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After overseeing one of the most disastrous performances of the local currency, the Cedi and the collapse of the hitherto booming national economy, Dr Henry Akpenamawu Kofi Wampah seems to have finally succumbed to the massive public outcry and is said to have acquiesced to resign after a meeting with emissaries sent by President Mahama to discuss ways of getting him out of office, The aL-hAJJ can independently report. Coincidentally, and unknown to the soft-spoken Wampah, who schooled at Hohoe E. P. Secondary School for his GCE 'O' Level certificate and Konongo-Odumase Secondary School for his GCE 'A' Level certificate; his tentative acquiescence to vacate his seat will avert a potential impeachment process that is being hatched by certain influential people both within and outside the nation�s august house of Parliament. President Mahama, according to our impeccable sources, has been having agonizing moment regarding the deterioration of the economic fundamentals and the initial insistence of the governor of the central bank to hold on his job despite the overwhelming evidence that he has not managed the ongoing currency crisis with dexterity. However, being very much aware of his constitutional limitations when it comes to the mandate of the central bank governor, President Mahama is said to have steer clear of any attempts at tightening the noose around the neck of the beleaguered governor to surrender his job and allow a fresh mind to take over the position and oversee a sound monetary policy that will support economic recovery. According to sources close to the President, what is even scaring the President all the more is the constituency the governor is coming from, having hailed from the party�s electoral world bank of Volta region. President Mahama was apprehensive of the potential political and electoral backlash any decision to force out the governor will bring from the Volta region, which has been very loyal to the ruling National Democratic Congress (NDC) since its formation in 1992. Besides, the governor is said to have been using the first lady, Mrs Lordina Mahama as his bulwark in getting the ears and support of the President to keep his position and parry any dissenting views within and outside the Mahama administration and the National Democratic Congress (NDC) party. However, events over the last six months have eroded whatever confidence the President has had in his management of the nation�s monetary policy and the President seems to have given the green light to the hawks around him and within the NDC who have long ago been calling for the governor to take responsibility over what is happening to the currency and honorably resign to save the government and the NDC party from further public disgrace and ridicule. Presidential emissaries were then sent recently to the governor to discuss processes leading to his exit from post so as to minimize the catastrophic effect of his disastrous handling of the currency on the party as the nation�s cruises for the 2016 general elections. After the fruitful and cordial discussions with the Presidential emissaries, Dr. Wampah, a former Director at the West African Monetary Institute (WAMI) who obtained his degree in Economics and Statistics at the University of Ghana in 1977, is said to have agreed in principle to resign. As the time of going to press, he is yet to formally meet the President to discuss his exit strategy and package to enable him vacate his position to restore some semblance of credibility to the Mahama government. Dr Wampah, a holder of Masters Degree and a PhD in Economics from McGill University, Montreal, Canada was said to have exhibited high sense of maturity and understanding at the meeting with President Mahama�s emissaries and was seemed to have already prepared his mind for this outcome, having superintended over the almost 40 per cent of exchange rate depreciation in less than seven months in the fiscal year 2014. President Mahama according to our sources in the coming days would announce a new Governor for the nation�s apex bank. However, The aL-hAJJ sources have not been able to reveal the identity of the person replacing the embattled governor. Other experienced members of the ruling party are calling for the appointment of one of the past central bank governors or their deputies to replace Dr. Wampah and handle the current crisis situation until 2016 for a permanent replacement to be groomed in order to avoid another �trial and error� that seems to have led the country to this calamitous situation. With this new development, government and opposition sources in Parliament have confirmed to this paper that the governor of the Bank of Ghana has averted moves within the House to initiate processes leading to his impeachment and forceful but legal removal from that enviable position. The sources revealed that some influential people in government have been able to build a bi-partisan team in Parliament to call for the censor of the governor to herald a much wider impeachment processes by the august body to set a precedent that under a democracy, nothing is impossible. Recently, parliamentarians mainly from the opposition New Patriotic Party (NPP) have been openly critical of the governor calling on him to resign or be forced out of office for what they described as incompetence in the management of the economy especially the local currency and inflation rate which fall within the purview of the central bank. Principal among them are the Member of Parliament for New Juabeng South, Dr Mark Assibey-Yeboah who said he is �a sleeping governor� and The Member of Parliament (MP) for Manhyia South, Dr. Matthew Opoku Prempeh. Dr. Opoku said the governor should be fired for failing to take measures to stop the continuous fall of the cedi against major trading currencies and restoring confidence to the economy. The Bank of Ghana in February introduced measures to save the free fall of the cedi, but Mr. Opoku believes those measures were �ill-thought-through measures� which will worsen Ghana�s economy. Dr. Opoku further stated that Dr. Wampah put the country through �unwarranted problems� by taking certain poor decisions regarding monetary policy. �When I review the way he handled the sale of Merchant Bank, I thought that was good enough to leave but he didn�t�he put us through this unwarranted situation.