Dr Abdul Issahaku BoG governor resigns

The governor of the Central Bank of Ghana has resigned. Sources close to Pulse Business say he resigned out of personal reasons

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play Resigned BoG governor-Abdul Nashiru Issahaku
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Pulse Business can confirm that the current governor of the Bank of Ghana (BoG) Dr Abdul  Nashiru Issahaku has turned in his resignation letter.

His resignation takes effect from the 1st of April, 2017.

play Resigned BoG governor-Abdul Nashiru Issahaku

 

Sources close to Pulse Business say, the reasons behind his resignation are personal.

READ ALSO:BoG Governor under intense pressure to resign

Under former President, John Mahama’s administration,Dr. Issahaku assumed office in April 2016 after his predecessor Dr. Henry Wampah resigned.

Dr. Issahaku’s administration was faced with rising inflation as well as instability of the cedi.

He has however been positive about the performance of the cedi, this he expressed to the media in his last monetary policy committee (MPC) press conference.

play Resigned BoG governor-Abdul Nashiru Issahaku

 

READ ALSO:Ghana reduces benchmark rate as inflation drops and cedi gains

During that meeting he also announced a 200 basis point cut. This move resulted in the bank’s policy rate dropping from 25.5% to 23.5%

The drop was attributed to the decrease in inflationary trends among others.

“The Committee noted that underlying inflation pressures have eased considerably and inflation is projected to trend downwards the medium term target of 8 plus or minus 2 percent”.

play Resigned BoG governor-Abdul Nashiru Issahaku

 

READ ALSO:Central Bank calls for reforms in currency management

The policy rate is the rate at which commercial banks borrow from the Bank of Ghana (BoG) for onward lending to their customers.

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