Kwabena Duffuor was the
Finance Minister
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
of
Ghana
Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
. He has also served as the governor of the
Bank of Ghana
The Bank of Ghana ( BoG) is the central bank of Ghana. It is located in Accra and was formed in 1957. The bank is active in developing financial inclusion policy and is a member of thAlliance for Financial Inclusion
History
The Central Ban ...
. He was named as one of the four best Central Bank Governors in the World at an IMF/World Bank meeting in 1999.
He is a Fellow of the
Akuafo Hall
Akuafo Hall otherwise referred to as the Hall of Excellence is the second Hall of residence to be established in the University College of the Gold Coast now University of Ghana. The Hall has its own statutes governing the administration of its a ...
,
University of Ghana
The University of Ghana is a public university located in Accra, Ghana. It the oldest and largest of the thirteen Ghanaian national public universities.
The university was founded in 1948 as the University College of the Gold Coast in the Br ...
, and a Fellow of the
Chartered Institute of Bankers
The London Institute of Banking & Finance is the oldest training and professional body for banking and financial services in England and Wales, and works internationally with partners to establish ethical and professional standards across the ...
.
Duffuor is the founder and chairman of HODA Holdings, a business entity comprising Insurance, Banking, Real Estates, Farming, Mining and Media. He is also the founder and president of the Institute for Fiscal Studies in Ghana, a non-profit think-tank providing economic advocacy and training which he established in March, 2013. He is also the founder of
uniBank
uniBank (Ghana) Limited, commonly known as uniBank, was an indigenous private bank in Ghana, West Africa. The bank was placed in administration in March 2018 and subsequently consolidated as part of the Ghana Government's handling of its banking ...
which controversially collapsed in 2018.
Early life and education
Kwabena Duffuor had his secondary education at the
Prempeh College
Prempeh College is a public secondary boarding school for boys located in Kumasi, the capital city of the Ashanti Region, Ghana. The school was founded in 1949 by the Asanteman traditional authority, the British Colonial Government, the Metho ...
at
Kumasi
Kumasi (historically spelled Comassie or Coomassie, usually spelled Kumase in Twi) is a city in the Ashanti Region, and is among the largest metropolitan areas in Ghana. Kumasi is located in a rain forest region near Lake Bosomtwe, and is the ...
in the
Ashanti Region
The Ashanti Region is located in southern part of Ghana and it is the third largest of 16 administrative regions, occupying a total land surface of or 10.2 percent of the total land area of Ghana. In terms of population, however, it is the mo ...
of Ghana. He proceeded to the
University of Ghana
The University of Ghana is a public university located in Accra, Ghana. It the oldest and largest of the thirteen Ghanaian national public universities.
The university was founded in 1948 as the University College of the Gold Coast in the Br ...
where he graduated in 1968 with a
B. Sc. degree in economics. His postgraduate studies were at the
Syracuse University
Syracuse University (informally 'Cuse or SU) is a Private university, private research university in Syracuse, New York. Established in 1870 with roots in the Methodist Episcopal Church, the university has been nonsectarian since 1920. Locate ...
in
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
,
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
where he obtained a
Masters in Business Administration
A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
degree in Finance and Banking and
Master of Arts
A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Tho ...
in Economics in 1975.
He was also awarded a
Doctorate of Philosophy
A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is a ...
in International Finance in 1979 at the same university.
In 1958, Duffuor entered Prempeh College in Kumasi on a Ghana Cocoa Marketing Board scholarship, where he obtained both his O-Level and A-Level certificates in 1962 and 1964 respectively.
In 1968, Duffuor obtained a B.Sc. (Economics) degree from the University of Ghana and after working briefly with V.R.A he started his career with the Ghana Commercial Bank in 1969. Between the years 1973 and 1979, while working with GCB Bank, Duffuor obtained a
USAID
The United States Agency for International Development (USAID) is an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance. With a budget of over $27 bi ...
and African Graduate Fellowship Awards to pursue further studies at
Syracuse University
Syracuse University (informally 'Cuse or SU) is a Private university, private research university in Syracuse, New York. Established in 1870 with roots in the Methodist Episcopal Church, the university has been nonsectarian since 1920. Locate ...
in New York. He obtained an MBA in Finance and Banking, an MA in economics in 1975 and a PhD in 1979, all from the
Maxwell School of Citizenship and Public Affairs
The Maxwell School of Citizenship and Public Affairs (Maxwell School) is the professional public policy school of Syracuse University, a private research university in Syracuse, New York. The school is organized in 11 academic departments and 13 ...
at the Syracuse University. After working briefly as an economist at the
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
in Washington, Duffuor returned to Ghana and combined his banking work at Ghana Commercial Bank with Lecturing in Economics and Finance at the University of Ghana between 1980 and 1991.
