Duffour Recieves Best African Finance Minister Award In London

The Minister for Finance and Economic Planning Dr. Kwabena Duffour has received the 2011 Best African Finance Minister award in London.

The award was conferred on him in January this year by The Banker, London’s authoritative financial and economic magazine, published by the Financial Times Group.

The magazine first published in 1926, claims to cover “regular software and technology updates, new product innovations, country profiles, definitive bank listings and expert market commentary from leading industry figures and also deals in global finance intelligence. As an industry magazine, ‘’The Banker’’ is read most widely in banks, financial institutions, multilateral corporations, central banks and finance ministries around the world.”

It has instituted categories of awards including the best central banks governor’s award. Uganda’s Minister for Finance, Dr Ezra Suruma is one of the recipients of The Banker’s awards for Best African Finance Ministers. She won in 2009.

Dr Duffuor won the prestigious award after beating five tops Finance Ministers helping to transforming the financial sectors in Africa from South Africa, Egypt, Kenya, Tanzania and Rwanda.

The award recognises what it terms as difficult decisions taken by Central Bank Governors and Finance Ministers in the long term interest of a country but often at the risk of short term unpopularity to themselves. A citation accompanied the award described Dr Duffuor as determined and committed to the cause of the nation’s economic growth. It said he was able to lead his team to initiate prudent fiscal policies anchored on checking waste in public spending. According to The Banker Magazine Dr Duffour also has ensured, over the last two years, quality of expenditure and enhancing domestic revenue mobilisation through improvement in tax policies.

Presenting the award, the Editor of The Banker, Mr. Brain Caplen said the publication considered that in less than two years at the Ministry of Finance and Economic Planning, the minister “has been leading an arduous campaign to weed out wasteful public spending and enhance revenue”,

He said, “Dr Duffour’s vision for the medium term has been to accelerate growth of the Ghanaian economy without compromising macroeconomic stability.” He noted that Dr Duffuor had also implemented fiscal and financial policies that promoted fiscal sustainability and support for the domestic financial system.

Mr. Caplen catalogued some Ghana’s economic achievements over the last two years under Dr. Doffour’s ministerial duty as Ghana’s economy ballooned to 15 percent during the world economic crises but is now below 10 percent and the aim is to halve this again over the next two years.

He also mentioned the nation’s inflation as peaked at over 20 percent in June 2009 which was later single figured and the trend, according to him is downwards despite rises in oil and transport prices which could cause some hiccups. He was particularly enthused about Dr Duffour’s vision to create a stable economic environment which will allow Ghana to grow without overheating.

Receiving the award, Dr. Duffour noted that the award was for the entire people of Ghana who had exceptional understanding and commitment towards the building of the nation’s economy. He expressed satisfaction that Ghana’s efforts in building her economy have been recognised by the international community.

Ghana’s High Commissioner to the UK and Ireland, Professor Kwaku Danso Boafo, expressed the hope that Ghana has stepped on the right direction in putting her economic right. This according to him will need the commitment, sacrifices and efforts of all to achieve.