Daily Guide: Governor Quits

THE SIMMERING spate of dismissals in the wake of the Atta Mills presidency has triggered another exit, as Dr. Paul Acquah, Governor of the Bank of Ghana, takes his leave.

Dr. Acquah is the latest to be hit by the ‘proceed on leave’ bug which appears to have taken a centre stage in the new administration.

The Central Bank Governor, DAILY GUIDE sources indicate, has decided to go on his leave, accumulated over almost nine years.

The sources are however uncertain whether the monetary expert who has had a stint with the International Monetary Fund (IMF) would return to post after his leave.

His decision to take the leave comes just a few days after his deputy, Dr. Mahamudu Bawumia, also agreed to disengage from his remaining 18-month contract with the bank.

Dr. Bawumia took his accumulated leave from the bank last Friday after he was subtly asked to vacate his post or face a sack by the new National Democratic Congress (NDC) administration led by President Atta Mills.

This followed his return to the Central Bank after campaigning on the ticket of the New Patriotic Party (NPP) as a running mate to Nana Addo Dankwa Akufo-Addo for the December elections.

However, the government transition team issued a directive to him to leave his post because of certain remarks he made during the recent political campaign, considered uncomplimentary to the NDC. The labour laws provide a room for Dr. Acquah’s leave but many analysts describe it as politically motivated.

A governance expert indicated that with a new government in place, there may be the need to fill such a sensitive position with an individual the President can trust.

Last week, the Governor met with President Atta Mills to discuss issues bordering on the state of the economy.

However, some insiders said the Central Bank Governor was asked whether he would like to work with the new government in the face of recent World Bank reports that indicate the worrying state of the country’s economy.

A source close to this paper also hinted that the same elements that put pressure on Dr. Bawumia to leave office are behind the Governor’s exit.

Dr. Acquah who was born in Juabo in the Western Region of Ghana and a graduate of the University of Ghana and Yale University has led the country’s banking sector to become one of the best on the African continent.

His tenure saw several non-Ghanaian banks setting up subsidiaries in the country.

Together with a versatile team that included Dr. Bawumia, he championed numerous financial sector reforms over the last seven years such as the Banking Amendment Act 2007, Act 738 that establishes the basis for an International Financial Services Centre (IFSC), the Foreign Exchange Control Act 2006, Act 723, the Credit Reporting Act 2008 and many more financial sector laws that have enhanced the financial sector.

He won Africa’s Central Bank Governor of the Year at the prestigious African Banker Awards 2008.

The banking system in Ghana has undergone rapid positive changes and much of this is attributable to Dr. Paul Acquah and his team of technocrats at the Bank.

They have successfully re-denominated the country’s currency, in addition to issuing the first Eurobond, sub Sahara’s first outside of South Africa.