Possible candidates to take over from Ken Ofori-Atta should he resign or get fired

On Tuesday, October 25, about 80 Members of Parliament within the governing New Patriotic Party were reported to have signed a petition demanding the removal of Ken Ofori-Atta as finance minister.

The group, through a press conference, also demanded the removal of Charles Adu Boahen, who serves as a Minister of State at the finance ministry; a close ally of Ken Ofori-Atta.

The MPs explained that their position follows several concerns over the poor management of the economy, which has forced the government to seek IMF assistance.

The group added that should the president fail to heed to their call, they will no longer do business with the government nor support the 2023 budget.

The MP for Asante-Akim North, Andy Kwame Appiah-Kubi, who introduced himself as the spokesperson for the Majority Caucus, said that several concerns raised on economic management have been sent to government, but are all yet to yield the intended results.

In the wake of the development, some Ghanaians on social media have lauded the confidence of the majority MPs.

Although President Nana Addo Dankwa Akufo-Addo has on numerous occasions backed down against calls to change his finance minister, the pressure now appears to be mounting from within his own party.

Some citizens have also already concluded that the president would likely not dismiss Ken Ofori-Atta, basing their assumption on the close family ties Akufo-Ado has with the finance minister.

While this is yet to come to fruition, GhanaWeb Business has compiled a list of potential candidates who are likely to be the best replacements if Ken Ofori-Atta is taken off the job at the Ministry of Finance.

Dr Mark Assibey Yeboah

Dr Assibey-Yeboah is a former Chairman of the Finance Committee of Parliament. During his tenure as chair, he led many engagements toward sound economic indicators of government.

He has also earned himself a reputation for being an economic guru among his peers.

Prior to Ghana returning to the IMF, Dr Assibey-Yeboah warned of harsh economic conditions and therefore called on the government to resort to the Fund at an earlier time ahead of its July 1, 2022 decision.

He also cast doubts on the government’s ability to raise the projected GH¢6.9 billion revenue target from the controversial Electronic Transfer Levy (E-Levy), insisting they would not be able to realise the intended target – a prediction which came to be.

Dr. Assibey-Yeboah holds a BSc (Hons) in Agricultural Economics degree from Kwame Nkrumah University of Science and Technology (KNUST). He also holds an MS (Agricultural and Resource Economics) from the University of Delaware, USA.

He has earned an MA and a Ph.D. both in Economics from the University of Tennessee, USA specializing in International Macroeconomics, Monetary Economics and Econometrics.

Dr Assibey-Yeboah has worked in various capacities, locally and abroad. He has served as lecturer at the University of Tennessee, USA and worked in a similar capacity as an Adjunct Faculty at Milligan College, Tennessee-USA.

The former lawmaker has also served as a senior economist at the Bank of Ghana and has been a lecturer at the Ghana Telecom Technology University College and Ghana Institute of Management and Public Administration (GIMPA).

Professor Gyan-Baffour

Prof. George Yaw Gyan-Baffour is a Ghanaian development economist. He was in charge of the former Ministry of Planning, Monitoring and Evaluation.

He is credited for the introduction of Ghana’s first Monitoring and Evaluation mechanism which was used for assessing the progress of national development and dubbed the ‘Annual Progress Report’.

Despite the ministry no longer being in existence, the mechanism continues to be used in the monitoring and evaluation tool of Ghana’s development agenda.

He also supervised the preparation of the Coordinated Program for the Economic and Social Development of Ghana (2002-2012), which is a constitutional requirement for the President of the Republic of Ghana.

Prof. Gyan Baffour is also credited for leading the team that prepared Ghana’s first compact under the Millennium Challenge Account.

Prior to leaving for the USA to further his education, Prof. Baffour worked at the Ministry of Industrial Science and Technology from 1974 to 1984.

He is a fellow of the Institute of Chartered Economists of Ghana and has served on various boards of institutions, including the Bank of Ghana.

He holds a Ph.D. from the University of Wisconsin, Madison in Industrial Relations; a Post Doctorate diploma from Harvard University, John F. Kennedy School of Government; an MA in economic policy from University of Wisconsin, Madison; a BSc. (Hons) degree in Economics from the University of Ghana.

With additional files from the Ministry of Planning

Kwame Pianim

Kwame Pianim is not a stranger when it comes to finance and economic management in Ghana.

The renowned economist is a management and investment consultant who has served in various capacities in government and the private sector.

He served as an Economic Research Officer of the United Nations-USA, from 1964 to 1970.

He was the Acting Principal Secretary of the Ministry of Finance and Economic Planning from 1970 to 1972 and served as Deputy Managing Director of Ghana Aluminum Products Limited, Tema. He was also Chief Executive Officer of the Ghana Cocoa Marketing Board from 1978 – 1979.

The veteran economist also served as the Chairman of Ghana Financial Services Limited at Bayport Financial Services Limited and was the Chairman of the Public Utilities and Regulatory Commission (PURC).

Kwame Pianim attended Achimota Secondary School and holds a B.A. Double Honors in Economics and Political Science from the University of New Brunswick, Canada (1963) and M.A. in Economics from Yale University (1964).

With additional files from the Chamber of Independent Power Producers

Dr. Ernest Addison

Dr. Ernest Kwamina Yedu Addison is an economist and the 15th Governor of the Bank of Ghana.

He attended the Methodist College and the Mfantsipim School for his primary and secondary education. Dr. Addison then proceeded to the University of Ghana and earned a Bachelor of Arts Degree in Economics from 1982 to 1986.

From 1987 to 1989, he obtained an M.Phil in Economics and Politics from the University of Cambridge in England and later a Doctor of Philosophy degree in Economics from McGill University in Canada.

Before he was appointed Governor of the BoG, Dr. Addison served as the former Director of Research at the Bank of Ghana from 2003 to 2011, as well as an Economist at the African Development Bank.

He specializes in financial policy and economic management.