Kufuor disappointed in Ghana’s failure to emerge as Africa’s financial hub


Former President John Agyekum Kufuor has expressed disappointment over Ghana’s failure to become a financial hub in Africa.

According to him, successive governments after he had served his eight-year term in office failed to see through some of the policies he initiated as president within the financial sector.

He cited examples including plans to set up an offshore bank in Ghana, a project he contends would have strengthened the Ghanaian economy.

Former President Kufuor disclosed this at a Joy FM thought leadership program where he was addressing youth from various tertiary institutions. The Dream Oval Thought Series provide the platform celebrated persons to share ideas and knowledge.

“If the 2012 elections had come my way, that is if the New Patriotic Party had won, many things we put on course would have matured. For instance, at that time, we had secured a partnership with Barclays International to do offshore banking in Ghana,” he said.

“We set up the offices and made the laws…and if that project has been maintained and sustained, perhaps much of the monies from Southern Europe, South America and on the continent of Africa would be here. Ghana would be managing the hard currencies of the neighbourhood and as far outfield as Europe,” he added.

Mr Kufuor said because the NPP lost the elections within a year after the loss the National Democratic Congress (NDC) and the administration of the late John Evans Atta Mills cancelled the agreement.

“That hurts, I couldn’t understand it then and I can’t understand it now,” he said adding it would have been good for the economy.

The ex-President said he was unimpressed with the economic performance of Ghana considering the country was in the same stead as South Korea several decades ago.

Mr Kufuor cited the example of South Korea’s development which he said revolves around “good governance and leadership.”

He says governments the world over are “expected to govern and not to do business,” adding, they “should set the framework to ensure that the private sector engages in business and does it appropriately.”

So far, the Dream Oval Thought Series has hosted veteran Ghanaian musician, Egya Koo Nimo to speak about ‘palm wine’ music, Professor Azumah Nelson, the legendary boxer; footballer Kwame Ayew and other people from all walks of life.