Home News I Will Not Resign-BoG Governor

I Will Not Resign-BoG Governor



… As Tension Mounts among senior Staff

Information gathered reveals that the governor of the Bank of Ghana Henry Wampah is not resigning despite the high pressure mounted on him by civil society organizations and economic experts in the country.

Dr Wampah is believed to have told the senior staff point blank that nobody can force him to resign his position and that he has ?no intention to resign and will not resign, a source within the corridors of the Central Bank tells this paper.

Dr Henry Wampah has been under pressure from economic experts and some civil society leaders to resign from his post or be sacked by the president, John Dramani Mahama for his poor performance at the bank that is contributing to the continuous depreciation of the cedi.

Meanwhile, it is gathered that tension is highly mounting at the bank among the senior staff over the management style of the governor. ?He seems to kowtow to every directive from the leaders of the National Democratic Congress, (NDC) rather than following the laid down procedures of the bank or our advice?. The Governor, according to the senior staff adheres to every order of the president of Ghana, and does not consider the implication it will have on the economy and they want him out.

stakeholders in Ghana including members of government and the ruling party, opposition elements, civil society groups, economic experts, members of the clergy, the business community and ordinary citizens united against the continued stay in office of the Governor of the central Bank, Dr. Henry Kofi Wampah, following the disastrous performance of the bank?s monetary policy to curb the galloping inflation, run away interest rates and declining value of the local currency, the Cedi.
With the local currency adjudged as the worse currency in the world, year-on-year inflation rate rising to 15 per cent and heralding widespread macroeconomic deterioration unseen in the last thirty years, many in the top echelon of the Mahama administration and within the ruling NDC are beginning to point accusing fingers at the Governor of the Bank of Ghana, Dr. Kofi Henry Wampah.
Scores of senior government officials including members of the Mahama economic management team are clamouring for the resignation of the embattled governor to pave way for a fresh thinking to turn the economy around and bring back inflation within target of single digit and a stable currency.
Similarly, members of the Ghanaian opposition, civil society groups, business community and economic experts have variously expressed lack of confidence in the ability of the embattled Governor to halt the sharp macroeconomic deterioration.
They accused the BoG boss of shirking his cardinal responsibilities and the responsibilities of the central bank to ensure general price stability in the economy to protect fix income earners and businesses to plan.
The Ghanaian currency has come under severe strain in the last seven months with Bloomberg adjudging the Ghana Cedi as the worst currency in the world at the moment.
According to the Bank of Ghana, the currency has depreciated by about 30 per cent in the last seven months alone, but the Financial times says the depreciation is as high as 40 per cent within this year alone.
At the beginning of the year and the early stages of depreciation, the BoG boss came out with very controversial foreign exchange administrative measures to stop the so-called dollarization of the economy and quickly forestall any currency crisis. However, the fire of both inflation and currency instability was inflamed the more after the announcement of the stringent forex measures by the Bank of Ghana.
Dr. Wampah has a lot to answer to the Ghanaian public and he should be bold enough to take the hard decision by himself, or government should be decisive in asking him to resign to protect the people and their purchasing power.? The source said.
Minority ranking member on finance and Member of Parliament for New Juabeng South Constituency, Dr Mark Assibey-Yeboah recently accused the Governor of the Bank of Ghana for sleeping on his job and therefore urged him to honorably resign.

According to him Dr Kofi Wampah has shown gross incompetence in the handling of Ghana?s currency and ?must take a bow,? he told Joy FM?s Parliamentary correspondent Elton John Brobbey in Parliament.

Dr Assibey-Yeboah said the country has had enough of a ?sleeping? Governor on duty.?He has done his bit, but he is not up to the task,? he chided, adding the country?s currency will deteriorate further if the Governor continues to stay in office.

He said all the monetary interventions by the Governor are not working because there is no ?better research underpinning? those interventions.

Dr Assibey Yeboah said the Governor appears to be giving false hopes about solving the depreciation of the currency and must resign. On his part, ace Ghanaian legal practitioner and President of the Legal Advocacy Foundation, Dr. Maurice Ampaw had also called for the immediate resignation of the Governor of the Bank of Ghana and the Finance Minister.
He said the inability of Dr. Henry Kofi Wampah and Mr. Seth Terkper to stop the continuous depreciation of the cedi against the major trading currencies in the world is an indication they must not be allowed to occupy such positions.

A lot of Ghanaians including the 2012 vice presidential candidate of the opposition NPP, Dr. Mahammudu Bawumia has predicted a further decline of the cedi against the dollar if the current conditions prevail.


BY Kwabena Adu Koranteng

New Crusading Guide

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News



Please enter your comment!
Please enter your name here

WP Radio
WP Radio
Exit mobile version