First Deputy Governor vacancy; 3 persons lead race

Three persons are said to be in the race for possible nomination by the President as first Deputy Governor of the Bank of Ghana (BoG).

The position became vacant after the current Deputy Governor, Millison Narh announced his decision to retire. The decision was communicated following a meeting with the President, Nana Akufo-Addo at the Flagstaff House on Monday.

Likely persons for consideration

Top on the list is the current the Deputy Division Chief at the International Monetary Fund (IMF), Dr. Maxwell Opoku Afari, who has been at the position from September 2014 to present.

He holds a doctorate from the University of Nottingham. From December 2012 to August 2014 served as a senior economist at the IMF working with the strategy, policy and review department.

He has been with the IMF for over 8 years. Before joining the IMF, he served as the special assistant to the then governor of the Bank of Ghana Dr. Paul Acquah from 2006 to 2009.

He also worked in several capacities at the Bank including, head of special studies from 2005 to May 2006 and Senior Economist from 1996 to 2000.

He was also an adjunct Professor at Regent University from 2005 to 2009.

Some analysts say what might work for Dr. Afari is his international exposure and his being part of the team that championed recent reforms in the banking sector.

Sources also intimate that the triangle of connection between the Vice President who also once served as the special assistant to the then Governor, Paul Acquah and Dr Opoku Afari will add some weight to efforts to pushing Dr Afari through

Next on the list is Samuel Opata, who is currently the “second in command” in the financial markets department at the Bank of Ghana formally known as Treasury Department.

Sources say Mr. Opata’s experience in financial market operations might be an added plus that could do the trick for him and get him the job.

This is because the First Deputy Governor position has traditionally gone to someone who is more matured with experience either in banking supervision matters or with hands on practicality in having an understanding of how the markets work.

More specifically this portfolio has gone to an individual with a financial background and it would be interesting to watch how these factors play giving him the edge over the other.

The final name that has also come up is Dr. Benjamin Amoah who is now the head of Research Department at the Bank of Ghana.

What may do the trick for Dr. Amoah is the fact that he is the most experienced at the Bank and had in the past been considered, when the position of governorship was vacant.

Among the other candidates, he looks more matured and it is argued that his brash style may be what is needed at this juncture to face a tough and rough banking sector environment that is about to undergo deep reforms.

These attributes could be an advantage for him and do the trick.

However, JOYBUSINESS is learning the gender card, which is dear to the President’s heart could be played in the last minute. 

The last time BoG had a woman at the top was in the 1990s when Nana Oye Mansa Yeboah served under Dr Portuphy Agama.

Sources indicate that if the gender factor does not play out strong in the consideration period, it will come to play down the road when other positions open up at the Central Bank.

Sources say the appointment of the First Deputy Governor could be made this week.

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