Former President John Mahama has urged President Akufo-Addo to take a bold decision to replace his Finance Minister, Ken Ofori Atta immediately with a more assured and competent person willing and able to work tirelessly to turn Ghana’s almost hopeless economic situation around.

According to him, given Vice President Dr. Mahamudu Bawmia’s obvious failures, President Akufo-Addo must relieve him of his responsibility as Chair of the Economic Management Team to enable him (President) to reconstitute the team.

Ghana is seeking the support of the International Monetary Fund (IMF) to help address the country’s economic woes.

A Press Statement issued by the information Ministry said: “The President of the Republic, Nana Addo Dankwa Akufo-Addo, has authorized Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana.”

Ghana’s economy is in bad shape with fiscal slippages, weakened forex reserves, inflation and exchange rate getting worse by the day.

Fuel and food prices are hitting records high, while the local currency has lost over 30 percent of its value since the turn of 2022.

Commenting on the government move to the IMF in a Facebook post, ex-President Mahama welcomed the decision to formally engage the IMF with the view to entering into a programme under the Fund.

“Though belated, it should mark an important step towards addressing the dire economic situation, which has left Ghanaians wallowing under intense suffering and hardships.

“Beyond the announcement of engagement with the IMF, a comprehensive home-grown programme should be fashioned out and presented to the Fund for support. It is imperative that a team of skilled and competent negotiators is put together to obtain the best set of measures with the Fund.”

Ex-President Mahama posited, “The Finance Minister who has supervised the disastrous collapse of the economy cannot and should not be part of the team of negotiators. He has lost credibility and the trust and confidence of stakeholders in our economy.”

He advised that “We must draw useful lessons from this episode and avoid cheap politicking with the economy; that can only yield the disastrous outcomes that have brought us here.”