A coalition of Ghana’s ruling party members of parliament have called off demands that finance minister Ken Ofori-Atta be removed from office until a support package is negotiated with the International Monetary Fund (IMF).
The ruling New Patriotic Party (NPP) said in the statement on Wednesday that President Nana Akufo-Addo told them “their demands would be acted upon” following the upcoming 2023 budget reading and culmination of ongoing IMF support talks.
A majority of the NPP’s members of parliament on Tuesday asked the president to sack Ofori-Atta and his deputy in order to “restore hope in the financial sector”. They vowed not to take part in any government business and to boycott budget hearings until his dismissal.
Ghana is in the midst of an economic crisis, as inflation and currency depreciation hit record levels despite repeated and severe lending rate hikes.
Akufo-Addo’s office said on Wednesday the president would address the nation on the economy on Sunday evening, after a week of emergency meetings with the central bank, forex traders, and his own cabinet.
Ofori-Atta, who is leading negotiations with the IMF after initially opposing a deal, has faced calls for his removal from both of the country’s two major political parties.