BoG governor to retire March-ending
Bank
of Ghana Governor, Henry Kofi Wampah, will retire this week, he said on
Tuesday, cutting short a four-year term during which he has struggled
to curb inflation and stem the decline of the national currency.Wampah, whose term officially ends on Aug. 5, told Reuters he had informed President John Mahama of his intention to leave by the end of this month, adding the decision was partly linked to presidential and parliamentary elections planned for November.
"I told him I wanted to leave office early and we have agreed that I will exit at the end of March," Wampah said. "It is just fair to leave early in order to give enough room for my successor, whoever it might be, to settle down before we get to the elections."
He said one of his two deputies, either Millison Narh or Abdul Nashiru Issahaku, was expected to serve as interim central bank governor until Mahama chooses a permanent successor.
Once considered a rising star in Africa, Ghana, which exports cocoa, gold and oil, has been dogged by large budget deficits, ballooning public debt and inflation that consistently tops government targets.
Mahama appointed Wampah amid serious fiscal imbalances caused mainly by election spending in 2012 and a burdensome public sector wage bill that complicated the bank's task of managing the money supply.
Wampah responded with a string of monetary policy reforms, including tighter foreign exchange liquidity management to slow inflation.
The bank held its benchmark interest rate at 26 percent in its latest rate decision last week.
As a member of the economic management team, he also helped negotiate a $918 million programme with the International Monetary Fund last year aimed at re-establishing macro-economic stability.
"Its unfortunate that Wampah is not going to be there to complete the IMF program through the election period," said Joe Abbey, director of the Accra-based Centre for Policy Analysis.
BoG governor Kofi Wampah to retire early
Henry Kofi Wampah
Bank of Ghana (BoG) Governor, Henry Kofi Wampah, will retire this week, it has been reported.
Reuters reported Tuesday that
Mr Wampah will be cutting short a four-year term during which he has
struggled to curb inflation and stem the decline of the cedi.
According to Reuters, Mr Wampah has told President John Mahama of his intention to leave by the end of this month, to enable his successor settle in before presidential and parliamentary elections planned for November.
"I told him I wanted to leave office early and we have agreed that I will exit at the end of March," Wampah said. "It is just fair to leave early in order to give enough room for my successor, whoever it might be, to settle down before we get to the elections," he added.
Mr Wampah said he expected one of his two deputies, either Millison Narh or Abdul Nashiru Issahaku, to serve as interim central bank governor until the President chooses a permanent successor.
According to Reuters, Mr Wampah has told President John Mahama of his intention to leave by the end of this month, to enable his successor settle in before presidential and parliamentary elections planned for November.
"I told him I wanted to leave office early and we have agreed that I will exit at the end of March," Wampah said. "It is just fair to leave early in order to give enough room for my successor, whoever it might be, to settle down before we get to the elections," he added.
Mr Wampah said he expected one of his two deputies, either Millison Narh or Abdul Nashiru Issahaku, to serve as interim central bank governor until the President chooses a permanent successor.
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