President Akufo-Addo has explained why he removed Ken Ofori-Atta as Finance Minister in the February ministerial reshuffle.

According to him, after seven long years in office, the former Finance Minister needed a break.

While interacting with the IMF Managing Director, Kristalina Georgieva at the Jubilee House over the weekend, President Akufo-Addo said the decision was necessary.

“Since last year, we have made some important changes in our government. Your old friend, Mr. Ofori-Atta has had seven years as a Finance Minister and I thought it was time for him to wind down and take on more narrow roles.

"And the new Minister of Finance is someone you have met before... now he has stepped forward,” he explained.

• Read also: Reshuffle: Ken Ofori-Atta sacked as Akufo-Addo shakes up his government

President Akufo-Addo on Wednesday, February 14, removed the Finance Minister, Ken Ofori Atta in a major ministerial reshuffle.

Approximately 13 current ministers of state, including 10 cabinet ministers and two regional ministers, were affected by the reshuffle.

The President later appointed Mr. Ofori-Atta as the Senior Presidential Advisor and Special Envoy for International Finance and Private Sector Investments.

In this new office, Mr. Ofori-Atta is expected to leverage his extensive experience and network to attract international investments and bolster private sector participation in Ghana's development.

The new position resulted in a media debate as many market watchers viewed it as a promotion since he will advise President Akufo-Addo on matters of international finance and private sector investment.

But President Akufo-Addo continues to praise the performance of the former finance minister.

• Read also: Akufo-Addo appoints Ofori-Atta as Senior Presidential Advisor

The President also stressed that government will be cautious to strike a fine line between meeting the aspirations of Ghanaians and staying true to the dictates of the IMF 3-year extended credit programme.

He said this will be crucial as the country heads to the December 7 general election.