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Bank of Ghana Financial players urge new governor to be strong

Issahaku was appointed Monday as the substantive governor of the Bank of Ghana following the early retirement of Dr. Henry Kofi Wampah.

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Prior to his appointment, Issahaku served as deputy governor of the central bank. play

Prior to his appointment, Issahaku served as deputy governor of the central bank.

Financial players and experts have urged new governor of the central bank, Dr. Abdul-Nashiru Issahaku to be strong and not kowtow to dictates of government.

READ MORE: Who is BoG new boss, Dr. Abdul-Nashiru Issahaku?

Issahaku was appointed Monday as the substantive governor of the Bank of Ghana following the early retirement of Dr. Henry Kofi Wampah.

Prior to his appointment, Issahaku served as second deputy governor of the central bank.

“We would expect that the person be strong and resilient. We expect the person to do what is right and not be buffeted and bullied by anybody, or group of people; and that the person will simply do his job as required by the laws of the country when it comes to the Bank of Ghana Act,” Frank Adu Jnr., Managing Director of CAL Bank, said.

Economist Felix Asante said the new governor must be able to check government spending.

“Certainly, that person should be able to say to the sitting government that, no there is no money so I cannot answer the cheque,” he said.

Chief executive of Dalex Finance, Ken Thompson, also makes the case for the new governor to control government’s excessive spending.

“The fact that he hasn’t been long at the bank is neither here nor there. What we need is someone who is confident, who has vision, who can inspire confidence in the economy… and the person who can help the government to live within its means,” he said.

READ MORE:Dr. Issahaku appointed governor of Bank of Ghana

Senior Lecturer and Economist at the University of Ghana, Dr. Eric Osei-Assibey told the Business and Financial Times that the new governor must keep an eye on inflation, and economic growth.

“I am looking forward to a central bank Governor who can keep one eye on inflation, which is very critical, and also another eye on economic growth -- so that the monetary policy rate does not always have to be adjusted upward but they can take just a little bit of risk and reduce it to motivate banks into reducing their lending rates,” he said.

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