Prime News Ghana

BoG Governor Steps Down Before His Term Expires

By Jeffrey Owusu-Mensah
Bank of Governor, Dr Henry Kofi Wampah is set to retire by the end of this week
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Just weeks after the arrest of his son-in-law, David McDermott, for the importation of cocaine into the United Kingdom, Bank of Ghana Governor, Dr Henry Kofi Wampah has said on Tuesday he would retire this week, cutting short a four-year term during which he has struggled to curb inflation and stem the decline of the national currency,  Reuters has reported.

 According to the report, Dr Wampah, whose term officially ends on Aug. 5,  had informed President John Mahama of his intention to leave by the end of this month. The decision was partly linked to presidential and parliamentary elections planned for November.

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

He said one of his two deputies, either Millison Narh or Abdul Nashiru Issahaku, was expected to serve as interim central bank governor until Mahama chooses a permanent successor.

Dr Wampah's decision to step down now may surprise many as he vehemently denied knowing his son-in-laws past and declined to resign after news of McDermotts arrest broke.