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Ken Ofori-Atta recalls his 7-year achievements and poly-crisis management in thank-you note to MoF staff

Mr Ofori-Atta, recalled all the many successes he, together with the ministry staff, achieved, and also the setbacks they encountered

Former Minister for Finance, Ken Ofori-Atta, has registered his appreciation to the staff and management of the Ministry of Finance for their dedicated work during the 7 years he served as Minister.

Mr Ofori-Atta, in his statement titled “Message of Gratitude,” dated Wednesday, 14 February 2024, recalled all the many successes he, together with the ministry staff, achieved, and also the setbacks they encountered during his time in office.

He recounted the first three budgets he presented to Parliament in 2017, 2018, and 2019 and how the country experienced remarkable growth during those fiscal years.

Ken also narrated how four other budgets he presented to Parliament on behalf of the President in 2020, 2021, 2022, and 2023 focused on protecting lives, preserving livelihoods, and recovering from the impact of the COVID-19 pandemic and geopolitical war between Russia and Ukraine

Despite these challenges, Mr Ofori-Atta said over the 84 months and 19 days of his tenure in office, the Ghanaian economy has quadrupled in size noting that, this year, 2024, the economy will cross the GHc 1 trillion mark from the GHc 219.5 million it stood as at December 2016 before the Akufo-Addo administration came into office.

Ofori-Atta also used the opportunity to challenge the staff and leadership of the ministry he left behind to look ahead to the future pluckily notwithstanding what he says are “enormous challenges in the horizon”.

President Akufo-Addo replaced Ken Ofori-Atta with Mohammed Amin Adam, a petroleum economist who was minister of state at the Ministry of Finance when Ken served as the substantive finance minister. Ofori-Atta led the negotiation of the US$3 billion IMF programme and alongside Amin Adam, they sought relief on about US$13 billion owed to private bondholders before Ken Ofori-Atta left office.

Below is the full statement of gratitude issued by Ken Ofori-Atta to the staff and management of the finance ministry.  

To everything, there is a season, and a time to every purpose under the Heaven (Ecclesiastes 3:1). Today, 14′ February 2024 marks the culmination of 7 years and 19 days of collective service to the Republic (Jan 27th was exactly “7 years of Completion” and therefore stepping into the 8th year of new beginnings). I wish to extend my heartfelt appreciation to you for your steadfast dedication and tireless support throughout this journey.

Together, we have weathered storms, surmounted challenges, and won key battles for the Republic. Reflecting on our journey, I am reminded of the work we have together done through the seven (7) Budget Statements we developed and implemented over the period.

The three (3) Budgets before 2020 sowed the seeds, nurtured a remarkable rebound of growth, and greatly stabilized the macroeconomic turbulence we faced. This put the economy on a positive trajectory for a proper take-off. Indeed, your commitment and positive energy while we pursued the principles of irreversibility , fiscal
responsibility, and value for money were truly admirable. We reminded ourselves that we had only two fishes and five loaves for the monumental task ahead while ensuring a deliberateness of the preferential options for the poor and promoting private sector productivity.

Since March 2020, our four (4) Budgets, however, have focused on protecting lives, preserving livelihoods, and recovering from the impact of the truly once-in-a-lifetime apocalyptic pandemic, COVID-19, as well as geopolitical upheavals. Indeed amidst these poly-crises, we at MoF stood strong as the Midwives of the Republic
to help ease the pain of our Fellow Citizens

Through prudent financial management and strategic allocation of resources, we have pursued initiatives aimed at boosting economic growth, promoting social welfare, and expanding infrastructural development. As a result of these efforts, our country has experienced remarkable progress.

As Team MOF, we have reason to be grateful for the milestones we achieved. Between 27 January 2017 and 14 February 2024, we worked together and:

i. introduced stimulus packages for some viable but struggling businesses increasing spending significantly on social services, and miraculously funded the implementation of the strategic Flagship programmes including, Free SHS,1D1F Planting for Food, physical and digital infrastructure especially Roads, School Feeding, LEAP, railways expansion, as well as teachers and nurses training, notwithstanding the limited resources at our disposal.

ii. Strengthened commitment controls by enhancing the use of GIFMIS and overhauling the Tax Exemptions regime

iii. Strengthened the PFM system by implementing fully the PFM Act, (2016), Act 921 and the management of public investments through the passage of the PFM Regulations, 2019 the PPP Act;2020, the Fiscal Responsibility Act, 2018 and the established the Fiscal Responsibility Advisory Council.

