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Business News of Sunday, 18 December 2016


BoG governor under pressure to resign

The Bank of Ghana Governor, Dr Abdul-Nashiru Issahaku, has come under intense pressure from the economic team of the incoming New Patriotic Party (NPP) administration to resign over idealogical difference.

Dr Issahaku was appointed early this year by the outgoing government of President John Mahama after the then governor resigned before his term.

Ghana's constitution guarantee's the four-year mandate of the governor and also insulate him from political control.
He was promoted to the position ahead of Mr Millison Narh, who is the second deputy governor.

But former Finance Minister and a Member of Parliament’s Finance Committee Dr Anthony Akoto Osei (NPP MP) believes Dr Issahaku is strongly aligned with the Mahama-led administration.

“If I were in his position, I will voluntarily step down considering his strongly political leaning to the outgoing government,” he said, as quoted by the Business and Financial Times (B&FT).

But the Chief Executive Officer of Dalex Finance and Leasing Company Limited, Kenneth Kwamena Thompson believes any move to have the governor exit before his term expires could set a bad precedent.

“For the purposes of proper governance, he should be allowed to serve his term. I don’t see the reason why the governor, who has been appointed and approved by all, cannot work with the new government. I think as a country we must go beyond the so-called precedence that was set. Let’s do the right thing as we look beyond the personality and look at the institution and see how actions impact on the institutions,” he told the B&FT.

“It is very sad because this whole debate that has been ignited, I believe, has to do with some individual’s personal interest. But Akufo-Addo the President-elect must allow the institutions to work which I think will be to his advantage as well,” he added.

He also maintained that the success of the incoming NPP administration does not rest on the governor.

“Look, if the NPP will fail, they will fail and that will not be because of the governor of the Bank of Ghana but it will be because they have bad economic policies. I think the argument has to do more with people’s personal interest than really what is good for the country, this shouldn’t be a big deal.”