Keep The Economy On Track......President charges new Governor

By Edmund Mingle

President Mahama presenting the scroll of office to Dr. Issahaku

President John Mahama yesterday swore into office the new Governor of the Bank of Ghana, with a critical charge on him to keep the economy on track, irrespective of the pressure the November elections will exert on the economy.

“The economic prospects are very good, and it is my hope that you work closely with the Finance Minister to ensure that both the fiscal and monetary policy continue to be on track,” the President told Dr. Abdul-Nashiru Issahaku, at the Flagstaff House in Accra

President Mahama said through bold initiatives, as well as support from the International Monetary Fund, the economy was back on track, and that the trend needed to be sustained despite 2016 being an election year, which is often characterised by overspending.

“It is going to put a lot on your shoulders and that of the Minister of Finance, especially in the era of zero central bank financing for the national budget,” he stressed.

President Mahama, who administered the Oaths of Office, Secrecy and Allegiance to the new Governor, also asked him to team up with the Minister of Finance, to effectively manage the monetary and fiscal regime.

“I believe that working together on monetary and fiscal policies will ensure that the economy grows even more resilient,” he said.

The President, who also swore in the second Deputy Governor of the Bank, Dr. Johnson Asiama, congratulated the Governor for his ascension to the position, and urged him to serve with integrity and trust.

He described the post of governor as a “great responsibility,” but expressed confidence in Dr. Issahaku’s ability to deliver, and assured him of his fullest cooperation and support.

President Mahama in a pose with Dr. Issahaku (right)
and Dr. Asiama (left) after swearing them into office

Dr. Issahaku, responding, thanked the President for the opportunity to serve, and noted that he was mindful of the high expectations of his mandate.

He admitted the management of the monetary and fiscal policy in an election year as a challenge, but expressed his determination to succeed in keeping the economy on track.

Dr. Issahaku said he was happy for the assurance from the Minister of Finance that the government would not spend more than budgeted for the year, saying that would help in keeping the economy in check.

“If we were not able to do it in the past election years, we will do it this time,” he said.

Dr. Issahaku gave the assurance that his outfit would work to reduce inflation from the current 19.2 per cent, which is the highest since 2009, saying he was very mindful of the need to sustain the macroeconomic stability to boost the rapid growth of the economy.

According to him, various economic indexes show positive outlook for the national economy, and indicated that the country needed to continue pursuing the macroeconomic measures and the IMF programme to achieve more success.

“I can assure that I will work with all stakeholders, including government agencies and private sector, to deliver the desired results,” he said.

Dr. Issahaku, then second Deputy Governor, was appointed Governor last month following the early retirement of his boss, Dr. Kofi Wampah.

Dr. Issahaku is an International Development Economist with several years of experience in economic policy management and development, having worked with reputable international and local institutions including the World Bank as a Senior Public Sector Specialist; the African Development Bank as a Principal Governance Expert; the United Nations Economic Commission for Africa as a Development Management Officer; the Canadian International Development Agency as a Socio-Economic Advisor and Project Coordinator; and the National Development Planning Commission, Ghana as a Senior Planning Analyst.
Before his appointment as Governor, he was the Second Deputy Governor and Executive Board member with oversight responsibilities of nine departments including Economics, Statistics, Finance, Legal, Banking Supervision and Financial Stability.

He was the Chairman of the Investment Management Committee of the Bank and a member of the bank’s Monetary Policy Committee.