Governor Of Bank Of Ghana To Go

The Evening News says there are indications that within the next few weeks, the country will have a new Governor for the Central Bank. The current Governor, Dr Kwabena Duffuor's term of office ends on July 31 this year.

Bank insiders and close associates of the Governor, have dropped strong hints that suggest he would not go for a second term.

"Dr Duffuor thinks he has had enough of public life and would want to have enough time for his family," said one close confidante.

The 59-year-old Duffuor was appointed Governor in 1997, after serving as Deputy Governor for about two years. He work for many years with the Ghana Commercial Bank office in London.

Known in financial circles as Ghana's Alan Greenpan (the Chairman of the US Federal Reserve Board) for his prudent financial policies, Dr. Duffuor has a cordial relationship with the staff at the Central Bank, which has largely helped him to come out as one of the successful Governors that the country has had.

He is credited for the current stabilization of the national currency, the cedi, a situation, which has not been experienced in the country for a long time.

Again, Dr Duffuor has initiated measures to cut the country's spiraling foreign debt and reduce the crippling public debt.

To reduce the government borrowing, locally, the Bank of Ghana has started mobilizing all monies lodged in the accounts of national revenue collecting agencies such as the Internal Revenue Service, CEPS and VAT.

Insiders believe these positive results might have annoyed certain key political figures who, think the credit should have gone to them instead of the Governor.

It was not immediately known if Dr. Duffuor's decision not to have a second term should be linked to the activities of these political pundits, who are trying to dig him in.

"Evening News" however, learnt from credible sources that President J.A. Kufuor is so far impressed with the Governor's performance and would want to extend his tenure of office.

"I can tell you, that the President approves of his (Duffuor) handling of the Central Bank so far", said an insider.

If Dr Duffuor keeps to his decision not to go for a second term, he can comfortable retire to his Star Assurance Company Limited which he set up as far back as 1984, long before he went to the Bank of Ghana.

The company is currently being managed by his son Kofi Duffuor who was trained in the insurance business in London purposely for the family business.