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Kwarteng named UK Finance Minister, becomes first Black to hold the position

 

By:brightwebtv/Nana asare barimah

Kwasi Kwarteng New UK Finance MinisterKwasi Kwarteng has been appointed as Chancellor of the Exchequer, United Kingdom

The United Kingdom will have its first black Finance Minister in the person of Kwasi Kwarteng.

Kwarteng, who is of Ghanaian descent, was appointed by Britain’s new Prime Minister, Liz Truss, on Tuesday, September 6, 2022.

Prior to his appointment, Kwasi Kwarteng served as the Business and Energy Secretary since January 2021 under the now former UK Prime Minister, Boris Johnson.

Taking to social media after the announcement, Kwarteng wrote; The honour of a lifetime to be appointed Chancellor of the Exchequer by our new Prime Minister, @trussliz This evening, we’ve been finalising our package of urgent support to help with energy bills, with an announcement this week.”

His appointment as the UK finance minister comes at a time when the country is facing sky-high inflation, soaring energy prices, and financial support for households and businesses.

Kwasi Kwarteng will be responsible for the public finances of the United Kingdom.

 

What Kwasi Kwarteng brings on board

Kwasi Kwarteng comes in at a time when the cost of living in the UK is rising with energy bills also soaring high. 

He has attributed this to Russia’s invasion of Ukraine adding that measures will be implemented to bring relief to families once a new PM takes office.

The British-born Ghanaian has been hailed as possessing the right qualities to steer the affairs of UK as chancellor under right leadership.

“As business secretary, Kwarteng has matured and adopted more pragmatic views. Although he’s hardly a born-again supporter of industrial policy, he recognizes that governments can play a positive role in laying the groundwork for economic activities and in coping with externalities such as setting targets for net zero emissions.”

“Everything will depend on what sort of leadership Liz Truss provides and what sort of Cabinet she creates. Will she recognize that new times demand new policies? Or will she simply serve up reheated Thatcherism? Will she create a Cabinet in which guiding assumptions are tested and different voices heard? Or will she follow Boris Johnson’s example of appointing a Cabinet of lightweights?

“Placed in the right context, Kwarteng’s obvious qualities — his powerful intellect and his big personality — could become a valuable asset,” The Washington Post reported on September 1.

 

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