Bank of Ghana boss announces early retirement

Bank of Ghana boss announces early retirement

- Dr  Henry Kofi Wampah is heading for an early retirement as governor of the Bank of Ghana

- The central bank boss  had his fair share of challenges his tenure including high inflation, currency decline and a a huge scandal in the Microfinance sector

- One of his deputies is expected to act as interim governor

Bank of Ghana boss announces early retirement

BoG boss Dr Henry Kofi Wampah

Governor of the Central Bank of Ghana, Dr Henry Kofi Wampah  has retired.

According to a statement from the Bank of Ghana secretary "It is announced for the information of the financial sector and the general public that in view of his long outstanding leave days, the Governor of the Bank of Ghana, Dr. H. A. K. Wampah, is taking an early retirement from the Bank with effect from April 1, 2016 ahead of the end of his tenure which falls on August 5, 2016.

His early retirement industry players say comes on the back of high inflation and the decline of the national currency.

According to a Reuters report, the Dr. Wampah has already informed the President John Mahama of his intention to leave by the end of this month.

"I told him I wanted to leave office early and we have agreed that I will exit at the end of March; 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," Wampah said.

One of his deputies - Abdul Nashiru Issahaku or Millison Narh is expected to act as interim governor of the Bank of Ghana until the president elects a permanent successor.

President 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.

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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.

One of his biggest challenges and shortfall was his failure as the head of the BoG to effectively monitor DKM Microfinance, a small firm that lost millions of cedis in its customers deposits before it had to be liquidated.

Meanwhile  Dr. Mark Asibey-Yeboah, MP for the New Juaben Constituency, has expressed joy over the early retirement of Dr Wampah.  Dr Asibey-Yeboah, reacting to the announcement on Joy FM described Dr. Wampah as the most incompetent Bank Of Ghana governor. He said the retirement was long overdue.

Pressure has been mounting on Wampah to resign following the arrest of his son-in-law, David McDermott, over his alleged involvement in drug trade. David McDermott has been married to Dr. Wampah's step-daughter, Ramona Wampah for three years, but was arrested in Ghana at his home in Burma Hills on March 11, 2016.

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