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Ken Ofori-Atta

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Ken Ofori-Atta
Ken Ofori-Atta 2019
Minister for Finance and Economic Planning
Incumbent
Assumed office
27 January 2017
DeputyKwaku Agyeman Kwarteng
Abena Osei Asare
Charles Adu Boahen
Preceded bySeth Terkper
Personal details
Born
Kenneth Nana Yaw Kuntunkununku Ofori-Atta

(1959-11-07) 7 November 1959 (age 65)
Kibi, Eastern Region, Ghana
SpouseAngela Lamensdorf Ofori-Atta
Children4
ParentJones Ofori Atta
RelativesNana Akufo-Addo (cousin)
EducationColumbia University (BA)
Yale University (MBA)
Occupation

Kenneth Nana Yaw Ofori-Atta (born 7 November 1958),[1] is a Ghanaian investment banker[2] who serves as the Minister for Finance and Economic Planning in the cabinet of Nana Akufo-Addo.[3] He was a co-founder of Databank Group, a Ghanaian financial services company, and served as executive chairman until 2012, when he resigned.[4] He was nominated by President Nana Akufo-Addo on 10 January 2017 and assumed office on 27 January 2017 as finance minister.[5]

Early life and education

Ofori-Atta was born on 7 November 1958 in Kibi, a town in the Eastern Region of Ghana.[6][7][8][9] He is a member of the Ofori-Atta family. He is the son of the economist and politician Jones Ofori Atta.[10] Ofori-Atta attended Achimota School for his O-Level and A-Level certificate received in 1976 and 1978 respectively. He got a temporary job as a mathematics teacher at Accra Academy in the period after his A-level at Achimota.[11] In August 1980, Ofori-Atta was enrolled in Columbia University for a B.A. in Economics. He graduated from Columbia in 1984 and worked at Morgan Stanley in New York. He studied for and received an MBA from the Yale University School of Management in 1988 and went to work for the investment bank, Salomon Brothers.[12]

Finance career

Ofori-Atta co-founded Databank Financial Services with Keli Gadzekpo and Togbe Afede XIV in 1990; he served as its executive chairman until 14 February 2012 when he went on retirement.[12] He has other business interests in Insurance, Retail Banking, Private Equity, Micro-finance, Pharmaceuticals and Real Estate.

In 1996, Ofori-Atta was the first African to testify at the US Congress Ways and Means Committee to support the African Growth and Opportunity Act.

Ofori-Atta served as a director for numerous companies and as a member of some other boards as well. He was a Director for Enterprise Group Ltd and Trust Bank Ltd of The Gambia of which he is the chairman. He also was a Director at the International Bank and is also a board member of the Acumen Fund.[13][14][15]

Political career

Ofori-Atta was President Nana Akufo-Addo’s nominee to assess the health of the economy during the transition period after the 2016 elections.[12]

In May 2017, Akufo-Addo named Ken Ofori-Atta as part of nineteen ministers who would form his cabinet.[16] The names of the 19 ministers were submitted to the Parliament of Ghana and was announced by the Speaker of the House, Rt. Hon. Prof. Mike Ocquaye.[16] As a cabinet minister, Ken Ofori-Atta is an integral part of the inner circle of the president of Ghana, Nana Akufo-Addo, and is to aid in the key decision-making activities in the country.[16]

Ofori-Atta was elected Chair of the World Bank/IMF Development Committee at the 2018 Spring Meetings and also Chairs the Governing Board of African Capacity Building Foundation (ACBF). In addition, he Chairs the African Caucus at the World Bank.

In November 2022, a motion of censure was started to remove Ken from office due to the decline of Ghana's economy, leading to the country's currency being ranked as one of the worst in the World. If successful, he will be removed as Minister of state

On the 10th of January 2023, Ofori-Atta was appointed caretaker minister of the Ministry of Trade and Industry following the resignation of Alan John Kyerematen.[17]

Other activities

Awards and recognition

Ofori-Atta is a Henry Crown fellow of the Aspen Institute. He was adjudged as the 2nd most respected C.E.O in Ghana. Ken is a Donaldson Fellow at Yale University in 2010 and a recipient of the John Jay Award from Columbia University in 2011.[24][25][26][27] He is a co-founder of the Aspen Africa Leadership Initiative.

He was honored by PricewaterhouseCoppers Ghana twice as one of the Top 5 Most Respected CEOs in Ghana.

In May 2018, he was adjudged Best Africa Finance Minister of the year by London-based magazine The Banker.

He was named one of Africa's most politically connected bankers by The Africa Report in 2021.[28]

Personal life

Ofori-Atta is married to Professor Angela Lamensdorf Ofori-Atta, a clinical psychologist at the University of Ghana Medical School. The couple have four children.

