PEF Honours Asare Akuffo

Dr Asare Akuffo receiving the citation from PEF

The Private Enterprise Federation (PEF) has applauded the former Managing Director of HFC Bank, Dr. Asare Akuffo for his excellent leadership and efficient performance which has strengthened the Federation.

It said through the instrumentality of Dr. Asare Akuffo as President/Chairman of the Governing Council of PEF, the Federation has become a true representation with a credible voice for the domestic private sector in Ghana.

“Today the membership of the Federation has considerably increased from a six member club when you took over, to a viable fourteen member organization constituting in excess of 70 percent of the entire economic activity of the nation”.

The statement was made in a citation in honour of Dr. Asare Akuffo at a ceremony in Accra to recognize his leadership qualities and valuable contributions to the development of PEF.

Dr. Asare Akuffo served the Private Enterprise Federation with dedication throughout his six-year tenure as President/Chairman, the longest by any President or Chairman of the Federation.

The citation recounted how the Ghana Association of Bankers nominated Dr. Akuffo in 2007 to represent the latter on the Governing Council.


“With your rich experience in Accounting, Banking and Finance, you successfully supervised the development and implementation of a strategic plan to restructure the organization to meet the new direction of the domestic private sector”.

The citation said Dr. Asare Akuffo also represented PEF on various public boards and articulated the voice of the private sector well at these institutions.

In his response, Dr. Asare Akuffo emphasized the importance of the private sector to the economy of Ghana, noting that in spite of the importance of the public sector, it only employs six percent of the working population.

He said although the private sector is by far the major employer of Ghanaians, it lacks the confidence to demand from government the needed investment that will enable it to operate more efficiently to match competitors offshore.

Describing the current business environment as ‘very harsh’, he lamented the high interest rates, unstable local currency and the perception of corruption in the economy.

Dr. Akuffo and his colleagues served PEF without any fees or allowances during the period.

A business desk report