Career
Duffuor started work with the
Ghana Commercial Bank
GCB Bank Limited formally known as ''Ghana Commercial Bank'' is the largest bank in Ghana in terms of total operating assets and share of industry deposits, with 14.2% of total industry deposits. In August 2017, the Bank of Ghana, the nation's cen ...
in 1969, where he rose to become chief economist and head of research department. Between 1982 and 1991, Duffuor worked full-time as a banker. He also worked as a part-time lecturer in economics, finance and banking at the Economics Department and the School of Administration at the
University of Ghana
The University of Ghana is a public university located in Accra, Ghana. It the oldest and largest of the thirteen Ghanaian national public universities.
The university was founded in 1948 as the University College of the Gold Coast in the Br ...
. He was appointed an external examiner in finance from 1985 at the university. In 1995, he became deputy governor of the Bank of Ghana. In July 1997,
President
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
Jerry Rawlings
Jerry John Rawlings (22 June 194712 November 2020) was a Ghanaian military officer and politician who led the country for a brief period in 1979, and then from 1981 to 2001. He led a military junta until 1992, and then served two terms as the de ...
appointed Duffuor as the governor of the Bank of Ghana. He held this position till his four-year term ended in September 2001.
At Ghana Commercial Bank, he rose through the ranks, becoming general manager and head of London Branch in 1991. Under his tenureship the GCB London Branch registered very impressive growth. The bank's profits soared from £1.5 million in 1991 to £3.6 million in 1994. Consequently, the Income/Expense ratio dropped from 75per cent in 1991 to 55 per cent by the end of 1994. During the same period Duffuor led a group of international banks including chemical bank (London), standard chartered bank (London) in arranging a syndicated loan of $140 million for Ghana Cocoa Board and $65 million for Ghana National Petroleum Corporation (GNPC). By 1994 the GCB London had become so visible in the city of London that he was invited to the prestigious Annual Dinner of the Lord Mayor of London at Mansion House on 14 June 1994. The invitation was to give Dr Duffuor opportunity to meet notable personalities including the Chancellor of Exchequer, governor of the Bank of England, head of Lloyd's of London and the lord mayor of London as well as captains of industry and finance in the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
.
In July 1995, Duffuor was appointed the Deputy Governor of the Bank of Ghana, and therefore came back home. As deputy governor he focused on the restructuring of Government Accounts, Human Capital Development, Commercial Banking Services and Treasury Services and Foreign Exchange Market Development of the bank. He again initiated the introduction of two-way quotation system (offer/bid rates in the Foreign Exchange transaction in the bank and thereby removed the subsidy to users of foreign exchange. In 1996, he arranged US$100 million Syndicated Facility with Societe General Bank (London) Branch for the Government of Ghana through the Ministry of Finance.
In July 1997, he was appointed governor of the bank; driving a range of reforms in the bank, including the conversion of Ghana Commercial Bank London Branch into a UK incorporated Bank – Ghana International Bank, plc in March 1998. In November 1997, an honorary fellowship was conferred on Dr Duffuor by the Institute of Bankers in Ghana for his loyal and meritorious service to the banking industry. He was nominated Ghana's man of the year by the readers of ''The Independent'' newspaper.
[
]
Board engagements
In March 2003, Duffuor was appointed chairman of the Presidential Committee on Promotion and Revitalization of the Industrial Sector on Sustainable Basis. Again in December 2003, the governments of Ghana and Denmark jointly appointed him to the chairmanship of the Programme Committee for the Business Sector Programme Support (BSPS) which the Danish Government sponsored for the Ghanaian Private Sector Development for the period 2003–08.
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'lvoire, State Gold Mining Corporation. Ghana Cocoa Board, Ashanti Goldfields Company Limited, and, Ghana International Bank Plc. London where he was the board chairman between 1998 and 2001.
He is also a Fellow of the Akuafo Hall, University of Ghana, and a Fellow of the Chartered Institute of Bankers.
Politics
Kwabena Duffuor was a member of the Convention People's Party
The Convention People's Party (CPP) is a Socialism, socialist political party in Ghana based on the ideas of the first President of Ghana, Kwame Nkrumah. The CPP was formed in June 1949 after Nkrumah broke away from the United Gold Coast Conven ...
. He was appointed as finance minister in John Atta Mills
John Evans Fiifi Atta Mills (21 July 1944 – 24 July 2012) was a Ghanaian politician and legal scholar who served as President of Ghana from 2009 until his death in 2012. He was inaugurated on 7 January 2009, having defeated the governing party ...
's National Democratic Congress government in February 2009.
