Ghana president appoints Issahaku as new central bank governor

by Reuters 0

Ghana’s presidency appointed Abdul-Nashiru Issahaku as governor of the central bank on Monday, promoting the deputy governor to replace Henry Kofi Wampah, who is ending his four-year term early, a statement said.

Issahaku, 54, is an international development economist who served as deputy governor for four years. He holds a PhD in political science from the University of Georgia in the United States and has also worked for the African Development Bank.

The Bank of Ghana has worked to reduce inflation that has been persistently above government targets, just one of the problems facing a country following an International Monetary Fund aid programme to stabilise its economy.

For years, Ghana had been considered one of Africa’s star economy, but President John Mahama’s government has been hit by fiscal crisis and lower global commodity prices, which have hurt revenues in a country that exports gold, cocoa and oil.

Wampah conducted 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 month.

Wampah said he wanted to step down ahead of what is expected to be a tightly contested election in November in which Mahama will vie for a second and final term in power against opposition candidate Nana Akufo Addo.