Ghana appointed Second Deputy Governor Abdul Nashiru Issahaku to head the central bank after Kofi Wampah retired amid a slumping economy and inflation that remains stubbornly high. Issahaku whose term began on Monday joined the central bank in 2013 and is a former head of the West Africa nation’s Export Development and Agricultural Investment Development Fund.
In his new position Issahaku will have to fight an inflation rate that surged to 19 percent in January, the highest in at least five years, while economic growth in the world’s second-largest cocoa producer is languishing near the slowest pace in two decades. The Bank of Ghana has increased its benchmark rate by four percentage points since July to help restrain price growth and stem losses in the cedi, which weakened 16 percent against the dollar since the start of last year.