Wampah’s regime was a failure - Banking lecturer

A senior Banking Lecturer at the Central University College, John Baiden, has said the regime of the immediate past governor of the Bank of Ghana Dr Henry Wampah was a failure but did not blame Dr Wampah alone for his failure.

He said all the past governors failed to follow the Bank of Ghana Act that mandates every governor to adopt prudent measures to stabilize the cedi and prices.

To the extent that the cedi has been falling against the major trading currencies over the years “they have all failed because they could not stabilize it,” he said. Adding that their failure was as a result of not following the law which is the Bank of Ghana Act.”

The BoG Act, 2002 (Act 612) under the objectives of the Central Bank says, among other things, that “the primary objective of the Bank is to maintain stability in the general level of prices.”

It is against this Act that the Banking Lecturer who doubles as a legal practitioner said “although there may be challenges facing the economy in the country, the law is there for you as the Governor to follow, if you do that you will succeed but anything short of that will be failure.”

Speaking in an interview with Ekourba Gyasi, host of TOP FM’s morning show on Tuesday in connection with the appointment of the new Governor of the BoG, John Baiden said he was astonished at the educational background of the new governor of the Central Bank Dr Nasiru Issahaku.

Dr Nasiru Issahaku holds Masters in Agric Economics and a Ph.D. in Political Science from the University of Georgia but John Baiden said “am not comfortable at all with his background and the job he has been given.”

“He has not written any book for us to know his level of understanding of the sector,” he said.