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Charles Adu Boahen’s appointment terminated as Minister of State at Finance

BY: Enoch Darfah Frimpong
Charles Adu Boahen’s appointment terminated as Minister of State at Finance
Charles Adu Boahen’s appointment terminated as Minister of State at Finance

Charles Adu Boahen’s appointment has been terminated as a Minister of State at the Finance Ministry by Ghana's President Akufo-Addo following Anas Aremeyaw Anas's  "Galamsey Economy" exposé.

A statement dated Monday, November 14, 2022, signed and issued by the Director of Communications at the Presidency, Eugene Arhin said the termination was with immediate effect.

It followed allegations levelled against Charles Adu Boahen in the exposé "Galamsey Economy", by Anas Aremeyaw Anas.

The statement from the presidency said "after being made aware of the allegations... the President spoke to Mr. Adu Boahen, after which he took the decision to terminate his appointment, and also to refer the matter to the Special Prosecutor for further investigation."

PRESIDENT AKUFO-ADDO TERMINATES APPOINTMENT OF CHARLES ADU BOAHEN

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has terminated the appointment of the Minister of State at the Ministry of Finance, Mr. Charles Adu Boahen, with immediate effect.


After being made aware of the allegations levelled against the Minister in the exposé "Galamsey Economy", the President spoke to Mr. Adu Boahen, after which he took the decision to terminate his appointment, and also to refer the matter to the Special Prosecutor for further investigations.

The President thanked Mr. Adu Boahen for his strong services to his government since his appointment in 2017, and wished him well in his future endeavours.

Charles Adu Boahen

Charles Adu Boahen per his CV published by the Finance Ministry has over 19 years’ experience in Finance, specifically in Corporate Finance, Investment Banking, Asset Management, Private Equity and Real Estate.

Prior to his appointment as a Deputy Minister for Finance, Charles was the CEO of Black Star Advisors (BSA), a boutique investment bank and asset management firm, and Primrose Properties Ghana (PPG), a real estate development company, both of which he founded in 2007.

Prior to that, Charles Adu Boahen was a Director and Regional Head of Corporate and Investment Banking for Standard Bank of South Africa.

Prior to Standard Bank, he was with JP Morgan for over five years as Vice President and Head of Investment Banking for Sub-Saharan Africa where he was responsible for developing the Investment banking business across sub-Saharan Africa excluding South Africa, he was also the JPM Senior Country Representative for Nigeria.

After Business School, Adu Boahen joined the $400mm AIG African Infrastructure Fund as an Investment Officer.

After college, he joined Salomon Smith Barney, now part of Citigroup, on Wall Street in their Investment Banking Division where his responsibilities included various corporate finance and mergers & acquisitions assignments, primarily in the Chemicals and Energy sector. 

Charles Adu Boahen has an MBA from Harvard Business School and a BSc in Chemical Engineering from the University of Southern California.

Vice President Bawumia's reaction

Dr. Mahamudu Bawumia writes:

My attention has been drawn to a video by Anas Aremeyaw Anas (as posted on his social media handle) showing the Minister of State for Finance, Mr. Charles Adu Boahen, apparently using my name, inter alia, to peddle influence and collect money from supposed investors. I would like to state that if what the minister is alleged to have said is accurately captured in the video, then his position as a minister of state is untenable. He should be dismissed summarily and investigated.

I am not aware of any such meeting held by Minister Adu Boahen or a supposed “appearance fee”. My most cherished asset in life is my integrity and I will not allow anyone to use my name to engage in corrupt activities.

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