is anticipated to see increased mobile money transactions, encouraged digital payment systems, and expanded access to financial services following the E-levy's removal. [7]

Departments and agencies

[8] The following are government agencies of the Ministry:

The Ministry has the oversight responsibilities with regard to:

Divisions under the ministry include:

List of ministers

The first Ghanaian to head this ministry is Komla Agbeli Gbedemah who assumed this position in 1954 when the Britain allowed Kwame Nkrumah to form a government prior to gaining full independence in 1957. The Ministry has at various times been designated as Ministry of Finance or as it is currently, the Ministry of Finance and Economic Planning.

NumberMinisterTook officeLeft officeGovernmentParty
1 Komla Agbeli Gbedemah (MP)

(First Ghanaian in this position)

19541957Colonial government Convention People's Party
19571961 Nkrumah government
2 Ferdinand Koblavi Dra Goka (MP)19611964
3 Kwesi Amoako-Atta (MP)19641966
4 Akwasi Afrifa
Emmanuel Noi Omaboe
19661969 National Liberation Council Military government
5 Joseph Henry Mensah (MP)19691972 Busia government Progress Party (Ghana)
6 Ignatius Kutu Acheampong 1972? National Redemption Council Military government
7 Amon Nikoi ??
8 Robert K. A. Gardiner 14 October 1975May 1978 Supreme Military Council (Ghana)
9 J. L. S. Abbey ?1979
19791979 Armed Forces Revolutionary Council
10 Amon Nikoi 19791981 Limann government People's National Party
11 George Benneh May 1981December 1981
12 Kwesi Botchwey 19821993 Provisional National Defence Council Military government
19931995 Rawlings government National Democratic Congress
13 Richard Kwame Peprah 19952001
14 Yaw Osafo-Maafo 20012005 Kufuor government New Patriotic Party
15 Kwadwo Baah Wiredu 20052007
16 Anthony Akoto Osei 20072009
17 Kwabena Duffuor 20092012 Mills government National Democratic Congress
20122013 Mahama government
18 Seth Terkper 20136 January 2017
19 Ken Ofori-Atta [10] 27 January 201714 February 2024 Akufo-Addo government New Patriotic Party
20 Mohammed Amin Adam 14 February 20246 January 2025
21 Cassiel Ato Forson January 2025Incumbent Maham's 2nd government National Democratic Congress

See also

References

  1. Ministry, Mission Archived 2009-01-30 at the Wayback Machine
  2. Ministry, Contacts Archived 2009-01-29 at the Wayback Machine
  3. "Komla Agbeli Gbedemah | the Daily Dose".
  4. "Komla Agbeli Gbedemah, Biography". www.ghanaweb.com. Retrieved 2023-08-24.
  5. "We expect Finance Minister to be truthful on Ghana's economic record at budget presentation - Oppong Nkrumah - MyJoyOnline". www.myjoyonline.com. Retrieved 2025-03-12.
  6. "What is the E-Levy?". Modern Ghana.
  7. "E-Levy removal will enhance our business operations – MoMAG". 2025-01-22. Retrieved 2025-03-09.
  8. "Departments & Agencies | Ministry of Finance | Ghana". www.mofep.gov.gh. Retrieved 2024-11-12.
  9. "Bank of Ghana, Biography". mobile.ghanaweb.com. Retrieved 2023-07-28.
  10. "Nana Addo swears in 12 ministers". Ghanaweb. Ghanaweb. 28 January 2017. Retrieved 16 November 2017.