Ghana President John Dramani Mahama has appointed a new central bank governor to replace Kofi Wampah who recently took four months leave pending retirement this year.
The new Bank of Ghana (BoG) boss Abdul-Nashiru Issahuku was one of Wampah’s two deputies since July 2003.
He holds a Masters in Agriculture Economics and a Doctor of Philosophy Degree in Political Science from the University of Georgia. Issahuku worked as a governance expert at the State University of New York – Center for International Studies.
He has a wealth of experience after working with the International Monetary Fund (IMF), African Development Bank and Ghana’s Export Development and Agricultural Investment Fund in the past.
The business community is expecting the new governor to use his expertise to redress the country’s fiscal challenges and engineer reforms in the financial sector, particularly at a period some micro-finance companies are accused of defrauding depositors due to lack of supervision from the BoG.
Wampah’s successor came under intense criticism over his handling of the banking sector and pervasive fraud that hit the micro finance industry in 2015.
The new governor was appointed at a time Ghana’s economy is confronted with slow growth, mounting inflation, local currency volatility, mounting public debt and soaring interest rates, a development that forced the government to sign a $918 million three-year IMF facility to calm the economic pressures last year.
Issahaku as a member of the central bank’s economy and research, strategic planning and budget and monetary policy committees is expected to steer the BoG during challenging times.
BoG’s first deputy governor Millison Narh had been acting as the central bank’s chief since Wampah went on leave last week.