Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, has proceeded on leave, effective February 5, 2025, ahead of the official end of his tenure in August.
His decision, approved by former President John Mahama, marks the conclusion of nearly eight years of service in the central bank’s top leadership.
Dr. Opoku-Afari was first appointed as First Deputy Governor on August 7, 2017, for a four-year term.
He was subsequently reappointed for a second term on August 7, 2021, in line with the provisions of the Bank of Ghana Act, 2002 (Act 612). His tenure was set to officially end on August 6, 2025, after serving two full terms.
A key figure in the country’s monetary policy space, Dr. Opoku-Afari played a critical role in shaping Ghana’s macroeconomic policies, financial sector reforms, and monetary stabilization efforts.
His tenure coincided with significant economic challenges, including Ghana’s engagement with the International Monetary Fund (IMF), inflationary pressures, and currency fluctuations.
Under his leadership, the Bank of Ghana implemented several key policy interventions aimed at stabilising the economy, strengthening the banking sector, and ensuring financial stability.
His expertise in economic policy and fiscal management, honed from years of experience at both the central bank and the IMF, positioned him as an influential voice in Ghana’s financial governance.
The central bank, in a statement issued by its Communications Department on February 4, expressed appreciation for Dr. Opoku-Afari’s dedicated service to the institution and the country.
“The Bank of Ghana thanks Dr. Opoku-Afari for his service to the Bank and the Republic and wishes him well in his future endeavors,” the statement read.
While the reason for his early leave remains undisclosed, his departure comes at a critical time for Ghana’s economy, with ongoing discussions on debt sustainability, inflation control, and financial sector consolidation.
It remains unclear who will replace him, but the decision will likely influence the central bank’s policy direction in the coming months.
Dr. Opoku-Afari’s next steps remain uncertain, but his extensive experience in central banking and international financial policy could see him take up roles in academia, international organisations, or the private sector.
His exit marks the end of an era for the Bank of Ghana’s leadership, paving the way for potential changes in the institution’s monetary and regulatory policies.
