Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has lamented the dismissal of Britain’s finance minister, Kwasi Kwarteng, by the Prime Minister Mary Elizabeth Truss.

According to him, the dismissed UK finance minister has not done a fraction of damage Ghana’s Finance Minister, Ken Ofori-Atta, has caused the economy.

Contained in a Facebook post, today, October 14, 2022, Mr Ablakwa expressed his disappointment over the matter, insisting there is “no justice in the world”.

“Kwasi Kwarteng hasn’t done a fraction of the damage Ken Ofori-Atta has caused the Ghanaian economy but he gets to be sacked and Ken is showered with praises from his family member, President Akufo-Addo as Ghanaians languish in more pain.”
Samuel Okudzeto Ablakwa

Mr Kwarteng was sacked on Friday, October 14, amidst the government’s tax cuts believed to have sparked financial market turmoil.

Reacting to his dismissal in a letter to the Prime Minister, Mr Kwarteng stated that: “You have asked me to step aside as your Chancellor, I have accepted”. He indicated that the PM’s vision’s of optimism, growth and change was right.

“When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices… We have been colleagues and friends for many years. In that time I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first Chancellor.”
Kwasi Kwarteng

Jeremy Hunt appointed as new Chancellor

Meanwhile, Jeremy Hunt has been appointed as Liz Truss’s new Chancellor. Some Tory MPs believe his appointment is a sign that the beleaguered Prime Minister is committed to reaching out to other sections of the Conservative party.

Mr Hunt is the former foreign secretary and health secretary and has unsuccessfully tried to become Conservative leader.

A wider mini-reshuffle also resulted in Chris Philp, Kwarteng’s No. 2 as Chief Secretary to the Treasury, being sacked from his role and moved to the Cabinet Office to become paymaster general. In a direct job swap, Philp was replaced by Edward Argar.

Jeremy Hunt has been on the backbenches since Boris Johnson became Prime Minister in 2019. His appointment indicates Truss wants to broaden her support and is likely to slow down her rush to introduce tax cuts.

The appointment appears to be a response to criticism from Tory MPs that Truss’s initial cabinet was chosen for loyalty rather than competence and experience, packed almost entirely by those who supported her in the leadership race.

Speaking at a press conference, Liz Truss has announced another U-turn in her government’s tax-cut plan, in an effort to reassure financial markets. Truss disclosed that she will reverse her plan to scrap an increase in corporation tax and admits the government’s mini-budget had gone “faster and further” than many expected.

Commenting on why she should stay on as PM, despite public agitations, the Prime Minister revealed that she is “determined to see through what I promised”.