Dr. Kwabena Dufuor
Dr. Dufuor is the Governor of Bank of Ghana. For the short time he has been in office, "Ghana's Alan Greenspan" has
taken measures to stabilize the cedi and pound sterling rates for a good while now. Now, the constant
buying of these currencies has been reduced. The dollar is being used more often in certain sectors,
and that has cut down on it's demand. That has helped the economy tremendously.
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.
On December 22, The Governor of the Bank of Ghana, Dr. Kwabena Duffuor, was
nominated by a majority of the Ghanaian population (both home and abroad) as the Man
of the Year 1998.
The reasons given by most readers of The Independent who endorsed the Governor of
the Bank of Ghana were varied but the theme which kept running through almost all the
responses was that, he has been able to stabilise the cedi, reduce inflation from alarming
proportions and mopped excess liquidity in the economy. He has been able to transfer all
Government accounts from the commercial banks to the Central Bank for effective
monitoring and control. 
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.
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.
His 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 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.”
Notwithstanding his full time career as a banker between 1982-1991, Dr.
Duffuor was a part-time lecturer in Economics, Finance and Banking in
Economics Department and the School of Administration at the University
of Ghana, Legon. In 1985 he was appointed an External Examiner in
Finance at the University of Ghana. He has the following scholarly
publications to his credit:
(a) Government Account with Bank of Ghana: An attempt at the
structuring and reclassification (June 1996).
(b) As an Economist with the African department of the International
Monetary Fund (IMF), Washington DC, USA, he submitted a paper on
"Exchange Rate Policy as part of stabilization Program in a
Hyperinflationary situation with special reference to Ghana". (September
1979).
(c) Ph.D. Dissertation "The Impact of the Post-1971 exchange Rate
system on the developing Countries with special reference to Ghana
(Syracuse University) (December, 1979).
Dr. Kwabena Duffuor serves on the Boards of the following institutions,
namely: Ghana Cocoa Board and Ghana Cocoa Marketing Company,
since July 1995. He is also the Chairman of the Board of Directors of the
Ghana International Bank Plc. Based in London.
Currently, Dr. Duffuor is the Chairman of the Implementation Committee
of Ghana's Financial and Structural Adjustment Program. Other
Directorships held by the Governor are, State Gold Mining Corporation
(1984-1991), Shell Ghana Limited (1986-1991), Accra Brewery Limited
(1983-19940 and Ecobank, Cote d'Ivoire, Abidjan (1989-1995). Currently,
he is the Chairman of the Ghana Heart Foundation.
He also enjoys membership of the following professional bodies: Advisory
Board of Institute of Social Statistical and Economic Research (ISSER),
University of Ghana, Legon; Economics Society of Ghana and
Compliance Officer, Securities and Futures Authority, London, England -
1992.
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.”
