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Business News of Friday, 26 July 2013

Source: citifmonline

EDAIF boss appointed BoG deputy governor

A new deputy governor has finally been appointed after close to a year without one.

The new second deputy governor, Dr Abdul –Nashiru Issahaku prior to his appointment was the acting Chief Executive Officer of Export Development and Agricultural Investment Fund (EDAIF).

Dr. Issahaku has also worked with the African Development Bank and World Bank.

He was sworn in on Friday by the president together with the new board of the central bank.

The BoG for over eight months now has had only one deputy governor, as opposed to the two required by the BOG Law (Act 612).

The vacancy was created last July when then Governor Kwesi Amissah-Arthur was nominated as the running mate for President John Mahama.

Prior to his departure as governor, Amissah-Arthur had two deputy governors; the first was Dr Henry Wampah and the second was Millison Narh.

Dr Wampah subsequently was appointed substantive governor and sworn in, in April this year, and Millison Narh assumed the first deputy governor position.

Citi Business News had earlier raised questions about the absence of a second deputy governor which is an infringement of the BoG act.

Section 27 of the act prescribes the composition of the committee to be 7 members, the Governor, the two Deputy Governors, Director of the Bank's Research Department, Director of Banking Services of the Bank of Ghana and two external members appointed directly by the Minister of Finance.

Banking analyst and head of the Osei Tutu II Centre for Executive Education & Research, Nana Otuo Acheampong has described the absence of a deputy governor at the Bank of Ghana (BoG) as worrying.

Nana Otuo Acheampong explained that the absence of the deputy governor may not only affect the day to day running of the bank proper, but also the voting pattern of the MPC.

“For voting purposes this becomes a problem because it means if they come to a critical issue they could have a split and we know administratively the chairman of the committee can exercise a casting vote, but parliament didn’t want that to happen that is why they came up with an odd figure committee so as to why they are running an even number committee is something we need answers to.”