Kwabena Duffuor

Kwabena Duffuor be Ghana man wey serve as de Finance Minister of Ghana. He be former governor of de Bank of Ghana, den for de IMF/World Bank meeting wey dem hold for 1999, dem name am as one of de four best Central Bank Governors for de whole world. He be Fellow of de Akuafo Hall for University of Ghana, den Fellow too for de Chartered Institute of Bankers.

Duffuor be founder den chairman of HODA Holdings, wey be business group wey get Insurance, Banking, Real Estate, Farming, Mining plus Media. He be founder den president of de Institute for Fiscal Studies for Ghana, wey be non-profit think-tank wey dey provide economic advocacy plus training—he establish am for March 2013. He be de same person wey start uniBank, wey dem collapse for 2018 under controversial circumstances.

 Early life den education 
Insyd 1958, Kwabena Duffuor enter Prempeh College for Kumasi take begin ein secondary school education through Ghana Cocoa Marketing Board scholarship. For there, he take get ein O-Level certificate for 1962 plus A-Level certificate for 1964. He then move go University of Ghana wey he graduate for 1968 plus B.Sc. degree for Economics. After he work small time for Volta River Authority, he start ein banking career for Ghana Commercial Bank for 1969. Between 1973 plus 1979, as he still dey work with GCB Bank, Duffuor take get USAID plus African Graduate Fellowship Awards wey make he travel go Syracuse University for New York. There, he obtain MBA for Finance plus Banking, MA for Economics for 1975, den PhD for 1979—all for de Maxwell School of Citizenship and Public Affairs for Syracuse University. He still receive ein Doctorate of Philosophy for International Finance for 1979 from de same university.

After he work small as economist for IMF for Washington, Duffuor return come Ghana wey he combine ein banking work for Ghana Commercial Bank plus Lecturing for Economics and Finance for University of Ghana between 1980 den 1991.

 Career 
Duffuor start work plus Ghana Commercial Bank for 1969, where he rise come be chief economist plus head of research department. Between 1982 plus 1991, Duffuor dey work full-time as banker. He too dey work part-time as lecturer for economics, finance plus banking for de Economics Department plus de School of Administration for University of Ghana. From 1985, dem appoint am as external examiner for finance for de university. For 1995, he become deputy governor of de Bank of Ghana. For July 1997, President Jerry Rawlings appoint Duffuor as governor of de Bank of Ghana. He hold dis position till ein four-year term end for September 2001.

Insyd Ghana Commercial Bank, he rise through de ranks, wey he come be general manager plus head of de London Branch for 1991. Under ein tenureship, de GCB London Branch grow make serious impression. De bank ein profit move from £1.5 million for 1991 go £3.6 million for 1994. Because of dat, de Income/Expense ratio drop from 75 per cent for 1991 go 55 per cent by de end of 1994. Inside dat same period, Duffuor lead group of international banks, including Chemical Bank (London) plus Standard Chartered Bank (London), to arrange syndicated loan of $140 million for Ghana Cocoa Board plus $65 million for Ghana National Petroleum Corporation (GNPC).

By 1994, de GCB London dey shine well-well insyd London city, so dem invite Dr Duffuor go de big Annual Dinner of de Lord Mayor of London wey dem hold for Mansion House on 14 June 1994. Dis invitation be make Dr Duffuor fit meet big-big people like de Chancellor of Exchequer, governor of de Bank of England, head of Lloyd's of London, de lord mayor of London plus captains of industry den finance for de United Kingdom.

Insyd July 1995, dem appoint Duffuor as Deputy Governor of de Bank of Ghana, so he commot come back home. As deputy governor, he put ein eye top restructuring of Government Accounts, Human Capital Development, Commercial Banking Services plus Treasury Services den Foreign Exchange Market Development of de bank. He too bring come de two-way quotation system (offer/bid rates) for Foreign Exchange transaction insyd de bank, wey remove de subsidy wey dey go to people wey dey use foreign exchange. For 1996, he arrange US$100 million Syndicated Facility plus Societe General Bank (London Branch) for de Government of Ghana through de Ministry of Finance.

Insyd July 1997, dem appoint am as governor of de bank; he lead plenty reforms insyd de bank, including de conversion of Ghana Commercial Bank London Branch into UK incorporated Bank – Ghana International Bank, plc for March 1998. For November 1997, de Institute of Bankers insyd Ghana confer honorary fellowship on Dr Duffuor for ein loyal plus meritorious service to de banking industry. Readers of The Independent newspaper nominate am as Ghana ein man of de year.

 Board engagements 
For March 2003, dem appoint Duffuor as chairman of de Presidential Committee on Promotion plus Revitalization of de Industrial Sector on Sustainable Basis. Again for December 2003, de governments of Ghana plus Denmark join appoint am as chairman of de Programme Committee for de Business Sector Programme Support (BSPS) wey de Danish Government sponsor for Ghanaian Private Sector Development for de period 2003–08.

Duffuor currently be chairman of Ghana Heart Foundation plus Kumawuman Rural Bank. He too serve for plenty directorship positions insyd different companies, including Accra Brewery Limited, Shell Ghana Limited, Ecobank Cote d'Ivoire, State Gold Mining Corporation, Ghana Cocoa Board, Ashanti Goldfields Company Limited, plus Ghana International Bank Plc. London, where he be board chairman between 1998 plus 2001.

