Outgoing Governor of the Bank of Ghana, Dr. Kofi Wampah has denied being forced out office as speculated.

According to the governor it is not accurate that he had to take his early retirement, because of  a recent crisis in the microfinance sector. Neither is it related to the controversy around his family after it emerged his step-daughter had married a British fugitive, David McDermott.

Speaking exclusively to Joy Business,  the governor explained that; “I had communicated to President John Mahama as far back as January of my intention to take my early retirement”  the governor added. 

Dr. Wampah announced last Tuesday, his intention to retire from office by Friday.This is four clear months before the end of his contract on August 5 this year.  

Dr. Henry Kofi Wampah says his decision was personal and also to allow his successor more time to work in an election year.  The governor also rejected suggestions that he failed in his attempts to stabilize the Ghana cedis.

The local currency recorded at least a 30% depreciation against major trading currencies in 2014. Despite a slew of measures by the BoG, critics say it failed to get the desired results. It has however witnessed some marginal stability over the past month.

The governor said the BoG did it’s part to stablise the currency but it was not supported by other state actors to achieve desired results.

He added that “recent challenges with the Nigerian and South African currency shows, the cedis woes last year, could be attributed to  of external factors".

He denied having frosty relations with some senior officials in government as the cause for his early retirement.

Meanwhile the Flagstaff House has, in a statement, debunked media reports that the outgoing governor had a strained relationship with the Vice-President and his predecessor, Paa Kwesi Amissah-Arthur.


The attention of His Excellency the Vice President, Mr K.B. Amissah–”Arthur, has been drawn to online news publications claiming that there is bad blood between him and the outgoing Governor of the Central Bank.

The report attributed to the Member of Parliament for Old Tafo,Hon.Dr Akoto Osei, is false, baseless and without merit.

The reported bad blood is a figment of the fertile imagination of the person making the allegation and it should be treated with the contempt it deserves.

From his days as the Governor of the Central Bank till date, Mr Amissah-Arthur has had very fruitful and cherished relations with Dr Wampah.

The Vice President wishes to seize the opportunity to wish Dr Wampah well as he leaves the Bank of Ghana as Governor.



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