Kwame Donkoh Fordwor

Kwame Donkoh Fordwor (born August 29, 1933 in Kumasi ) is a Ghanaian economist and was the third president of the African Development Bank (AfEB).

Life

Fordwor was born as the sixth child to parents Kofi Duro and Yaa Amoakowaa; however, two of his siblings had already died. His father was the head carpenter in the Obuasi and later the Bibiani mine and died in 1943. His mother worked in agriculture, processing charcoal and selling food and wax cloths. He married Cecilia Osei on October 29, 1960, with whom he had six children, two boys and four girls.

He went to St. Joseph's Catholic Boys School in Ashanti New Town and then went to St. Augustine's College in Cape Coast in 1950 , which he graduated from in 1954. In 1956 he received a scholarship from the United Africa Company (UAC) to study at Kwame Nkrumah University of Science and Technology , which he successfully graduated from in 1959. After three and a half years as an accountant (auditor and auditor) for the UAC in Kumasi, Sekondi-Takoradi and Accra , he went to the Wharton Graduate School of Business at the University of Pennsylvania , which he received in 1965 with a Master of Business Administration ( Finance ) and Master of Arts ( Pure Economics ) successfully completed in 1965; the subject of his MBA was 'The impact of Independence on Ghana's Balance of Payment' , that of his MA was 'An evaluation of statistics in Ghana's Balance of Payment' . In January 1966 he began his doctorate, which he completed in December 1970 with 'An evaluation of Ghanaian state-owned industrial projects' , for which he received the Ph.D. in May 1971. got awarded.

During his doctorate he worked as Investment Officer for South East Asia for the International Finance Corporation of the World Bank in Washington, DC , which he left after three years for Ghana in March 1971 to become Chairman of the Capital Investments Board. During his time, the military staged a coup on January 13, 1972 and many left the country. The Capital Investment Board gained market power, to the detriment of the Bank of Ghana. On January 16, 1974, Fordwor was appointed Special Assistant to the Head of State on Finance, making him de facto Finance Commissioner of Ghana, he said.

politics

At the 11th annual congress of the AfDB in Dakar in 1975, the runoff election for the presidency between Fordwor and Salem Mohammad Moeish from Libya led to a stalemate and the postponement to the next annual congress. In May 1976, Fordwor was elected third president of the AfEB in Kinshasa with 50.66% of the vote (36.77 and 6.44% for the two opposing candidates, 6.03% abstained). During his presidency he increased the equity capital from 200 million to 6.3 billion US dollars and in 1977 changed the company philosophy to the effect that non-African countries can also be members of the AfEB or open offices outside of Africa, something that some countries, including Algeria and Nigeria, sharply do was criticized for destroying the African character of the bank. However, many African countries found themselves in severe financial turbulence, triggered by the oil price crisis in 1973 and 1979/80, which also forced the AfEB to act, which was difficult because the various member states had different views. At the 1979 annual congress in Abidjan , Fordwor was publicly accused of having acted on his own initiative, without consulting the Board of Governors , or of mismanagement and nepotism, e. For example, having hired a large number of Ghanaians or having signed a contract worth 1.5 million US dollars with Harvard University willfully and without consultation and generally incorrectly exercising the neutral stance of a president of the AfDB. On June 19, Fordwor responded to the allegations. At a special meeting on June 25th, the board members passed a resolution calling on Fordwor to resign. In the days that followed, there was heated discussion about the legality of the resolution. On June 18, 1979, Resolution No. 79 and the vote of the Board of Directors resolved to remove Fordwor from office; Vice-President Goodall Gondwe took over on an interim basis.

In 1979 the very devout Fordwor was received in an audience by Pope John Paul II for his confession of faith and religion.

From 1980 to 1985 worked for the Sierra Leone government on the Kimberlite Diamond Project .

From 1986 to 1992 he was chairman of Southern Cross Mining Limited, a gold mine, in Konongo .

Quotes

"It is generally agreed that one of the main reasons for the very poor political and economic record of Africa has been the failure of the countries to adopt the democratic system of government."

"The majority agree that one of the main reasons for the very poor political and economic development in Africa is the failure to introduce the democratic form of government."

- Kwame Donkoh Fordwor : in Paul Gifford: Ghana's New Christianity: Pentecostalism in a Globalizing African Economy

literature

The African Development Bank: Problems of International Cooperation (Pergamon), 1981, ISBN 978-1-4831-7401-3 .
Swimming Upstream (Prentice), 1998
The Danquah-Busia Tradition in the Politics of Ghana (Unimax MacMillan), 2010

Individual evidence

↑ ^a ^b ^c ^d ^e ^f ^g Enoch Darfah Frimpong: Kantinka Sir Dr Kwame Donkoh Fordwor - 80 years on Aug 29. In: Modern Ghana. August 24, 2013, accessed May 29, 2020 .
↑ ^a ^b Kantinka Dr Sir Kwame Donkoh Fordwor. In: Cardinal Turkson Fund for Health and Education. Retrieved May 29, 2020 .
↑ S. a Akintan: The Law of International Economic Institutions in Africa . BRILL, 1977, ISBN 978-90-286-0137-6 ( google.de [accessed on May 29, 2020]).
^ ^A ^b Karen A. Mingst: Politics and the African Development Bank . University Press of Kentucky, 2014, ISBN 978-0-8131-5681-1 ( google.de [accessed May 29, 2020]).
^ African Development Bank: AfDB Group: The first 50 years. April 3, 2019, accessed on May 29, 2020 .
^ Karen A. Mingst: Politics and the African Development Bank . University Press of Kentucky, 2014, ISBN 978-0-8131-5681-1 ( google.de [accessed May 29, 2020]).
^ Paul Gifford: Ghana's New Christianity: Pentecostalism in a Globalizing African Economy . Hurst, 2004, ISBN 978-1-85065-719-4 ( google.de [accessed on May 29, 2020]).

personal data
SURNAME	Fordwor, Kwame Donkoh
BRIEF DESCRIPTION	third President of the African Development Bank (AfEB)
DATE OF BIRTH	August 29, 1933
PLACE OF BIRTH	Kumasi

[:0-1] ↑ ^a ^b ^c ^d ^e ^f ^g Enoch Darfah Frimpong: Kantinka Sir Dr Kwame Donkoh Fordwor - 80 years on Aug 29. In: Modern Ghana. August 24, 2013, accessed May 29, 2020 .

[:1-2] Kantinka Dr Sir Kwame Donkoh Fordwor. In: Cardinal Turkson Fund for Health and Education. Retrieved May 29, 2020 .

[3] S. a Akintan: The Law of International Economic Institutions in Africa . BRILL, 1977, ISBN 978-90-286-0137-6 ( google.de [accessed on May 29, 2020]).

[:3-4] A ^b Karen A. Mingst: Politics and the African Development Bank . University Press of Kentucky, 2014, ISBN 978-0-8131-5681-1 ( google.de [accessed May 29, 2020]).

[5] African Development Bank: AfDB Group: The first 50 years. April 3, 2019, accessed on May 29, 2020 .

[6] Karen A. Mingst: Politics and the African Development Bank . University Press of Kentucky, 2014, ISBN 978-0-8131-5681-1 ( google.de [accessed May 29, 2020]).

[7] Paul Gifford: Ghana's New Christianity: Pentecostalism in a Globalizing African Economy . Hurst, 2004, ISBN 978-1-85065-719-4 ( google.de [accessed on May 29, 2020]).