Who Becomes Governor?

Dr Kofi Wampah – 1st deputy of Bank of Ghana

Reports reaching CITY & BUSINESS GUIDE indicate that there is intense lobbying for the vacant position of Governor of the Bank of Ghana (BoG).

This follows the nomination of the Governor of the BoG, Paa Kwesi Amissah-Arthur, for the post of Vice President of Ghana.

Sources say top government officials are divided over who should succeed Mr Amissah-Arthur, as some prefer the current first deputy governor, Dr Henry Kofi Wampah for the post.

Others are of the view that an outsider would be suitable to take over the highest position in the banking sector.

Names such as Alhassan Andani, Managing-Director of Stanbic Bank, Dr. Fritz Gockel, Chairman of Ghana Commercial Bank (GCB) and Frank Adu Jnr, Managing-Director of Cal Bank, have come up strongly.

Currently, Dr Wampah is the acting governor and reports say President John Mahama would appoint a substantive governor in a fortnight.

Already a senior economist and Head of the Centre of Policy Analysis (CEPA), Dr Joe Abbey has tipped Dr Wampah to occupy the vacant post.

He explained that the elevation of the first Deputy Governor to the position highest position will not only ensure continuity of regulatory and monetary policies in the economy but offer an opportunity for the country to benefit from his vast expertise in the economy and research.

Dr Abbey says he would not be surprised of an outsider grabs the post.

Prior to becoming the first deputy governor of BoG in 2009, Dr Wampah was the Director of the Research and Statistics Department of the West African Monetary Institute (WAMI).

Dr Wampah, for five years, was the Head of BoG's Research Department until 2001. He was also head of the Public Finance and Statistics Offices under BoG's Research Department.

When he appeared before the Parliamentary Appointments Committee in Accra yesterday, Mr Amissah-Arthur said 'I plan today of going to the office to do the necessary works. I do not intend to go back even if I don't get the nod because I have shown a partisan line.'

He said a staff durbar was held at the central Bank where he showed his appreciation to the management and other workers for their corporation during his tenure.

'I said goodbye to all of them so that if I do not go back they would know that …' he said.

The next governor is expected to continue measures taken by the regulator to stabilize the cedi.

CEPA indicated that it expects the next Governor of the Bank of Ghana (BoG) to immediately arrest the current slide in the value of the cedi against the other trading currencies, particularly the dollar, or risk running what it described as an economic stabilisation programme after the December 2012 general elections.

The cedi has since January this year lost more than 20 per cent of its value to the US Dollar. The fear is that the situation could worsen this election year.

By Emelia Ennin Abbey