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Finance men don't use words like broke - Dr. Kwabena Duffuor
Masahudu Ankiilu Kunateh, Ghanadot

Accra, Feb 11, Ghanadot - Defending his nomination at the Appointments Committee yesterday, Dr. Kwabena Duffuor reiterated his commitment to bring his expertise to bear on the transformation of the economic fortunes of the country.

Dr. Duffour restated his perception on state of the Ghanaian economy when he told the committee that "I will not sit here and tell you that all is well but I am a finance man you don't use words like broke, saying money is a special commodity it doesn't like noise and it doesn't like bad news but rather money likes good news. And a very cordial environment not a much tensed environment if you do that you can't attract money anywhere whether from Ghanaian investors or foreign investors."

Dr. Duffour stated that although the country is facing temporarily difficult challenges in term of its budget deficit, his prime concern would be to achieve macro stability within the first two years of his administration and to clear all outstanding deficits within the next two years to set the tone for an agenda for a strong economic fortunes of the country.

"We have programmes to provide jobs to set up small scale industries but the first priority is to achieve stability. If we achieve stability in this first year, bring the deficit down, to between 8 to 9 percent, and then next year we will be able to achieve about 4 to 5 percent." he said.

On issues concerning the incessant devaluation of the cedi against major currencies such as the dollar and a perception that he (Mr. Dufour) believed and supervised a free fall of the cedi when he was a governor, he said.

"I don't believe in the free fall of the currency adding that as a governor he never supervised a free fall of the cedi".

He reiterated that in the first two years under his watch as a governor the country had great respect the world over and the currency had stabilized by 1999 and inflation dipped to 9.4 by may that year .

But said unfortunately at the end of that the country was hit by a severe terms of trade as cocoa and gold prices dropped significantly whiles the dollar inflows had also dried up. "Ghana in those years was in serious crises so there was so much pressure on the cedi because no dollars were coming in."

He explained further that in spite of all these challenges at the time they ended that year with 13.8 inflation.

Asked if the current economic outlook could support the elaborate developmental programmes the government intends to embark upon some of which include the rehabilitating of existing irrigation dams to ,irrigate the Afram Plains, build hospitals and other social programmmes ,he said his priority will first and foremost be the achievement of a stability macro economy before considering any of such social agenda.

He said improvement in tax mobilization regimes would receive major boost with the computerization and atomization of the revenue agencies to minimize revenue collection in the country.

Having owned the Star Assurance and Unibank, two financial institutions in the country, Dr. Duffuor dismissed perceptions of conflict of interest if approved as Minister of Finance.

"I will make a full disclosure of my assets as enshrined in the constitution," and shall create a blind trust to divorce my duty as Finance of Minister from all other duties, he promised.

Ghanadot

 

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