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Ken Ofori-Atta

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Ken Ofori-Atta
Ken Ofori-Atta 2019
Minister for Finance and Economic Planning
In office
27 January 2017 – 14 February 2024
PresidentNana Akufo-Addo
DeputyKwaku Agyeman Kwarteng
Abena Osei Asare
Charles Adu Boahen
Preceded bySeth Terkper
Succeeded byMohammed Amin Adam
Personal details
Born
Kenneth Nana Yaw Kuntunkununku Ofori-Atta

(1959-11-07) 7 November 1959 (age 65)
Kibi, Eastern Region, Ghana
SpouseAngela Lamensdorf Ofori-Atta
Children4
ParentJones Ofori Atta
RelativesNana Akufo-Addo (cousin)
EducationColumbia University (BA)
Yale University (MBA)
Occupation

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 was a co-founder of Databank Group, a Ghanaian financial services company, and served as executive chairman until 2012 when he resigned.[6] He was nominated by President Nana Akufo-Addo 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]

Early life and education

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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 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

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Finance

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Ofori-Atta co-founded Databank Financial Services with Keli Gadzekpo and Togbe Afede XIV in 1990; he served as its executive chairman until 14 February 2012 when he went on retirement.[16] He has other 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 served as a director for numerous companies and as a member of some other boards as well. 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

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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, 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

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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

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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 bilion 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]

Other activities

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Awards and recognition

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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.[72][73][74][75] 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.[76]

Personal life

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Marriage and children

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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.[77] Ofori-Atta has four children with his wife.[78][79][80]

COVID-19, health and death rumors

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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.[81][82]

References

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  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, 13 ministers, 10 deputies out". Ghana News Agency. Retrieved 2024-02-23.
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  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. ^ a b c Kwasi Kpodo (January 8, 2017), Ghana's new president to name investment banker as finance minister Reuters.
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  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.
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  65. ^ Chair Joint World Bank-IMF Development Committee.
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  77. ^ "datab – Prof. Angela Ofori-Atta". databankfoundation. Retrieved 2023-09-16.
  78. ^ 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.
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  82. ^ "Mood at Ken Ofori-Atta's residence after death rumours went viral". GhanaWeb. 2021-02-15. Retrieved 2023-07-19.
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Political offices
Preceded by Minister for Finance and Economic Planning
2017-2024 		Succeeded by
Preceded by Acting Minister for Trade and Industry
2023 		Incumbent
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