30th March, 2017
PRESS RELEASE FOR IMMEDIATE RELEASE
Accra, Thursday March 30, 2017 - Dr. Abdul-Nashiru Issahaku has announced his resignation as the Governor of Bank of Ghana for personal reasons with effect from April 1, 2017.
2. Dr. Abdul-Nashiru Issahaku joined the Bank of Ghana as 2nd Deputy Governor in July 2013 and became Governor on April 1, 2016. The Government of Ghana takes this opportunity to thank him for his service to the country.
3. 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 organization of decision-making processes, and the communication of monetary policy decisions.
4. 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 (BOG) monetary policy has been instrumental in mitigating inflationary pressures in 2016”.
5. At his last 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.
6. We indeed congratulate Dr. Abdul-Nashiru Issahaku for his stewardship.
7. The Government will announce his replacement in the coming weeks. 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.
8. The 1st Deputy Governor will be acting until a substantive Governor is appointed
MINISTER OF FINANCE