Ken Ofori-Atta

Kenneth Nana Yaw Ofori-Atta
Born	(1959-11-07) November 7, 1959 Kibi, Eastern Region, Ghana
Occupation(s)	Investment banker, politician
Years active	1984–present
Known for	Minister for Finance and Economic Planning of Ghana (2017–2024), co-founder of Databank Group

Kenneth Nana Yaw Ofori-Atta (born 7 November 1959) is a Ghanaian investment banker who held the position of Minister for Finance and Economic Planning under President Nana Akufo-Addo from 2017 until 2024. He is a co-founder of Databank Group, a prominent financial services company in Ghana, where he served as executive chairman up to 2012. On 10 January 2017, President Akufo-Addo—his paternal cousin—nominated him for the finance minister role, and he officially took office on 27 January 2017. His tenure ended on 14 February 2024 when he was relieved of his ministerial responsibilities.

Early life and education

Ken Ofori-Atta was born on 7 November 1958 in Kibi, located in Ghana's Eastern Region. He is the son of economist and politician Jones Ofori Atta. For his primary schooling, he attended A.N.T. 1 Experimental School in Accra New Town, followed by secondary education at Achimota School, where he obtained his O-Level and A-Level qualifications in 1976 and 1978, respectively. After completing his A-Levels, he briefly worked as a mathematics teacher at Accra Academy.

In August 1980, Ofori-Atta matriculated at Columbia University to pursue a Bachelor of Arts degree in Economics, graduating in 1984. Subsequently, he began working at Morgan Stanley in New York City. He later earned an MBA from the Yale University School of Management in 1988 before joining the investment bank Salomon Brothers.

Finance

Ofori-Atta’s business ventures span several sectors including Insurance, Retail Banking, Private Equity, Microfinance, Pharmaceuticals, and Real Estate.

In 1996, he became the first African to provide testimony before the US Congress Ways and Means Committee in support of the African Growth and Opportunity Act.

He has held directorship roles at multiple companies such as Enterprise Group Ltd and Trust Bank Ltd of The Gambia, where he serves as chairman. His board memberships also include International Bank (Liberia) and the Acumen Fund.

Political career

During the transition period following the 2016 elections, Ofori-Atta was appointed by President Nana Akufo-Addo to evaluate Ghana’s economic situation.

In May 2017, Akufo-Addo named him Finance Minister as part of a 19-member cabinet. Within this cabinet, Ofori-Atta was considered a key member of the president’s close advisory team.

In 2018, he was elected Chair of the World Bank/IMF Development Committee and also chairs the Governing Board of the African Capacity Building Foundation (ACBF). Additionally, he led the African Caucus at the World Bank.

Throughout his time in office, Ofori-Atta oversaw efforts to restructure Ghana's debt following its default on most external obligations in December 2022.

Parliamentary Motion of Censure

On 25 October 2022, a group of 80 out of 137 lawmakers from the New Patriotic Party (NPP) petitioned President Nana Akufo-Addo to remove Finance Minister Ofori-Atta due to dissatisfaction with his handling of Ghana’s economy. Although Akufo-Addo dismissed Ofori-Atta’s deputy amid corruption allegations, he opted to retain Ofori-Atta, stating there was no justification for his removal.

In November 2022, a motion seeking to censure and remove Ofori-Atta over Ghana’s economic downturn and depreciation of the Ghanaian cedi failed to achieve the required two-thirds parliamentary majority, garnering only 136 votes out of 275. This outcome allowed him to continue serving despite mounting scrutiny from parliamentarians and public dissent.

IMF Assistance

In May 2021, Finance Minister Ken Ofori-Atta declared that Ghana would refrain from seeking support from the International Monetary Fund (IMF) despite escalating debt levels, in line with the government's 'Ghana Beyond Aid' initiative launched in 2018. Nevertheless, by July 2022, President Akufo-Addo instructed the commencement of formal negotiations with the IMF to initiate an 18th economic programme focused on sustainable debt management.

By December 2022, IMF staff reached a preliminary agreement on a $3 billion bailout package for Ghana, with the IMF Board granting official approval in early 2023. The Extended Credit Facility Arrangement worth $3 billion was formally endorsed by the IMF Board on 17 May 2023, designed to stabilize Ghana’s economy amid fiscal pressures.

On 10 January 2023, following Alan John Kyerematen’s resignation, Ofori-Atta was appointed acting minister of the Ministry of Trade and Industry, thereby broadening his governmental portfolio.

After facing criticism regarding his handling of Ghana’s economic challenges, President Akufo-Addo replaced Ofori-Atta as finance minister during a cabinet reshuffle on 14 February 2024. His successor is Mohammed Amin Adam.

Legal Pursuit

In February 2025, Ken Ofori-Atta appeared on the Special Prosecutor’s wanted list due to allegations of financial misconduct but was removed on February 18 after committing to return voluntarily. In June 2025, Interpol issued a red notice when he failed to present himself, reportedly because of prostate cancer treatment. Subsequent reports confirmed that his surgery was successful.

Additional Roles

• Chairperson, Joint World Bank-IMF Development Committee (2018–2024)
• Ex-Officio Member, Board of Governors at African Development Bank (AfDB) (2017–2024)
• Ex-Officio Member, Board of Governors at ECOWAS Bank for Investment and Development (EBID) (2017–2024)
• Ex-Officio Member, Board of Governors at Multilateral Investment Guarantee Agency (MIGA), World Bank Group (2017–2024)
• Ex-Officio Member, Board of Governors at World Bank (2017–2024)
• Chairperson, Board of Governors, African Capacity Building Foundation (ACBF)

Honors and Accolades

Ofori-Atta is recognized as a Henry Crown fellow at the Aspen Institute and was ranked Ghana’s second most respected CEO. He holds the title of Donaldson Fellow from Yale University (2010) and was honored with the John Jay Award from Columbia University in 2011. Additionally, he co-founded the Aspen Africa Leadership Initiative.

He has been twice acknowledged by PricewaterhouseCoopers Ghana among the Top 5 Most Respected CEOs. In May 2018, London-based magazine The Banker named him Best Africa Finance Minister. In 2021, The Africa Report included him among Africa’s most politically influential bankers.

Family and Marriage

Ofori-Atta is married to Professor Angela Lamensdorf Ofori-Atta, an associate professor specializing in Clinical Psychology at the University of Ghana Medical School, who also served as deputy minister for Manpower Development and Employment from 2003 to 2005 during the Kufuor administration. The couple has four biological children and one adopted son, Ofori Atta Kwaku, who graduated from KNUST.

COVID-19, Health, and Death Speculations

Following his positive COVID-19 diagnosis and subsequent travel to the United States on 15 February 2021 for medical evaluation, rumors emerged claiming that Ofori-Atta had passed away. The Ministry of Finance refuted these death reports, confirming instead that he was undergoing treatment abroad due to complications arising from his COVID-19 infection contracted in December 2020.

External links

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