Fitch Solutions, research arm of Fitch Ratings, has noted that growing pressure on President Akufo-Addo to address corruption and economic mismanagement allegations could eventually lead to his dismissal of Finance Minister, Ken Ofori-Atta.
The assertion by Fitch Solutions in a recent report dubbed “Division within Ghana’s Ruling Party to Weigh on Political Stability” follows calls from MPs of the ruling New Patriotic Party (NPP) in Parliament for the removal of the Finance Minister.
According to research agency, the NPP MPs are likely to increasingly put pressure on the President to dismiss Ken Ofori-Atta.
Failure on the part of the President to dismiss the Finance Minister, it says, will result in the MPs voting against or abstaining from government legislation/policies brought to Parliament as already threatened by the NPP MPs, paralysing the already slow policy making process and delay necessary fiscal reforms as well as President Akufo-Addo’s wider political agenda.
“We believe there is a growing risk that these pressures could eventually lead to the removal of Ofori-Atta. On November 14, Akufo-Addo fired the Minister of State at the Ministry of Finance – Adu Boahen – following unproven allegations in a report into illegal gold mining. While being unrelated to the claims against Ofori-Atta, this move demonstrates that Akufo-Addo is increasingly under pressure to address corruption and economic mismanagement allegations.
“The 80 NPP members of parliament (MPs) that want the finance minister to be replaced are likely to increasingly put pressure on Akufo-Addo to do so. Indeed, we believe there is scope that this faction could abstain from voting or vote against the NPP’s legislation. Given that the ruling party does not have a clear majority in parliament, this would effectively paralyse the already-slow policy-making process and delay necessary fiscal reforms as well as Akufo-Addo’s wider political agenda,” Fitch stated.
Finance Minister, Ken Ofori-Atta, is currently facing a censure motion tabled before Parliament by the Minority Caucus over alleged mismanagement of the Ghanaian economy and alleged unconstitutional withdrawals from the government’s Consolidated Funds to build the National Cathedral.