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President Nana Addo Danquah Akufo-Addo has given reasons why he reshuffled Finance Minister, Ken Ofori- Atta during the February ministerial reshuffle.

According to the President, the finance minister having served the country for seven years needed to go on a break.

The president made this known while interacting with the IMF Managing Director, Kristalina Georgieva at the Jubilee House in Accra over the weekend.

According to President Akufo-Addo, the decision to have the Finance Minister changed was a decision that was necessary.

He said, “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 added.

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

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

Following the ministerial 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 still be playing an advisory role to President Akufo-Addo on matters of international finance.