He be Fellow of Akuafo Hall, University of Ghana, plus Fellow of de Chartered Institute of Bankers.

 Politics 
Kwabena Duffuor be member of Convention People's Party. Dem appoint am as finance minister insyd John Atta Mills ein National Democratic Congress government for February 2009.

Insy 2023, Duffuor file nomination form make he run against John Dramani Mahama as flagbearer of de National Democratic Congress, but later he withdraw from de campaign sake of concerns about de neutrality plus transparency of de party ein election process.

 Awards 
Insyd 1998, Duffuor win "Personality of the Year" wey The Independent newspaper for Ghana vote for am. Dis same year, de Chartered Institute of Marketing, Ghana (CIMG) vote am as "Marketing Man of the Year". For ein loyal plus meritorious service to de banking industry for Ghana, de Institute of Bankers – Ghana confer Honorary Fellowship on Duffuor for November 1997. For September 1999, Euromoney Publications commend am as one of de best four Central Bank Governors for de World during de IMF/World Bank meeting wey dem hold for Washington, DC. For May 2002, GCB Bank honour Duffuor to recognise ein 26 years of loyal plus dedicated service to de bank plus de honour wey he do de bank through ein appointment to de high office of governor of de Bank of Ghana.

Insyd February 2002, de Rural Bankers’ Association of Ghana honour Duffuor for de big contribution wey he make towards de development of de Rural Banking sector insyd de country. For September 2002, de Ashanti Regional chapter of de Rural Bankers’ Association appreciate plus honour Duffuor as de founder plus first president of de association, wey also make very significant contribution to de development of one vibrant rural banking industry insyd de Ashanti Region.

Insyd July 2010, Duffuor receive de International Distinguished Merit Award from de West African Insurance Institute, to recognise ein outstanding contribution to de development of Insurance for Africa, plus especially for ein strong support for de promotion of insurance education insyd de region, most especially for de West African Insurance Institute.

Insyd 2011, The Banker name am as Africa ein Finance Minister of the Year 2011. Sana for October 2011, Africa investor (Ai), wey be one top international investment research plus communication group, give Duffuor de African Finance Minister of the Year 2011 Award during de prestigious Africa investor (Ai) Investment and Business Leader Awards wey dem hold for Washington during de World Bank Annual Meetings.

Duffuor receive Lifetime Achievement Award insyd Banking plus Finance from Corporate Initiative Ghana, wey be de organisers of de Ghana Banking Awards, for one ceremony wey dem hold for December 2014. For January 2015, TV station Viasat 1 name Dr Duffuor as "Man of the Year 2014" for Ghana, for ein outstanding success insyd business. Dis be de second time wey dis ‘‘Man of the Year’’ award dey go to de same person during ein lifetime for Ghana.

Insyd July 2015, Duffuor receive Exceptional Achievement Award from GUBA during one event wey happen for Hilton Metropole Hotel, London. For September 2015, MUSIGA give am Special Music Pillar Honour Award during one event wey dem hold for Banquet Hall, State House. To recognise de extraordinary contribution wey he make towards de development of dis country, de Republic of Ghana confer de State honour of Companion of de Order of de Volta (CV) on Dr Kwabena Duffuor for December 2015.

 Controversies den allegations 
Duffuor be founder of uniBank, one defunct major Ghanaian bank. Dem set up de bank for 1997 during de time wey he be Governor of de Bank of Ghana (BoG). For 2018, de Bank of Ghana put de bank under administration, den later consolidate am plus four other defunct banks during Ghana ein banking crisis. At de time wey dem put de bank under administration, ein son Dr Kwabena Duffuor Jr. be de one wey dey lead de bank.

As dem take over de bank, de BoG talk say reasons be weak supervisory standards, weak operations, persistent liquidity shortfalls plus breaches in de bank ein cash reserve requirements. By de time of de administration, reports show say de bank get negative capital adequacy of -24% as of December 2017, plus e dey rely on more than 2.2 billion cedis (US$498 million at de time) liquidity support from de BoG make e continue dey operate.

De bank ein Receivers later carry Duffuor, HODA, ein son plus some oda people go court, make dem return 5 billion cedis worth of assets. De Receivers talk say de Directors plus shareholders of de bank do illegal dealings by giving out unlawful loans and also by acquiring properties illegally under demma related companies.

Duffuor try take back control of de bank by also suing de Ghana Government, saying say de bank dey like say dem forcefully take am. Inside dis lawsuit, e come out say almost all de loans wey uniBank give out no dey pay—dem classify am as “impaired.” Ein son too sue de administrator KPMG plus demma staff, accuse dem of deceit and say dem plan to benefit demma own self by lying to de Government so de bank go collapse.

 References 

Category:Human
Category:1946 births
Category:Ghanaians
Category:University of Ghana alumni
Category:Finance ministers of Ghana
Category:Convention People's Party (Ghana) politicians
Category:Ghanaian bankers
Category:Ghanaian economists
Category:Governors of Bank of Ghana
Category:Recipients of de Order of the Volta
Category:Prempeh College alumni
Category:Maxwell School of Citizenship and Public Affairs alumni
Category:Syracuse University alumni
Category:National Democratic Congress (Ghana) politicians

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