According to Franklin Cudjoe, President of IMANI-Africa, Seth Abitey Terkper, who served as Finance Minister during John Mahama’s administration, is a more proficient economic manager compared to Kenneth Nana Yaw Ofori-Atta, Ghana’s longest-serving Finance Minister. Ofori-Atta, who held the position for seven years until his recent reshuffle by President Akufo-Addo on February 14, 2024, oversaw a decline in various economic indicators such as inflation rate, exchange rate, policy rate, and balance of payment, deficits and other economic indicators.
His term marked the first instance in which Members of Parliament from his own party contested his leadership, urging the President to either dismiss him or for him to resign independently. This demand arose partly due to his proposal for a Domestic Debt Exchange Programme aimed at restructuring Ghana’s debt as a prerequisite for securing a $3 billion facility from the International Monetary Fund (IMF). The government halted payment of coupons to individual bondholders under this program amidst a 54% inflation rate and a steep decline in the value of the Cedi against foreign currencies. Presently, he serves as a senior presidential advisor on the economy.
In a post made on his Facebook, Franklin Cudjoe said even though the Seth Terkper had “deep love for VAT, he would have been a far better manager and thinker of future than Ken Ofori-Atta and the entire Economic Management of Nana Addo.”
“He actually is,” he added.
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