Ghana's finance minister dies - Baah-Wiredu

GHANA'S respected finance minister died today in a South African hospital after a short illness, the presidency of the West African country said.

Kwadwo Baah-Wiredu, 56, became finance minister in 2005.

He earned praise for his steady guidance of one of West Africa's most promising economies through a period of economic growth fuelled by high prices for gold and cocoa exports despite debilitating power shortages and a surge in inflation this year.

"The government announces with deep sorrow and shock the death of Mr Kwadwo Baah-Wiredu, minister of finance and economic planning," Kwadwo Mpiani, Ghana's minister of presidential affairs, said.

"Mr Kwadwo Baah-Wiredu passed away today after a short illness in a South African hospital," he said.

Ghana's Vice-President Aliu Mahama described Baah-Wiredu as "a good man" and "a personal friend".

"It is a sad day for the country," Mr Mahama said at Osu Castle, a former slave-trading fort and the seat of government in the Atlantic Ocean-side capital Accra.

Consolidating stable economic growth after decades of instability, the former British Gold Coast colony issued its debut Eurobond a year ago - sub-Saharan Africa's first outside South Africa, and the first by any country which benefited from the Heavily Indebted Poor Country debt relief initiative.

The issue was four times oversubscribed amid optimism over Ghana's growth prospects after the discovery of offshore oil which is due to come onstream in late 2010.

"He can take credit for having introduced a new level of forward thinking when it came to economic planning in Africa," said Razia Khan, Africa head of research at Standard Chartered bank in London.

Ghanaian economic policy was likely to remain consistent even after Baah-Wiredu's death, analysts said.

"There will be no material change in the country's macro economic policy," Sebastian Spio-Garbrah, analyst Middle East and Africa at risk consultancy Eurasia Group said in a note, adding he expected Baah-Wiredu's longtime deputy Anthony Osei-Akoto to be nominated to head the ministry.

Baah-Wiredu drew smiles at international conferences by his habit of unfurling a map of Africa to point out to the audience where Ghana was, Mr Khan said.

"Africa has lost a charismatic and insightful economic leader."

Ghana is the world's No.2 cocoa grower after neighbouring Ivory Coast and Africa's second biggest gold miner.

Baah-Wiredu hailed from the traditionally gold-mining Ashanti region, like President John Kufuor, who will step down after presidential and parliamentary elections set for December 7.

Opposition National Democratic Congress leader John Atta Mills, who will challenge the candidate of Mr Kufuor's ruling New Patriotic Party in the December poll, said Baah-Wiredu was humble, respectful and a great achiever.

"It is a great loss to the nation," said Mr Mills, who taught Baah-Wiredu as a professor at the University of Ghana.

"He was one of the brilliant students and I was not surprised he excelled wherever he found himself," Mr Mills said.

Baah-Wiredu had served in the government since Mr Kufuor's first term in 2001, first as minister for local government and rural development, then overseeing the education, youth and sports portfolio before his appointment as finance minister.

Paul Wolfowitz and Hon Kwadwo Baah-Wiredu, Finance and Economic Planning Minister surrounded by pupils of Nobewam Primary School at Ejisu, one of 40 schools support under the Partnership with Traditional Authorities Project.
Photo: © World Bank/ Philip Jespersen