The first Deputy Governor of the Bank of Ghana (BoG) Millison Narh has retired from the institution.

According to a statement issued by the Central Bank, Mr Narh made the announcement when he paid a courtesy call on President Nana Akufo-Addo Monday.

The President thanked Mr. Narh for his years of service to the country and wished him well on his retirement.

Present at the meeting was the Vice President Dr. Mahamudu Bawumia and Governor of the Bank of Ghana, Dr. Ernest Addison.

Mr. Narh was first appointed on July 20, 2009, and was later appointed first Deputy Governor on July 21, 2013.

The development means the search for a new deputy governor could begin very soon, but if President Nana Akufo Addo has already settled on his replacement, it is expected the announcement could be made public in the next few days.