The Government on Thursday said it would announce the replacement of Dr Abdul-Nashiru Issahaku, Governor of the Bank of Ghana (BoG) in the coming weeks.
Dr Abdul-Nashiru Issahaku announced his resignation 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 First Deputy Governor of the Bank of Ghana, Mr Millison Narh, would 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 success of Dr. Issahaku,” the statement said.
Dr Abdul-Nashiru Issahaku joined the BoG as Second Deputy Governor in July 2013 and became Governor on April 1, 2016.
“The Government… 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 monetary policy has been instrumental in mitigating inflationary pressures in 2016’.”
At his last Monetary Policy Committee (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.
“We indeed congratulate Dr Abdul-Nashiru Issahaku for his stewardship,” the statement added.
GNA
