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Lagos, Nigeria See Profile
Ghana’s Government Names Amisah-Arthur as Central Bank Governor

By Mike Cohen

Aug. 18 (Bloomberg) -- Ghana’s government named economist Kwesi Bekoe Amisah-Arthur as the new governor of the central bank.

His tenure begins on Oct. 1, when incumbent Paul Acquah’s second four-year term ends, Koku Anyidoho, head of communications in the presidency, said in statement on the government Web site today. The appointment was made by President John Atta Mills “in consultation with the Council of State.”

Amisah-Arthur will face the challenge of containing inflation, which at 20.5 percent in July was close to its highest level in five years. The central bank held its key lending rate at 18.5 percent last month, citing “balanced” inflation risks.

Amisah-Arthur “has no known monetary policy experience and will have to quickly reassure the markets that he will follow orthodox monetary policies,” Sebastian Spio-Garbrah, an analyst at Eurasia Group in New York, said in an e-mailed note. “Amisah-Arthur will also have to prove his independence” because he served as a policy adviser to Atta Mills, who assumed office in January.

Amisah-Arthur, who holds a masters degree in economics, has lectured in Ghana and Nigeria and worked as a deputy secretary in Ghana’s Ministry of Finance and Economic Planning.

His appointment comes a month after the International Monetary Fund agreed to lend Ghana $1.02 billion to support the country’s balance of payments and help shore up its currency.

To contact the reporters on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net

Tags:Ghana
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