The 3 key financial managers of Ghana’s economy

Ghana is currently faced with a wave of economic challenges, particularly since the start of 2022. From the depreciation of the Ghana cedi, soaring inflation rates, and revenue generation constraints, among others, many citizens are grappling with harsh conditions which have left all economic indicators in peril. These conditions have been brewing a general feeling of frustration among Ghanaians who are struggling to deal with the current times. In the face of such a crisis, there have been calls for leadership, bearing in mind that managing a middle-income country like Ghana is no small feat. For instance, one would have to be associated with varied expertise, knowledge and educational credentials spanning development, strategy, policy, economics, statistics, and political science, among others to be able to steer this ship. To address the ongoing challenges in the economy, Ghana has resorted to the International Monetary Fund for an economic support programme. The country is targeting about $3 billion once an agreement can be reached, with the money geared toward restoring macroeconomic stability, as well as other economic indicators. In the wake of the development, GhanaWeb Business takes a look at the key figures behind the financial management of Ghana's economy and their respective educational pedigrees, which have somewhat come under fire in the wake of the crisis. Ken Ofori-Atta – Finance Minister Ghana’s current Minister of Finance and Economic Planning, Ken Ofori-Atta, is a key figure in the management of the country’s economy, just like the others who have occupied the position. Ken Ofori-Atta has been meeting with the officials from the IMF since the government made a decision to seek assistance from the Fund on July 1, 2022. At the present, Ken Ofori-Atta has been under intense pressure from his own party [New Patriotic Party], as well as many citizens demanding him to resign from his position as finance minister, along with Charles Adu Boahen, Minister of State at the Finance Ministry; also, a close ally of Ofori-Atta. Ken Ofori-Atta is however one of the longest-serving ministers of finance in Ghana, currently serving his sixth year in office. He is an economist, investment banker, and co-founder of Databank Group, a financial services firm. Prior to being appointed as the Minister of Finance in 2017, Ken Ofori-Atta had his secondary school education at the Achimota School in Accra, after attending the Accra Newtown Experimental School (ANT 1). He then proceeded to have a Bachelor of Arts in Economics from the reputable Columbia University in the United States (1984), and later earned an MBA from the Yale University School of Management also in the United States in 1988. Ken Ofori-Atta is also a member of the prominent Ofori-Atta family which has been influential in politics, law, chieftaincy, and business. Dr Mahamudu Bawumia – Vice President, Ghana Another key figure in Ghana’s economic management is Dr. Mahamudu Bawumia. He has been touted as an astute economist and is currently the Head of the Economic Management Team of Ghana, serving under the Nana Addo Dankwa Akufo-Addo administration. Dr. Bawumia has also come under intense pressure over this narrative, especially in his position as the Head of the EMT, which oversees most economic decisions taken by government. Prior to his political journey, Dr. Bawumia worked as a former banker with vast experience from the International Monetary Fund, and the Bank of Ghana, among others. Dr. Bawumia, who is currently serving as Ghana’s vice president, attended the Sakasaka Primary school in Tamale and gained admission to the Tamale Secondary School in 1975. After graduating from the Tamale Secondary School, he went to the United Kingdom where he studied banking and obtained the Chartered Institute of Bankers Diploma (ACIB). He earned himself a First-Class Honours Degree in Economics at Buckingham University in 1987 and later obtained a master's degree in Economics at Lincoln College, Oxford. Dr. Bawumia also earned a Ph.D. in Economics at Simon Fraser University, Vancouver, British Columbia, Canada in 1995. He is credited for championing the governing NPP’s digitization agenda. Dr. Bawumia specializes in macroeconomics, international economics, development economics, and monetary policy. Dr. Ernest Addison – Bank of Ghana Governor 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 respectively. Dr. Ernest 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. Dr. Ernest Addison specializes in financial policy and economic management. MA/FNOQ Watch the latest episode of BizTech below: