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Ghana says to name new central bank governor in coming weeks
March 30, 2017 / 8:17 PM / 9 months ago

Ghana says to name new central bank governor in coming weeks

ACCRA, March 30 (Reuters) - Ghana’s government will name a new central bank governor in the next few weeks after the previous governor stepped down for personal reasons, the finance ministry said in a statement on Thursday.

The ministry said first deputy governor Millison Narh would run the central bank in the interim, in an apparent move to reduce uncertainty as the new government seeks to stabilize the national finances.

Sources close to the presidency said Akufo-Addo would name senior monetary policy expert Ernest Addison in the wake of the resignation of Nashiru Issahaku.

Addison, who holds a doctorate in economics and politics, worked at the African Development Bank as a senior economist and also helped design the Bank of Ghana’s monetary policy.

President Nana Akufo-Addo’s government came to power in January and is set to review with the International Monetary Fund the terms of a $918 million financial aid deal aimed at reducing inflation, the public debt and the fiscal deficit.

Those fiscal problems and a decline in global prices for Ghana’s exports of gold and oil have led to a sharp slowdown in growth in a country that until 2014 had been one of Africa’s fastest-growing economies.

“We want to assure all stakeholders that with our commitment to macroeconomic stability the new Governor will build significantly on the success of Dr. Issahaku,” the finance ministry said.

Under Issahaku, the bank cut the benchmark interest rate by 50 basis points in January to 25.5 percent and by a further 200 basis points on Monday in what economists say is the start of an easing cycle as inflation falls. (Writing by Matthew Mpoke Bigg; Editing by Hugh Lawson)

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