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As some political pundits and economic experts have posited that the 2024 general election will be fought on the economy, one of the presidential aspirants of the National Democratic Congress (NDC) and a former Finance Minister, Dr Kwabena Duffuor, believes he possesses the requisite skills, expertise and experience to revive the ailing Ghana economy.
Dr Duffuor is one of the three presidential aspirants of the NDC who is seeking to lead the party in the 2024 general election and he is of the strongest conviction that his message of hope and empowering the grass roots of the party have been well received by the party's delegates and would enable him to clinch victory in the May 13 primary of the party.
However, he has to contend with former President John Dramani Mahama and a former Chief Executive of the Kumasi Metropolitan Assembly for the single slot.
The former finance minister is the number three on the ballot paper for the presidential primary and believes the delegates of the party will give him their mandate to lead the party to victory in the 2024 election.
If the recent report of the United Kingdom-based Economist Intelligence Unit (EIU) forecasting that the NDC stood the chance of winning the 2024 general election with a fresh candidate such as the former Finance Minister, Dr Duffuor, then the contest for the flagbearership would be an interesting one.
Dr Duffuor says he is “the right leader at the right time” to lead the largest opposition party to power and turn around the country's economy.
The former finance minister reiterated his “research and experience based assertion” that though the economy has been plunged into a very bad shape by the New Patriotic Party (NPP) government, it is possible to revive and put it on the road to recovery.
“We have done it before in 2009 and we can do it again, we should be able to create more jobs,’’ he noted.
He said his decision to put himself up for the election was to serve the collective interest of Ghanaians and help build a strong party with the focus on the grass roots.
"I will offer myself once again to serve the land of my birth with humility and sacrifice when given the chance to do so," he stated.
“My fellow countrymen and women, throughout my life, whenever I have been called to serve my country, I have answered with alacrity.
"In 2009, you called me to serve as minister of finance and economic planning of the Republic.
I answered the call."
Dr Duffuor expressed his commitment towards creating a better future for the country and the NDC, saying with his experience, vision, and unwavering commitment to excellence, he was the ideal candidate to lead the country into a brighter and more prosperous future.
The flag bearer hopeful of the NDC who said he has shown leadership over the years both in his public and private life said when given the nod by the party delegates and subsequently Ghanaians to be the President “In my first year, the dollar will go down and the cedi will rise again to make the economy more robust.
Then in the second year, growth will accelerate.”
Dr Duffuor served as a Minister of Finance and Economic Planning from February 2009 to February 2013.
During his tenure of office as finance minister under late Prof. John Evans Atta Mills and from 2009 to 2012, the Ghanaian economy enjoyed a period of stability, rapid expansion, low unemployment, high business and consumer confidence and strong fiscal policy.
The highlights of this performance include exceptional economic growth, which averaged nine per cent in the period, remained the highest under any political administration in the country’s history while non-oil economic growth averaged 7.4 per cent which is also the highest under any administration in the country's history.
There was sustained price stability with inflation in single digits for 31 consecutive months starting from June 2010 to December 2012 which remained the longest period of single-digit inflation in the Fourth Republic.
Exchange rate stability with the dollar – cedi exchange rate moving from GH¢1.21 per $1 to 1.88 per $1, a loss of 67 pesewas over four years, substantial foreign reserves accumulation, with gross international reserves increasing by 167 per cent from US$2.0 billion at the end of 2008 to US$ 5.4 billion at the end of 2012.
Dr Duffuor also served as a Deputy Governor of the Bank of Ghana (BoG) from July 1995 to June 1997 and became the Governor from July 1997 to September 2001 under the late former President Rawlings.
During his tenure as the Governor of BoG, Dr Duffuor was adjudged as one of the Best Four Central Bank Governors in the world at Euromoney Central Bank Governors Awards in 1999 at the IMF/World Bank meetings, Washington DC, September 1999.
His monetary management policies resulted in the drop in budget deficit from 8.2 per cent of GDP in 1997 to 6.0 per cent in 1998, and 4.67 per cent in 1999.
Dr Duffuor, a native of Kumawu in the Ashanti Region, attended the Kumawu Presbyterian Primary and Middle School and passed the Common Entrance Examination in 1957 and was awarded full scholarship to Prempeh College in Kumasi in 1958.
He holds a Bachelor of Science degree in Economics from the University of Ghana, a Master's in Business Administration and a Doctorate in Finance from Syracuse University in the United States.
Dr Duffuor is the founder and chairman of HODA Holdings, a business entity comprising insurance, banking, real estates, farming, mining, media and President of the Institute for Fiscal Studies in Ghana, a non-profit think tank providing economic advocacy and training.
A proven leader in governance, philanthropy, and business with an unblemished record of integrity and no corruption allegations against him, makes him the ideal candidate to lead Ghana in the 2024 election.
He said the NDC needed an eight-year term vision that would offer continuity, increased accountability, better planning, stronger relationships, more time for reforms, and reduced costs, ultimately benefiting Ghanaians.
