I cautioned Akufo-Addo about his reckless borrowing, but he disregarded my advice, according to Dr. Kofi Amoah.
Due to Ghana’s economic difficulties and the decision to seek assistance from the International Monetary Fund (IMF), Ghanaian businessman Dr. Kofi Amoah has joined calls for the resignation of Minister of Finance Ken Ofori-Atta. Dr. Amoah accused the Finance Minister of “killing” multiple indigenous banks in Ghana in a tweet sent out on Wednesday, 6th July 2022, although he had the power to do so by invoking patriotic principles.
He asserts that Mr. Ofori-Atta’s policies as finance minister are the reason why the country’s capital adequacy ratio (CAR), a measurement of how much capital a bank has available, is at its lowest level ever. The Finance Minister destroyed several “local” banks that had been established over a long time by citizens, he tweeted. He had the option of preserving these banks by using nationalistic arguments. Under his administration, Ghana’s capital adequacy ratio was the weakest in all of Africa, and he used it to eliminate “local” institutions. Make him go!
One of the 23 savings and loans companies that had their licenses revoked by the Bank of Ghana in 2019 due to insolvency, poor management, and in some cases fraud was the now-defunct Global Access Savings and Loans, of which Dr. Kofi Amoah was the principal shareholder. Following the government’s decision to ask the International Monetary Fund (IMF) for financial assistance on July 1, 2022, there have been a rising number of calls, especially from the opposition. The economic slowdown and rising inflation are attributed to the Finance Minister by the detractors.
“They have shown a failure to manage the economy. They cannot lead Ghana in these IMF engagements because managing an economy depends on trust, and these people have lost that trust as a result of their past statements about the IMF and the economy,” the statement reads. “Finding another individual to run the Finance Ministry and another person to run the EMT would be helpful to the President’s administration and the nation as a whole. Ghanaians with such experience are plenty, and they can even locate a technocrat who isn’t a politician but who can inspire the populace’s confidence and persuade both the government and the opposition to examine the problems impacting the economy objectively “.