References

  1. ^ Magdalene Teiko Larnyoh (8 November 2019). "Here is how Ghana's Finance Minister, Ken Ofori-Atta celebrated his 60th birthday". pulse.ng. Retrieved 4 September 2021.
  2. ^ Estelle Maussion (11 February 2021). "Africa's most politically powerful bankers: Hott, Kooli and Ofori-Atta". theafrica report.com. Retrieved 4 September 2021.
  3. ^ "Finance Minister justifies establishment of Development Bank Ghana". Citinewsroom - Comprehensive News in Ghana. 2021-05-20. Retrieved 2021-05-21.
  4. ^ "MSMEs to enjoy low interest rates with creation of Development Bank Ghana – Ofori-Atta". Citi Business News. 2021-05-21. Retrieved 2021-05-21.
  5. ^ "Home | Ministry of Finance | Ghana". www.mofep.gov.gh. Archived from the original on 2017-03-02.
  6. ^ "Ghanaian role models - GC Banner | GhanaConscious - A free-thinker's association". ghanaconscious.ghanathink.org. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  7. ^ "Ken Ofori-Atta: Executive Profile & Biography - Businessweek". Businessweek.com. Archived from the original on 2015-06-09. Retrieved 2015-05-30.
  8. ^ "Ken Ofori-Atta's Big Hairy Audacious Goals". 2012-08-24. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  9. ^ "Officer Profile | Quotes | Reuters.co.in". in.reuters.com. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  10. ^ "Okyenheneba Dr Akwasi Jones Ofori-Atta". myjoyonline.com. Retrieved 8 November 2021.
  11. ^ Ken Ofori-Atta. Leadership, Entrepreneurship, and Values: Selected Speeches, Statements, and Writings. Frangipani, 2009. p. 234. ISBN 9988847289. Uncle Fred found temporary jobs for us as Mathematics teachers at Accra Academy after our dismal A-Level results; he helped us to raise funds for the Jubilee Achimotan Magazine in 1976, as Frank and I were on the editorial board… He was thus most engaged in our decision to go to college in America, and Frank and I left a week apart in August 1980
  12. ^ a b c Kwasi Kpodo (January 8, 2017), Ghana's new president to name investment banker as finance minister Reuters.
  13. ^ "Pan African Capital Group LLC / Our Team". www.panafricancapital.com. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  14. ^ 4-traders. "Ken N. Ofori-Atta". www.4-traders.com. Archived from the original on 2015-05-31. Retrieved 2015-05-30.{{cite web}}: CS1 maint: numeric names: authors list (link)
  15. ^ "Enterprise Group". www.enterprisegroup.net.gh. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  16. ^ a b c FM, Citi. "Arts Minister Catherine Afeku makes it to Cabinet". ghanaweb.com. ghanaweb. Archived from the original on 31 July 2017. Retrieved 7 July 2017.
  17. ^ "President Akufo-Addo Accepts Alan Kyerematen's Resignation". Presidency Republic of Ghana. 10 January 2023.
  18. ^ Chair Joint World Bank-IMF Development Committee.
  19. ^ AfDB Annual Report 2017 African Development Bank (AfDB).
  20. ^ Board of Governors ECOWAS Bank for Investment and Development (EBID).
  21. ^ Board of Governors Multilateral Investment Guarantee Agency (MIGA), World Bank Group.
  22. ^ Board of Governors World Bank.
  23. ^ "Governance | The African Capacity Building Foundation". www.acbf-pact.org. Retrieved 2022-11-21.
  24. ^ "Kenneth Ofori-Atta". Archived from the original on 2015-05-30. Retrieved 2015-05-30.
  25. ^ Chronicle, Ghanaian. "Ghana's 2nd most respected CEO - Ken Ofori-Atta". Archived from the original on 2016-03-04. Retrieved 2015-05-30.
  26. ^ "KEN OFORI ATTA | African Leadership Academy". African Leadership Academy. Archived from the original on 2015-05-31. Retrieved 2015-05-30.
  27. ^ "Ken Ofori-Atta receives the prestigious John Jay Award". www.ghanadot.com. Archived from the original on 2015-09-24. Retrieved 2015-05-30.
  28. ^ "Africa's most politically powerful bankers: Hott, Kooli and Ofori-Atta". The Africa Report.com. 2021-02-11. Retrieved 2022-03-10.
Political offices
Preceded by Minister for Finance and Economic Planning
2017-present 		Succeeded by
Incumbent
Preceded by Acting Minister for Trade and Industry
2023 		Incumbent
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