BOG BOSS TOPS ALL: DR. DUFUOR IS MA OF THE YEAR!!

Culled from The Online Independent

The Governor of the Bank of Ghana, Dr. Kwabena Duffuor, has been nominated by our esteemed readers as the Man of the Year 1998.

From a field of six Ghanaians including Goosie Tanoh of the Reform Movement, Hon. Kwamena Bartels, MP for Ablekuma North, Mr. J.A. Kufuor, NPP 2000 Presidential candidate, Professor John Evans Atta-Mills, Vice-President of Ghana and Rev. Dr. Mensah Otabil, General Overseer of the International Central Gospel Church, the Governor polled 80 out of a total of 200 votes received via telephone calls, personal calls to our offices, over a three week period.

The Governor also received the most thumbs-up from Ghanaians living abroad who sent in entries endorsing him for The Independent Man of the Year Award.

When we invited our esteemed readers to call in with names of men and women who influenced the socio-economic and political milieu of Ghana in the year under review, the response was overwhelming.

Day and night, our telephone lines kept buzzing with anxious readers who kept nominating people of their choices. At the end of the second week of the nomination, the names of the six came out as strong contenders against the background of the number of votes standing against their names.

From the general pool, our readers gave a number of reasons for their choices. One lady from Tamale for instance called to say that Goosie Tanoh should be made the Man of the year for his bold stance on happenings within the National Democratic Congress Party(NDC). Hon. Bartels was nominated by some for his crusading mission on the Keta Defence Wall.

Vice-President Atta Mills also came in strongly with most readers opining that he has shown a lot of maturity ever since he assumed office considering that he was not an active politician until his appointment. They credited him with proving a good deputy to President Rawlings. In the case of Mr. J.A. Kuffuor most callers simply endorsed him for winning the NPP Presidential aspirant race from a strong field.

The only man of God in the race, Rev. Dr. Mensah Otabil, who we must admit came into the race rather late was also proposed on the grounds that he is a great Teacher with a growing ministry and a Pan Africanist.

One caller opted for Mrs. Hillary Clinton, wife of beleagured US President, Bill Clinton. According to the caller, Mrs. Clinton deserves the Personality of the Year Award for the whole world for her courage and loyalty to her husband in the ongoing Monica Lewinsky saga. “She is the strength for Bill and influenced the last October elections which favoured the Democrats”, the caller argued.

The results of the poll are as follows: 1st-.Dr. Duffour-80, 2nd.- Goosie Tanoh-30; 3rd-Hon. Bartels -29; 4th-Prof. Mills-25; 5th Mr. Kufuor-23; 6th-Rev. Mensah Otabil-12; 7th Hillary Clinton-1

The reasons given by most readers who endorsed the Governor of the Bank of Ghana were varied but the theme which kept running through almost all the responses we had was that, he has been able to stabilise the cedi, reduce inflation from alarming proportions and mopped excess liquidity in the economy.

Kobina Arthur, a Ghanaian living in far away Australia called in to endorse the Governor for being able to transfer all Government accounts from the commercial banks to the Central Bank for effective monitoring and control.

To him, it is only a courageous person who knows his bearings that can embark on such a mission in an environment of political expediency. One reader from Hohoe also endorsed the Governor for his foresight and courage when under his direction, over 60 Forex Bureaux were closed down for operating contrary to laid down regulations.

When we contacted the BOG boss to inform him that our readers have nominated him as man of the year, he said he was overwhelmed and humbled by the decision of the readers. The unassuming and soft-spoken Governor of the Central Bank, told us that his mission is to help Government place the economy on a plain for the desired take-off:

Says he, “Inflation is a monetary phenomenon. If we can have a handle on the stock of money, then we are making progress”.

This view of the Governor was given a further boost in our presence when a call came through from a staff of the Bank.The Governor minced no words in telling the staff that there was too much money in the system which needs to be mopped to ensure the needed fiscal discipline.

The teacher, economist and banker attended Prempeh College from where he proceeded to the University Of Ghana where he graduated with a B.Sc in Economics in 1968. Between 1973 -79, his quest for further educational pursuits found him at the Syracuse University, New York for post graduate studies. He was awarded an M.B.A in Finance and Banking and an M.A in Economics in 1975. In 1979, he was awarded a Doctorate in Philosophy degree in International Finance.

His career began with Ghana Commercial Bank in 1969 where he held various positions notable among which were Special Assistant to the Managing Director, Chief Economist and Head of Research Department.

The mission to help Government regulate the economy began in 1995 as Deputy Governor of Bank of Ghana. In that position, he initiated the introduction of the two-way quotation system (offer/Bid Rates)in the forex transactions in the Central Bank and thereby removed the subsidy to users of foreign exchange.

He also restructured the Central Government Account(Consolidated Fund) and arranged a $60 million Syndicated facility with Societe-General Bank for the Ghana Government. This period also saw his appointment as Chairman of the Implementation Committee of the Financial and Structural Adjustment Programm of the IMF/Government of Ghana.

In July 1997, Dr. Duffuor was appointed Governor and Chairman of the Bank of Ghana. His appointment saw the pursuit of tight monetary and fiscal policies which have led to slow growth in Reserve money and Broad money, a fall in the inflation rate, strengthening of the Cedi coupled with the stability of the exchange rate as well as a significant improvement in Government’s fiscal position.

In his own words: “We transferred all Government acounts with the Commercial Banks to the Central Bank because Government was paying interest on its own money”. Under his governorship operations of the forex bureaux have been streamlined with strict regard for rules and regulations on outward transfer of foreign exchange.

Asked how he has been able to pursue all these without stepping on some political landmines, Dr. Duffuor said on the contrary, he has received tremendous support and encouragement from President Jerry Rawlings and the Government. “Without the President’s support, I could not have made it. He also thanked God for his mercies which have seen him pursue these policies. “ We closed down Forex Bureaux. People lost their jobs. I regret that it happened but we needed it. The banks were not happy but we had to do it.”

A father of five, Dr. Duffuor hardly has time for leisure. “I tried to play Golf but I have not had time.” he told us. His philosophy in life is that, NOTHING IS IMPOSSIBLE. . “We should all work with integrity.It can always be done. You only have to be disciplined.”

He thanked those readers of The Independent for selecting him as the MAN OF THE YEAR. Meanwhile The Independent’s 1998 MAN OF THE YEAR and the 1997 Personality of the Year, Mrs. Agnes Dordzie, a High Court Judge will be honoured during The Independent’s 10th Anniversary celebration next March.