Mahamudu Bawumia has resigned as deputy governor of the Bank of Ghana, the central bank said in a statement on Tuesday, in a widely anticipated move after Bawumia's political party lost power in December elections.

Bawumia stood for the national vice-presidency on behalf of the New Patriotic Party, which lost both the presidential election and its parliamentary majority in the elections.

The Bank of Ghana did not name a replacement.