Dr Kwabena Duffuor, a former Minister of Finance, has declared his intention to become the Flagbearer of the National Democratic Congress (NDC) in the run up to the 2024 general election.
He called on the citizenry to give him a chance to serve the country, especially at a time “when there is an economic crisis that demands a person with the right expertise and experience to steer the affairs of the country”.
“Indeed, all that I have achieved means nothing to me at this moment when my fellow citizens are suffering.
“Ghana our house is on fire and as a citizen, I have the responsibility to help quench this fire,” he said at a press briefing in Accra.
Dr Duffuor said he was looking forward to an era under his leadership of “the Ghanaian Dream”, where citizens would have an equal opportunity of prospering without the family lineage or political connection.
Touting his achievement as the former Minister of Finance and Economic Planning between 2009 and 2012, he said the economy registered a decline in interest rate to the lowest level in four decades; the longest sustained single digit inflation over 31 months and a budget deficit reduction as at the end of 2011 from 14.5 per cent of Gross Domestic Product (GDP) to four per cent of GDP.
“Let us fight to save our ailing economy to the benefit of our children and generations yet unborn, ” he said.
Dr. Duffuor was born in Kumawu in the Ashanti region on January 21, 1943.
He attended Kumawu Presbyterian Primary/Middle schools between 1950 and 1957 and then entered Prempeh College in 1958 on a Ghana Cocoa Board scholarship, where he obtained his O & A Level Certificates.
He studied Physics, Applied Maths and Pure Maths for his A’Levels and then proceeded to the University of Ghana, Legon, where he graduated in 1968 with a Bachelor of Science (B.Sc) degree in Economics with concentration in Econometrics, Statistics and Operations Research.
In July 1968, Dr. Duffuor started work at the Volta River Authority and later moved to the Ghana Commercial Bank (GCB) now GCB Bank in February 1969 where he became a Research Officer in 1970.
Dr Duffuor spent the first 10 years of his banking career in GCB Bank with focus on research, domestic banking, and international banking.
He was in 1990 appointed a General Manager and in June,1991, he assumed the position of the Head of the London Branch of the Bank.
Between the years 1973 and 1979, he obtained a USAID and African Graduate Fellowship Awards to pursue further studies at the Syracuse University in New York where he graduated with an MBA in Finance and Banking, an MA in Economics, and a PhD in 1975 and 1979 respectively.
At the London Branch, Dr. Duffuor was said to be instrumental in arranging a Syndicated loan of US140 million for Ghana Cocoa Board.
The Cocoa syndicated facility has now become an annual transaction between Ghana Cocoa Board and the International Banks.
During his time at the Bank, Dr. Duffuor also pursued a part-time career in academics, lecturing in Economic Theory and Public Finance at the Economics Department and the School of Administration, University of Ghana, Legon, between 1980-1991.
In July 1995, Dr. Duffuor was appointed the Deputy Governor of the Bank of Ghana where he helped restructure Government’s accounts for efficient implementation of both fiscal and monetary policies.
In 1997, he was appointed Governor where he among other things supervised the conversion of Ghana Commercial Bank London Branch into a U.K incorporated bank –Ghana International Bank plc. in March 1998.
Dr. Duffuor retired voluntarily from Bank of Ghana in September 2001, with high commendation from the sitting President for his contribution towards the stabilisation of the Ghanaian economy during his term in office.
In February 2009, Dr. Duffuor was appointed Minister for Finance and Economic Planning where he among other things instituted a Hedging Programme (Petroleum Price Risk Program) aimed at stabilising petroleum product prices and thus ensured that consumers paid a reasonable price for petrol at the pumps.
He also developed and instituted a National Public Private Partnership Policy (PPP Policy) to encourage and facilitate investment by the private sector in the provision of public infrastructure.
Dr. Kwabena Duffuor exited the Ministry of Finance and Economic Planning after completing a full political term with the NDC in February 2012.