In preparation for the general election in 2024, Dr. Kwabena Duffuor, a former minister of finance, has announced his intention to serve as the National Democratic Congress’s (NDC) flagbearer.
In particular, at a time “when there is an economic crisis that necessitates a person with the necessary competence and experience to direct the affairs of the country,” he pleaded with the populace to give him an opportunity to serve his country.
“In really, all of my accomplishments are meaningless to me right now since my fellow countrymen are suffering.
At a news conference in Accra, he declared, “Ghana, our house is on fire, and as a citizen, I have the duty to assist in putting out this fire.”
Dr. Duffuor declared that he was looking forward to “the Ghanaian Dream” coming true under his leadership, when everyone would have an equal chance to flourish regardless of family background or political ties.
The economy saw a decline in interest rates to the lowest level in four decades, the longest sustained single digit inflation over 31 months, and a reduction in the budget deficit as of the end of 2011 from 14.5 percent of Gross Domestic Product (GDP) to four percent of GDP, according to the former Minister of Finance and Economic Planning, who bragged about his accomplishments between 2009 and 2012.
Let’s work to revive our faltering economy for the sake of our future generations, he urged.
Dr. Duffuor was born on January 21, 1943, in Kumawu, Ashanti.
He attended Kumawu Presbyterian Primary/Middle Schools from 1950 to 1957 before enrolling at Prempeh College in 1958 on a scholarship from the Ghana Cocoa Board and earning his O and A Level Certificates there.
After completing his A-Levels in Physics, Applied Math, and Pure Math, he enrolled in the University of Ghana, Legon, where he earned a Bachelor of Science (B.Sc) in Economics with a focus in Econometrics, Statistics, and Operations Research in 1968.
Dr. Duffuor began working for the Volta River Authority in July 1968. He later transferred to the Ghana Commercial Bank (GCB), now GCB Bank, where he was hired as a Research Officer in 1970.
The first ten years of Dr. Duffuor’s financial career were spent at GCB Bank, where he concentrated on research, domestic banking, and international banking.
He was made a general manager in 1990, and in June 1991, he took over as head of the bank’s London branch.
He received USAID and African Graduate Fellowship Awards between the years of 1973 and 1979 to further his education at Syracuse University in New York, where he earned an MBA in Finance and Banking, an MA in Economics, and a PhD in 1975 and 1979, respectively.
Dr. Duffuor is credited with helping to organize a $140 million syndicated loan for the Ghana Cocoa Board at the London Branch.
Ghana Cocoa Board and the International Banks now conduct the cocoa syndicated facility on a yearly basis.
Dr. Duffuor lectured on economic theory and public finance at the Economics Department and the School of Administration at the University of Ghana, Legon, between 1980 and 1991 while working for the Bank.
Dr. Duffuor was appointed the Bank of Ghana’s deputy governor in July 1995, where he assisted in restructuring the government’s finances to ensure the effective implementation of both fiscal and monetary policies.
He was named governor in 1997, and among other duties, he oversaw Ghana Commercial Bank London Branch’s transformation into Ghana International Bank Ltd, a bank with UK incorporation, in March 1998.
In September 2001, Dr. Duffuor voluntarily left the Bank of Ghana after receiving high praise from the president in office for his role in helping to stabilize the country’s economy while he was in office.
When Dr. Duffuor was appointed Minister of Finance and Economic Planning in February 2009, among his first acts as minister included establishing a Hedging Program (Petroleum Price Risk Program) that sought to stabilize the price of petroleum products and guarantee that consumers paid a fair price for gasoline at the pump.
In order to encourage and facilitate private sector participation in the provision of public infrastructure, he also created and implemented the National Public Private Partnership Policy (PPP Policy).
After serving a complete political term with the NDC, Dr. Kwabena Duffuor left the Ministry of Finance and Economic Planning in February 2012.