� He noted that Ghana recorded �gargantuan failure� under his leadership, adding that a lot of non-banking financial institutions had collapsed under his watch. �People have lost millions of cedis because of the weird sale of Merchant Bank and the two-tier pension scheme that has been mismanaged� they cannot even account for monies that went missing. He should go so the Bank of Ghana�s respect is not lost,� Dr. Matthew Opoku Prempeh insisted. Another member of the legislature, the New Patriotic Party (NPP) Member of Parliament for Bibiani- Ahnwiaso-Bekwai, Kingsley Aboagye Gyedu also joined the chorus for the sacking of the Governor of the Bank of Ghana, Dr. Henry Kofi Wampah �for failing to halt the depreciation of the cedi�. He believes it is about time President John Mahama takes a bold decision by appointing a competent person to help solve the current economic challenges facing the country. �President Mahama must sack Dr. Wampah and save the cedi if he means well for the economy; I think he [Wampah] is tired and needs rest,� he stressed. Further, many influential Ghanaians including the Managing Editor of the New Crusading Guide newspaper, Abdul Malik Kwaku Baako have launched a campaign to get Dr. Wampah out and save the economy from further sinking. In support, Kingsley Aboagye Gyedu on Asempa FM�s Ekosii Sen programme said Dr. Wampah has proven beyond reasonable doubt that he cannot ensure the effective implementation of monetary policies to save the cedi from falling. He noted that all the monetary interventions by the Governor are not working because there is no "better research underpinning" them. �I think Dr. Wampah is sleeping on the job; in less than six month the cedi has depreciated by almost 40 percent. This is an embarrassment�, the Bibiani- Ahnwiaso-Bekwai MP stressed. Kingsley Aboagye Gyedu insists Dr. Wampah has shown gross incompetence in the handling of the monetary policy thus �must take a bow". A Legal Practitioner, Dr. Maurice Apaw earlier this month, asked President Mahama to sack Dr. Wampah for similar reasons. Dr. Wampah, who started his working life at the Bank of Ghana in September 1986, has also for his defence claimed that fiscal policy in 2013 under the finance minister, Mr Seth Terkper did not complement his efforts at getting currency stability and decline in inflation rate. �Fiscal consolidation will require a more aggressive stance in the second half of 2014. Government must continue to enhance revenue measures and rationalise expenditures to achieve the fiscal deficit target of 8.5 percent of GDP for the year,� Wampah said in his latest monetary policy briefing in Accra. His call is said to intensify pressure on Minister of Finance Seth Terkper to revise his budget for the year and launch new measures to accelerate the ride to economic recovery. Mr. Terkper is battling a deficit that remained above 10 percent of GDP for a second consecutive year in 2013, causing interest rates to spike to new records while boosting inflation and dampening confidence in the country�s currency. �Risks to the fiscal outlook have increased on account of underperformance of government revenues, the rising share of compensation for employees in domestic revenues, and the increasing difficulty of raising financing from traditional sources,� Wampah said. �The situation is further compounded by the emergence of subsidies due to delays in adjustment of petroleum and utility prices; build-up of arrears, particularly on statutory payments; delays in the implementation of some revenue measures outlined in the 2014 budget; and slow disbursement of programme grants.� He said the Monetary Policy Committee (MPC) of the bank voted to increase the policy rate from 18 percent to 19 percent to tackle inflation and the cedi�s worsening depreciation. The 19 percent rate is the highest since February 2004 and sends a signal that monetary policy is nearing the end of its tether in the search for solutions to restore economic stability. The BoG has launched a raft of actions since February targeted at easing pressures on the currency and foreign exchange reserves. The cedi has fallen by about 40 percent to the dollar since January, its fastest slide in 14 years; and reserves have decreased by US$1.1 billion to S$4.5 billion in the same period. In April, the BoG asked banks to keep more cash with it when it raised the reserve ratio from 9 percent to 11 percent to curb the growth of money supply, which is fuelling inflation. The reserve-ratio increase had been preceded in February by a 200-basis-point hike in the policy rate and introduction of new regulations to stem the use of dollars for domestic payments. Nevertheless, the cedi has remained wobbly and some analysts fear the situation could lead to a balance of payments crisis. Surging inflation has also produced anxiety for the Bank of Ghana, which has traditionally aimed to keep it below 10 percent. Data issued recently by the Ghana Statistical Service (GSS) showed prices rising at an annual rate of 15 percent. That pace of growth is the highest since December 2009. Dr. Wampah said inflation is not likely to return to the central bank�s preferred range of 9.5-11.5 percent until the final three months of 2015. He was however more upbeat about the currency as the central bank expects to receive around US$3billion of foreign exchange from the upcoming Eurobond and cocoa syndicated loan. He also revealed grim business and consumer sentiment indicators, the result of a declining currency and rising cost of living. On July 1, protesters calling themselves Concerned Ghanaians for Responsible Governance marched on the Flagstaff House to submit a petition listing a whole array of complaints -- from corruption to rapid economic decline -- requiring the urgent attention of the President. The protesters cited electricity shortages, poor roads, high taxes, unfunded public schools and hospitals, and corruption among their concerns. The IMF�s take on the economy is that government must tighten spending and launch further tax-hikes to lower the budget gap and secure medium-term economic growth, which is increasingly imperiled by current macroeconomic instability. Mr. Terkper told the media that government is implementing a multi-year fiscal consolidation strategy and has done enough in the first two years (2013-14) to stabilise the economy. The so-called homegrown economic stabilization policies outdoored by the finance minister were yielding the needed results and so there was no need to seek outside support in terms of bail out, Mr. Terkper argued. However two weeks ago, government in a dramatic move, affirmed its decision to enter into an IMF-supported program to help stablise the economy and restore the nation�s image as the sub-region�s foremost frontier of economic and political transformation.