Economist, Professor Lord Mensah
Finance Lecturer at the University of Ghana Business School, Professor Lord Mensah, has stated that holding former Minister of Finance Ken Ofori-Atta accountable for his actions during his tenure is a step in the right direction.
The economist emphasized that this move would send a positive signal to the investor community.
Speaking in an interview with Citi Business News, Professor Mensah stressed that any minister who acted irresponsibly while in office should be held accountable.
He explained that investments will not thrive if individuals are not punished for financial misappropriation and other malfeasance.
“Gone are the days when it seemed like people could walk around freely and do as they pleased. It sends a good signal to the investor community… Any minister who holds a portfolio and does not manage it well, making decisions on their own without considering the public interest, should be held responsible,” Professor Mensah said.
“Finance, law, and economics go together. In any environment where laws don’t work, and where people are not punished for financial misappropriation, investments don’t thrive,” he stated.
The economist added, “Once he [Ken Ofori-Atta] is able to account for his actions and we all understand what really transpired regarding his decisions, it opens up the market. The market thrives on openness.”
This statement follows the Office of the Special Prosecutor’s (OSP) declaration of Ken Ofori-Atta as a fugitive from justice on February 12, 2025.
The former minister was being investigated for alleged corruption and corruption-related offences.
At a press conference, Special Prosecutor Kissi Agyebeng stated that the offences under investigation included contractual arrangements between Strategic Mobilisation Ghana Limited and the Ghana Revenue Authority.
Other offences included the termination of a Distribution, Loss Reduction, and Associated Network Improvement Project contract between the Electricity Company of Ghana Limited and Beijing Xiao Cheng Technology (BXC), as well as issues surrounding the procurement of contractors and materials.
Additional offences involved activities and payments related to the National Cathedral project and a contract awarded by the Ministry of Health (initially initiated by the Ministry for Special Development Initiatives) to Service Ghana Auto Group Limited for the purchase and after-sales service and maintenance of 307 Mercedes-Benz Sprinter 305 CDI ambulances for the National Ambulance Service.
Providing further details, the Special Prosecutor said Ofori-Atta left the country on or around January 2, 2025. On January 24, 2025, the OSP communicated to him that he was considered a suspect in connection with four of the cases mentioned above.
The Special Prosecutor directed him to appear in person at the OSP on Monday, February 10, 2025, at 10:00 AM for an interview.
By a letter dated January 31, 2025, Ken Ofori-Atta instructed his lawyers to inform the OSP that he was out of the country indefinitely on medical grounds and that they would notify the OSP upon his return to reschedule his attendance.
Additionally, the legal firm expressed its willingness to provide the OSP with any required information for the investigation until Ofori-Atta’s return.
However, on Tuesday, February 18, 2025, the OSP removed the former finance minister’s name from the wanted list.
This decision followed a communication from his legal team informing the OSP that Ofori-Atta would return to Ghana in May 2025.
SA/MA
Watch the latest edition of BizTech below:
Click here to follow the GhanaWeb Business WhatsApp channel