First Deputy BoG Governor to act until substantive Governor is appointed

The First Deputy Governor of the Central Bank, Millison Narh, would be acting until a substantive Governor is appointed, the Finance Minister has announced, Thursday.

Ken Ofori-Atta in a press statement hours after the resignation of the Central Bank Governor, Dr Nashiru Issahaku, said government would announce his replacement in the coming weeks.

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

Dr. Abdul-Nashiru Issahaku who became Governor of BoG after the shocking resignation of Dr Henry Kofi Wampah last year announced his resignation citing personal reasons, Wednesday. 

He joined the Central Bank as 2nd Deputy Governor in July 2013 and became Governor on April 1, 2016, and would leave the position effective April 1, 2017.

“Government of Ghana takes this opportunity to thank him for his service to the country. During Dr. Issahaku’s tenure, monetary policy stance has been instrumental in mitigating inflationary pressures,” Mr Ofori-Atta said. 

“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 organization of decision-making processes, and the communication of monetary policy decisions. We also note our multilateral Partners’ confidence in his stewardship,” the statement added. 

The IMF Mission Chief, after the Fund’s February 2017 visit commented that “the Bank of Ghana’s monetary policy has been instrumental in mitigating inflationary pressures in 2016.”

At his last MPC 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, the Minister noted.

“We indeed congratulate Dr. Abdul-Nashiru Issahaku for his stewardship,” Mr Ofori-Atta said in conclusion. 

 

 

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