Ghana Appoints Seth Terkper as Finance Minister

Source: Reuters 1/11/2013, Location: Africa

Ghana's newly elected president named Seth Terkper as finance minister to replace Kwabena Duffuor, under whom he served as deputy for four years, a presidency statement said.

Government officials said the move signalled continuity in Ghana's recent tight fiscal policies in a year the West African state is expected to see a jump in oil revenues. "There is need for that calmness to continue with the current fiscal management programme, with greater focus on tighter expenditure controls," Vice President Kwesi Amissah-Arthur told Reuters.

Terkper, a 55-year-old accountant by training, served as co-ordinator in the introduction of the Value-Added Tax in Ghana before joining the Fiscal Affairs Department of the International Monetary Fund in 1999. In 2011, he authored a VAT Handbook published by Thomson Reuters.

Ghana is expected to receive increased revenue this year as production from its offshore Jubilee oil field reaches a plateau of 120,000 barrels-per-day this year, from between 60,000 and 90,000 in 2012.

Energy Minister Joe Oteng-Adjei, under whose watch Ghana began oil production in 2010, has been moved to the ministry of Environment and Technology. No replacement has been named yet. President John Dramani Mahama, who was sworn into office on January 7 after narrowly winning December's presidential election, also nominated former Trade minister Hannah Tetteh as Foreign Minister, according to the statement. The appointees will have to be approved by parliament.

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