Abdul-Nashiru Issahuku named new governor of the Bank of Ghana

Abdul-Nashiru Issahuku has been named the new governor of the Bank of Ghana replacing Kofi Wampah who recently took 4 months leave pending retirement this year.

Issahuku has been of Wampah’s two deputies since July 2003, has previously worked as a governance expert at the State University of New York – Center for International Studies. He brings to the position a wealth of experience after having worked with the International Monetary Fund (IMF), the African Development Bank and Ghana’s Export Development and Agricultural Investment Fund in the past.

The business community is expecting the new governor to use his expertise to redress the country’s fiscal challenges and engineer reforms in the financial sector, particularly at a period some micro-finance companies are accused of defrauding depositors due to lack of supervision from the Bank of Ghana.

Issahuku has been appointed at a time Ghana’s economy is confronted with slow growth, mounting inflation, local currency volatility, mounting public debt and soaring interest rates – a development that forced the government to sign a US$918 million three-year IMF facility to calm the economic pressures last year. He is expected to steer the institution during the challenging period – when global commodity prices (especially oil) have slumped.