After overseeing one of the most disastrous performances of the local currency, the cedi and the collapse of the hitherto booming national economy, Dr Henry Akpenamawu Kofi Wampah seems to have finally succumbed to the massive public outcry and is said to have acquiesced to retire.
Prior to his appointment at the bank, Dr. Wampah was the Director of the Research and Statistics Department at the West African Monetary Institute.
He also worked as the Head of the Research Department of Bank of Ghana from February 1996 to February 2001, as well as working with the International Monetary Fund.
Dr Wampah holds a Masters Degree and a Ph.D in Economics from McGill University, Montreal CANADA.
Dr Wampah took over as governor in an acting capacity in April 2013 from Vice President Paa Kwesi Bekoe Amissah-Arthur who was then the Governor of the Central Bank.
Pressure has been mounting on Wampah to resign following the arrest of his son-in-law, David McDermott, over his alleged involvement in drug trade.
President John Mahama in his State of the Nation address in February blamed the central bank governor for the microfinance crisis which monies of depositors were fraudulently used.
He is reported to have informed President John Mahama about his decision so as to allow his successor more time to settle in before the November polls.
There are two deputies to the Governor who also acts as the Executive Chairman of the Board of Directors.
Mr Millison Narh is the First Deputy and Dr. Abdul Nashiru Issahaku who is the second Deputy Governor.
Report indicates that the retirement of Dr Wampah has created some nervousness among managers of the bank.
It also indicated that Dr Kofi Wampah favours his first deputy, Millison Narh as his successor but deep throat source says Dr. Abdul Nashiru Issahaku is tipped to replace the outgoing governor.
Pulse.com.gh brings you a brief profile of the two gentlemen tipped to replace Dr Henry Kofi Wampah.
Profile of Mr Millison Narh
Mr Millison Narh was confirmed as the First Deputy Governor of the Bank in August 2013.
Mr Narh, until his new position, has been the Second Deputy Governor since 2009 when now Vice President Kwesi Amissah-Arthur was the Governor.
Despite the elevation, Mr Narh’s portfolio remains the same. He was in charge of the operations of the central bank.
Mr. Narh, who is a Chartered Accountant, has worked with the central bank for 35 years in various capacities.
Mr. Narh was Director and Head of the Banking Department from July 2002 to May 2008 and was responsible for all banking matters, both domestic and international. He supervised the operations of the Head Office and five regional offices involving a staff strength of 500, in the areas of deposit and currency management, trade finance (import and export document handling), global transfers (inward and outward remittances) and development and management of payment systems.
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He also handled government accounts which involved the receipt of funds into the Consolidated Fund and making domestic and foreign payments on behalf of government. Mr. Narh played an active role in the re-denomination exercise by designing an accounting system to convert and record dealings in the new currency and the simultaneous withdrawal of the old.
He directed and coordinated the operational plans by the banks for the re-denomination exercise, planned and executed the issuance of new cheque books to customers of all the banks in the country and designed a system for the dual clearance of cheques (old and new) with resounding success. He was the SWIFT USER group chairperson for Ghana and coordinated the implementation of a number of payment system development projects initiated by SWIFT International.
As an Assistant Director and Chief Internal Auditor of the Internal Audit Department of the Bank from 2000 to 2002, Mr. Narh planned and executed audit assignments in the Bank based on the risk assessment of the auditable function. His responsibilities included liaising with external auditors of the Bank to ensure complimentarity of audit assignments. He also supervised the examination of mutilated currency for incineration and evaluation of currency tenders.
From June to October 2001, Mr. Millison Narh was the Acting Principal of the National Banking College, a position which involved the overall administration of the college to achieve its set objectives but which saw him delivering lectures in several disciplines including accounting, credit management, human resources and marketing, among others. Mr. Narh developed a strategic plan for the College which is being implemented to date with satisfactory outcomes. From 1995 to 1997, he served as the Principal Consultant for the National Banking College on secondment from the Bank, being a member of the team that set up the College and was also a facilitator.
Mr. Narh was the Head of Branch Banking Department from 1996 to 1999 during which he was tasked by Management of the Bank to set up five regional branch offices for the Bank.
From 1993 to 1995, Mr. Narh was a Chief Manager and Head of the Domestic Banking Division with the responsibility for planning and organizing deposit management functions to achieve the objectives of the Division.
Profile of Dr. Abdul Nashiru Issahaku
Dr Abdul –Nashiru Issahaku prior to his appointment as the second deputy governor was the acting Chief Executive Officer of Export Development and Agricultural Investment Fund (EDAIF).
Dr. Issahaku has also worked with the African Development Bank and World Bank.
Dr Issahaku is responsible for banking supervision, research and financial stability, a portfolio previously held by Dr Wampah.