Awards
In 1998, Duffuor was voted "Personality of the Year" by the ''Independent'' newspaper in Ghana.
In this same year, he was again voted "Marketing Man of the Year" by the Chartered Institute of Marketing, Ghana (CIMG).
For his loyal and meritorious service to the banking industry in Ghana the Institute of Bankers – Ghana, conferred an Honorary Fellowship on Duffuor in November 1997. In September 1999, he was commended for being one of the best four Central Bank Governors in the World by Euromoney Publications at the IMF/World Bank meeting held in Washington, DC
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan ...
. In May 2002, Duffuor was honoured by the GCB Bank in recognition of his 26 years of loyal and dedicated service to the bank as well as the honour done to the bank in his appointment to the high office of the governor of the Bank of Ghana.
In February 2002, the Rural Bankers’ Association of Ghana honoured Duffuor for his immense contribution to the development of the Rural Banking sector in the country.
In September 2002, The Ashanti Regional chapter of the Rural Banker's Association's appreciated and honoured Duffuor for being founder and first president of the association who also made very significant contribution to the development of a vibrant rural banking industry in the Ashanti Region.
In July 2010, Duffuor was awarded the International Distinguished Merit Award by the West African Insurance Institute, in recognition for his outstanding contribution to the development of Insurance in Africa and specifically for his unreserved support for the promotion of insurance education in the region and especially to the West African Insurance Institute.
In 2011 he was named by The Banker as Africa's finance minister of the Year 2011. Also in October 2011, Africa investor (Ai), a leading international investment research and communication group awarded Duffuor the African Finance Minister of the Year 2011 Award during the prestigious Africa investor (Ai) Investment and Business Leader Awards held in Washington during the World Bank Annual Meetings.
Duffuor received a Lifetime Achievement Award in Banking and Finance from Corporate Initiative Ghana, organizers of Ghana Banking Awards, at a ceremony held in December 2014. In January 2015, TV station Viasat 1 named Dr Duffuor "Man of the Year 2014" in Ghana, for his outstanding success in business. This was the second time this ‘‘Man of the Year ’’ award has been given to the same person in his lifetime in Ghana.
In July 2015, Duffuor received an Exceptional Achievement Award from GUBA at an event that took place at the Hilton Metropole Hotel, London.
In September 2015, he was awarded a Special Music Pillar Honour award by MUSIGA at an event which took place at the Banquet Hall, State House.
In recognition of his extraordinary contribution to the development of this country, the Republic of Ghana conferred on Dr Kwabena Duffuor the State honour of Companion of the Order of the Volta
The Order of the Volta is an order of merit from the Republic of Ghana. It was instituted in 1960 and is awarded to people for their outstanding service to the country. (CV) in December 2015.
Controversies and allegations
Duffuor was a founder of uniBank, a defunct major Ghanaian bank. The bank was set up in 1997 at a time when he was Governor of the BoG. The bank was put into administration by the Bank of Ghana (BoG) in 2018 and then consolidated with four other defunct banks during Ghana's banking crisis. At the time of its administration the bank was led by his son Dr Kwabena Duffuor jr.
In taking over the bank, the BoG cited weak supervisory standards, weak operations and persistent liquidity shortfalls and breaches in its cash reserve requirements as reasons for taking over the bank. At the time of its administration, it was reported that it had a negative capital adequacy of -24% at December 2017 and had been reliant on more than 2.2 billion cedis (US$498m at the time) of liquidity support from the BoG to continue to operate.
The bank's Receivers subsequently sued Duffuor, HODA, his son and a number of others for the return of 5 billion cedis in assets. The Receivers allege that Directors and shareholders of the bank engaged in illegal transactions by giving out unlawful loans as well as illegal acquisition of assets in the name of related interests.
Duffuor has attempt to regain control of the bank by countersuing the Ghana Government alleging the bank had been effectively expropriated. The lawsuit disclosed that almost all of uniBank's loan book was classed as impaired. His son has also sued the administrator KPMG and its staff alleging deceit and that they aimed to enrich themselves by deliberately misleading the Government into collapsing the bank.
See also
*List of Mills government ministers
This is a listing of the ministers who served in the National Democratic Congress government of John Atta Mills in Ghana starting from 7 January 2009. The Mills presidency ended on 24 July 2012 when President John Atta Mills died. Mills was succ ...
References
{{DEFAULTSORT:Duffuor, Kwabena
Living people
Year of birth missing (living people)
University of Ghana alumni
Finance ministers of Ghana
Convention People's Party (Ghana) politicians
Ghanaian bankers
Ghanaian economists
Governors of Bank of Ghana
Recipients of the Order of the Volta
Prempeh College alumni
Maxwell School of Citizenship and Public Affairs alumni