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Governor of Bank of Ghana Throws In Towel

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Henry Wampah

Information reaching the SCANDAL indicates that the Governor of the Bank of Ghana, Dr. Henry Wampah has thrown in the towel. He has resigned from his job. He is said to have put in his resignation letter last Wednesday July 16, 2014.

No reasons were given for his resignation but sources close to the Flagstaff House allege that the Governor personally met with President Mahama and told him ?the pressure was now too much? and he could no longer continue to be the Governor.

The source said the President accepted his decision and is now shopping for a replacement even though they have decided to hold the Governor?s resignation as a secret for now. Scandal can however report that the Government actually had plans to replace Dr. Wampah at the end of this year (December 2014). Maybe the Governor got wind of the plan and decided to jump before he is pushed.

Another person whose position appears to be shaky is the beleaguered Finance Minister, Mr. Seth Terkper. A US-based Ghanaian International Economist (name withheld) is seriously being courted by the government to come home and take the portfolio.

The Professor has been dragging his feet on the matter and that is what is still keeping Seth Terkper in office. The day the Professor gives President Mahama the nod, Mr. Seth Terkper will be removed.

Dr Wampah took over as Governor of the BOG from Mr. Paa Kwesi Bekoe Amissah ?Arthur after the latter was nominated and approved as Vice President to President Mahama in July 2012

Since Dr. Wampah took over, the economy has suffered a debilitating downturn especially after the 2012 general elections when the country recorded its highest deficit ever of about U$4billion. Since 2013 the country?s currency the cedi has been plummeting against the major trading currencies and was even adjudged the worse performing currency on the continent.

Dr. Wampah and his colleagues at the BOG introduced some fresh fiscal and monetary policy measures to stem the free fall of the cedi and to narrow the deficit but these measures did not seem to work as the cedi continues to fall. The cedi suffered a cumulative depreciation of about 27 per cent in 2013.

Dr. Wampah?s tenure as governor of the BOG was also dogged by the controversial sale of Merchant Bank. The sale was challenged in court but was never allowed to be heard. Even though it appears the take-over of the Merchant Bank is complete there is doubt that it remains a smoldering piece of wood.

Lately also there have been reports of some alleged missing monies (U$600M) from the Bank of Ghana and some civil society groups have called from investigations into the matter.

Ghana?s economy is in crisis; public debt is escalating, the Cedis is falling and statutory payments are in arrears. An Accra High Court recently ordered the Ministry of Finance to pay GETFUND their statutory entitlements.

The Government is presently reeling under severe pressure and mass criticisms from the public over recent increases in fuel prices, utility tariffs and Value Added Tax (VAT) on financial services.

Source: The Scandal

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