Government to announce replacement for Governor

The government says it will announce the replacement for Dr Abdul-Nashiru Issahaku who has announced his resignation as the Governor of the Bank of Ghana in the coming weeks.

Dr Abdul-Nashiru Issahaku announced his resignation as the Governor of the Bank of Ghana for personal reasons with effect from April 1, 2017.

A statement signed by Mr Ken Ofori-Atta, Minister of Finance, said in the meantime the 1st Deputy Governor of the Bank of Ghana, Mr Millison Narh, will act until a substantive Governor is appointed.

“We want to assure all stakeholders that with our commitment to macroeconomic stability the new Governor will build significantly on the successes of Dr Issahaku,” the statement said.

Dr Abdul-Nashiru Issahaku joined the Bank of Ghana as 2nd Deputy Governor in July 2013 and became Governor on April 1, 2016.

“The Government of Ghana takes this opportunity to thank him for his service to the country,” the statement said.

During Dr Issahaku’s tenure, monetary policy stance has been instrumental in mitigating inflationary pressures.

A number of reforms to the Bank’s monetary policy framework under his watch include, improvements in the areas of macroeconomic forecasting and analysis, the use of forecasts in policy decisions, the organisation of decision-making processes, and the communication of monetary policy decisions.

“We also note our multilateral Partners’ confidence in his stewardship. The IMF Mission Chief, after the Fund’s February 2017 visit commented that “the Bank of Ghana’s (BOG) monetary policy has been instrumental in mitigating inflationary pressures in 2016”.

At his last Monetary Policy Committee press conference, Dr Issahaku was confident of an improved inflation outlook and was particularly optimistic about the cedi’s fortunes going forward.

The positive inflation outlook, coupled with below potential growth levels informed the MPC’s policy decision, under the Governor’s guidance, to cut the policy rate by 200 basis points.

“We indeed congratulate Dr Abdul-Nashiru Issahaku for his stewardship,” the statement added.

 

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