The Ministry of Finance (MoFEP) has commended Dr. Abdul-Nashiru Issahaku for his stewardship of the Central Bank from April 2016 when he assumed office.

A statement issued yesterday and signed by Ken Ofori-Attah, Minister of Finance, said Dr. Abdul-Nashiru Issahaku announced his resignation as the Governor of Bank of Ghana (BoG) due to personal reasons with effect from April 1, 2017.

Dr. Abdul-Nashiru Issahaku joined the Bank of Ghana as 2nd Deputy Governor in July 2013 and became Governor on April 1, 2016.

“The Government of Ghana takes this opportunity to thank him for his service to the country.”

It said during Dr. Issahaku’s tenure, monetary policy stance had been instrumental in mitigating inflationary pressures.

“A number of reforms to the bank’s monetary policy framework under his watch include improvements in the areas of macroeconomic forecasting and analysis, use of forecasts in policy decisions, the organization of decision-making processes, and the communication of monetary policy decisions.

“We also note our multilateral partners’ confidence in his stewardship. The IMF Mission Chief, after the Fund’s February 2017 visit, commented that “the Bank of Ghana’s (BOG) monetary policy has been instrumental in mitigating inflationary pressures in 2016”.

The Finance Ministry stated that Dr. Issahaku, at his last MPC press conference, was confident of an improved inflation outlook and particularly optimistic about the cedi’s fortunes going forward, adding that the positive inflation outlook, coupled with below potential growth levels, informed the MPC’s policy decision under the governor’s guidance to cut the policy rate by 200 basis points.

While indicating that government would announce his replacement in the coming weeks, the Ministry assured all stakeholders that “with our commitment to macroeconomic stability, the new governor will build significantly on the success of Dr. Issahaku.”

It said the first Deputy Governor, in the interim, would be acting until the appointment of a substantive governor.