Ghana’s immediate past Finance and Economic Planning Minister, Dr. Kwabena Duffuor, has been awarded the lifetime achievement award in Banking and Finance at the recently held 13th Banking Awards by Corporate Initiative.
The Banker, a publication by the Financial Times Limited, also adjudged Dr. Kwabena Duffuor Africa’s Finance Minister of the year 2011.
Before his appointment to the high office of a Minister of State, he served as the Governor of the Central Bank of Ghana Governor from July 1997 to 2001 and was named as one of the four best Central Bank Governors in the World at an IMF/World Bank meeting in 1999 (Euromoney Publication).
He is a Fellow of the Akuafo Hall, University of Ghana, and a Fellow of the Chartered Institute of Bankers.
Dr. Duffuor is the Founder and Senior Advisor to HODA Holdings Limited, an entity with over fifteen (15) business enterprises in Insurance, Banking, Real Estates, Farming and Media Conglomerate. All these were accomplished alongside his banking, academic and political careers.
Dr. Kwabena Duffuor started his career in July 1968 at Volta River Authority, then moved to Ghana Commercial Bank (GCB) now GCB Bank in February1969 and was confirmed as a Research Officer in 1970.
He held various positions within the Bank and as competence is seen by the good deeds of work, he was appointed General Manager, Ghana Commercial Bank-London Branch in 1991 to share his unlimited gained experience.
Between the years of 1973 and 1979, while working with GCB Bank, Dr. Duffuor obtained a USAID and African Graduate Fellowship Awards to pursue further studies at the Syracuse University in New York. He obtained an MBA in Finance and Banking, an MA in Economics in 1975 and PhD in 1979, all at the Syracuse University.
While preparing for his PhD Thesis, Dr. Duffuor worked briefly with the International Monetary Fund (IMF) African Department in Washington DC, USA as an Economist in the African Department, where he submitted a paper on “Exchange Rate Policy as part of a stabilization program in Hyperinflationary situation, with special reference to Ghana‘’.
Dr Duffuor contributed immensely to Banking and Finance sector, which led to his appointment as the Deputy Governor of the Bank of Ghana in July 1995 and Governor in July 1997 until 2001.
Dr. Duffuor retired voluntarily from Bank of Ghana in September 2001, with high commendation from the then sitting President, His Excellency John Agyekum Kuffour for his contribution towards the stabilization of the Ghanaian economy during his term in office.
In February 2009, Dr. Duffuor was appointed Minister for Finance and Economic Planning. His term of office saw the following key accomplishments:
– GDP growth rate of about 15% in 2011. Highest in Ghana’s entire history, and highest in the world in that year (2011).
– Exchange rate stability between January 2009 (GHS1.20 =$1) to February 2012 (GHS1.88 = $1).
– Longest sustained single digit inflation (for 32 months)
– Highest ever Gross International reserves of over $5.3 billion in 20112
– Met all four (4) Primary convergence criteria of the West African Monetary Union;
– Instituted a Hedging Program (Petroleum Price Risk Program) aimed at stabilizing petroleum product prices and thus ensured that consumers paid a reasonable price for petrol at the pumps
– Developed and instituted a National Public Private Partnership Policy (PPP Policy) to encourage and facilitate investment by the private sector in the provisional of public infrastructure.
Dr. Duffuor is currently the chairman of Ghana Heart Foundation and Kumawuman Rural Bank. He has also served in a number of Directorship positions in various companies including Accra Brewery Limited, Shell Ghana Limited, Ecobank Cote D’Ivoire, State Gold Mining Corporation, Ghana Cocoa Board, Ashanti Goldfields and Ghana International Bank Plc. London where he was the Board Chairman between 1998-2001.
Dr. Duffuor is married to Akosua Fosuah Duffuor and they are happily blessed with five (5) children.
Other distinguished personalities including former Managing Director of the Ghana Commercial Bank, William Panford Bray, former Managing Director of Trust Bank now Ecobank and President of the Institute of Bankers Isaac Owusu- Hemeng, where also honoured for devoting most of their lives to develop Ghana’s Financial sector.
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