iv. Restructured a collapsing financial sector (with GH$25 billion) and safeguarded the funds of over 4.6 million Ghanaians. The sector would later demonstrate remarkable resilience to the impact of the recent Domestic Debt Exchange Programme.

v. Established historic partnerships with Employers, Labour as well as Faith-Based Organisations and increased confidence and trust as well as predictability in economic management.

vi. Mobilised significant resources with unprecedented speed from World Bank, IMF, and Development Partners to fight the COVID-19 pandemic which led to sudden shortfall in Government revenues amounting to GHé13.6billion; and; an unavoidable rise in expenditures of GHe11.7billion and in the process protected
lives and preserved livelihoods.

vii. Established the Development Bank Ghana, GIRSAL, GAT to provide long-term sustainable and competitive financing for the transformative sectors of the economy.

viii. Secured Board approval for Ghana’s first review of the 3-year US$3 billion IMF-ECF Programme (3X our quota), which was agreed and approved within the record time of 10 months after the initial request.

ix. Successfully placed the economy on a path of recovery from the ‘poly-crises’ as key economic indicators have trended favourably, with inflation declining from 54.1 percent in December 2022 to 23.5 percent by January 2024, alongside improvements in fiscal and external balances, and a stabilized exchange rate with a cumulative depreciation of 7.2% between February and December 2023.

Astonishingly, and notwithstanding the confluence of crises we have faced, we have almost quadrupled the size of the economy in 84 months and 19 days. This year our economy will cross the GHc 1 trillion mark, from the GHc 219.5 billion in December 2016. Your relentless optimism and diligence underpins the realisation of this and other key milestones

We have also focused on repositioning the Ministry to deliver its strategic mandate for the future in the 2,575 days we have worked together. Not only have we refurbished and renovated the office infrastructure and amenities to improve the working environment for all of us, but we have also:

i. Innovatively improved pension and social security by addressing income concerns for an earmarked category of officers;

ii. Invested in improving staff accommodation at both the Dansoman and Madina residences

iii. Built 504 number of houses in Tema Community 22 with an innovative partnership between GCB, MoF, and TDC.

iv. provided training capacity opportunities (workshops, short training courses) for every staff and also offered long-term training for 87 officers to improve competencies

v. Enhanced employee engagement initiatives such as the Mentorship Series for New Entrants and National Service Personnel, as well as the recent launch of the MoF Women’s Mentorship Programme

vi. Established a year-end reward programme for outstanding work; and

vii. Renewed a culture of support and engagement among us all, resulting in heightened morale and increased productivity.

I urge you to look ahead to the future courageously, despite the enormous challenges in the horizon. As Il Timothy 1:7 counsels “God has not given us the spirit of fear; but of power, and of love, and of a sound mind”. Let us remain rooted in gratitude and be guided by faith for Proverbs 3:5-6 reminds us to, “Trust in the Lord with all your heart, and do not lean on your own understanding.”

In love and faith, I am optimistic that the New MoF Office Complex which Parliament approved in December 2023 will be completed on schedule. I am especially proud of the provision of key ancillary services such as daycare. I believe this will improve the office environment and impact significantly on your productivity.

I am also positive that initial efforts will be sustained to ensure the establishment of the Climate Financing Division. This division will institutionalise our commitment to sustainable development financing to address urgent environmental concerns.

The future is here with us as we are blessed with a new leader, Dr. Mohammed Amin Adam, who replaced the venerable Charles Adu Boahen and has been with us through some of the most difficult times. Let us all circle the wagons and ensure a blazing success for his stewardship. We all know him as a smart, humble, and inclusive leader. Let me state with all humility that nothing would honor me and the Office of the Minister more than for you to work with renewed diligence to guide Hon. Amin and our nation to the successful execution of the
IMF-ECF programme to promote economic growth and transformation.

Once again, I thank you for your tireless service and commitment to excellence. It has been my utmost honour and a rare privilege to serve alongside each, and every one of you. I pray that you continue to be resolute, dedicated, unwavering, and committed to the work of the Republic and care for the finances of the State

As I have earlier stated, Ghana has a manifest destiny with greatness and it is within our (your) power to realise the greatness and a Ghana Beyond Aid.

May you remain Professional, Ethical, Efficient, and Responsive and continue to speak the same language as Genesis 11:6 exhorts, for then, nothing will be impossible to do.

May the blessings of the Lord be upon us all, guiding our paths towards greater heights, abundance, and fulfillment, God Bless you for your labour of love for the Republic. Once again, it has been my privilege and honor to have had the opportunity to work with you.

Thank you and God Bless

Ken Nana Yaw Kuntunkunuku Ofori-Atta

Reporting by Wilberforce Asare in Addis Ababa

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