Why the Bank of Ghana Governor resigns

Dr. Abdul-Nashiru Issahaku

The Governor of the Bank of Ghana, Dr Abdul-Nashiru Issahaku has resigned after serving only 11 months of his four-year mandate, according to news reports in sections of the Ghanaian media, but no reasons have been assigned for the resignation.

Checks by ghanabusiessnews.com have yielded nothing concrete as sources within the banking industry are tight-lipped. However, some have given indications that he was hounded out by operatives of the new government. Dr. Issahaku was appointed by the previous administration. At the time he was appointed in April 2016, some members of the opposition, now in government argued that he was too close to the appointing administration.

The Minister for Monitoring and Evaluation, Dr Anthony Akoto Osei is on record to have said that the Governor should voluntarily step down because of his political leaning, and the fact that he was appointed ahead of general elections in 2016.

“If I were in that position and I feel strongly about my political leaning, I will voluntarily step down. You have to be able to work as a team,” Dr. Akoto Osei told citifmonline last year.

That is not withstanding what the 1992 Constitution says about the position of a governor.

Article 183 (4) (d) of the Constitution says on the position of the governor; “he shall not be removed from office excerpt on the same grounds and in the same manner as a Justice of the Superior Court of Judicature other than the Chief  Justice, may be removed”.

Some sources however, say, the governor has negotiated the terms of his resignation with the government.

By Emmanuel K. Dogbevi
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