BoG Governor’s Resignation: Why Dr Issahaku Resigned as Central Bank Governor

Governor of the Bank of Ghana, Dr. Abdul-Nashiru Issahaku has resigned, sources at the Central Bank reveal. The BoG Governor’s resignation takes effect from the 1st of April, 2017. This means his last day of work would be Friday, March 31, 2017.

The soon-to-be BoG governor emeritus will be replaced by a former director of research at the BoG, Mr. Ernest Addison who is currently with the AFDB.

Reasons for The BoG Governor’s resignation are not yet clear, but sources say the International Development Economist is backing out due to the change of government. More so, there are speculations that the 55-year-old economist was forced out by the new government. However, Dr, Issahaku has debunked such reports, saying his resignation was a personal decision.

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The outgoing BoG governor experienced a little bit of a tussle, following the transition of the New Patriotic party (NPP) government, earlier this year. This was regarding calls for his dismissal by some loyalists of the new government. But some industry players defended his occupancy of the position, stating that the BoG Law protected governors from being dismissed.

Dr. Issahaku

Dr. Issahaku was appointed Governor of the Bank of Ghana by former President, John Mahama in April 2016, after his predecessor Dr. Henry Wampah resigned. He was the 14th person to have been appointed Governor of the BoG.

Prior to his appointment as governor, Issahaku was the Second Deputy Governor of the BoG, with Millison Kwadwo Narh as the first deputy governor since 2013.

Issahaku’s work experience includes Chief Executive Officer (CEO) of the Export Development and Agricultural Investment Fund (EDAIF) and a position at the World Bank.

He was Chairman of the Investment Management Committee of the Bank and a member of the Bank’s Monetary Policy Committee. Dr. Issahaku was a member of Ghana’s Economic Management Team. He chaired the Finance and Administration (F&A) Committee of the Ghana Cocoa Marketing Company and he was the Commissioner and Chairman of the F&A Committee of the Securities and Exchange Commission.

He was previously the Chief Executive Officer of the Export Development and Agriculture Investment Fund, which he restructured and helped restore to operational effectiveness before his appointment to the central bank in 2013.