Kweku Baako Jnr. Calls For The Resignation of BoG Governor

The Managing Editor of the New Crusading Guide newspaper, Abdul Malik Kweku Baako Jr. has joined the campaign calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Kofi Wampah. �Elsewhere he will step aside without anyone telling him,� he indicated. Dr Kofi Wampah has received a lot of flak over the continuous depreciation of the cedi which has depreciated by about 27 percent against the US dollar. The cedi continues to depreciate by about 0.3 percent on average and it is adversely impacting on the economy; making life difficult for the average Ghanaian. Dr. Wampah in an attempt to keep the cedi from further decline introduced a wide range of interventions in February this year. According to the BoG measures, "Cash withdrawals over the counter from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) shall only be permitted for travel purposes outside Ghana and shall not exceed 10,000.00 US dollars or its equivalent in convertible foreign currency, per person per travel." Furthermore, "Foreign exchange purchased for the settlement of import bills shall be credited to a margin account which shall be operated and managed by the bank on behalf of the importer for a period not exceeding 30 days." However, after serious consideration, the BoG revised its measures indicating that "if you put out measures and they are not working, you should be bold enough to reverse it" According to Dr Wampah�s critics, most of his measures to save the cedi have not worked; an indication that �he is not fit for his position�, hence he should step down. Contributing to a panel discussion on Wednesday�s edition of �Kokrokoo� programme, Kweku Baako Jnr. said the numerous calls for the resignation of Dr Wampah is enough grounds for him to resign because �if you have a lot of stakeholders speaking against your activities and measures, it is a complete vote of indictment against the BoG and the people in charge�.