Dr. Maxwell Opoku-Afari, First Deputy Governor of BoG, to Begin Leave

Dr. Maxwell Opoku-Afari, who serves as the First Deputy Governor of the Bank of Ghana (BoG), has officially begun his leave as he prepares for retirement. A formal letter from the Bank of Ghana, dated February 4, 2025, indicated that Dr. Opoku-Afari made the decision to go on leave starting February 5, 2025, ahead of the conclusion of his tenure. His decision to take this leave has been approved by President John Mahama.

Dr. Opoku-Afari has had a distinguished career at the Bank of Ghana. He was first appointed as the First Deputy Governor on August 7, 2017, for an initial four-year term. His leadership and contributions were recognized, and he was reappointed to serve a second term, which began on August 7, 2021. The reappointment reflected his effective leadership and the trust placed in him by both the Bank of Ghana and the government. The decision to proceed on leave ahead of his contract’s expiration is part of his retirement plans, marking the end of a significant chapter in his career.

According to the Bank of Ghana Act, 2002 (Act 612), as amended, the tenure of the First Deputy Governor is limited to two terms. Dr. Opoku-Afari’s current position, which was due to run until August 6, 2025, will conclude after he has completed two full terms of service as stipulated by the law. The decision for him to proceed on leave at this time is in line with the statutory framework that governs his role. His leadership at the central bank has been instrumental in guiding the country’s financial and monetary policies during his tenure, and his impending retirement marks the conclusion of a highly regarded career.

The Bank of Ghana, in its official statement, expressed sincere gratitude to Dr. Opoku-Afari for his years of service, highlighting his important contributions to the bank and the Republic of Ghana. The statement conveyed that his work had played a key role in strengthening the country’s financial systems and ensuring the stability of the banking sector during a time of significant economic challenges. His leadership was particularly noted for helping to navigate complex financial landscapes and ensuring the bank’s operations were aligned with both national interests and global standards.

As Dr. Opoku-Afari transitions into retirement, the Bank of Ghana acknowledged the impact of his leadership on the organization. His contributions were not just limited to administrative roles but also included strategic guidance in policy formulation and implementation. Under his leadership, the Bank of Ghana continued to play a critical role in managing inflation, supporting the national currency, and implementing monetary policies that helped stabilize the country’s economy.

The announcement of Dr. Opoku-Afari’s leave also reflects the evolving nature of leadership transitions within major financial institutions in Ghana. His decision to step down ahead of the official end of his contract is seen as a responsible and orderly approach to retirement. It ensures that his departure will be well-managed, with ample time for the Bank of Ghana to plan for his successor and ensure continuity in its leadership.

Dr. Opoku-Afari’s tenure as First Deputy Governor has spanned a period of both challenges and achievements for the country’s financial sector. From overseeing the management of Ghana’s reserves to contributing to the design and implementation of policies aimed at ensuring the financial system’s stability, his role has been crucial in navigating the country through economic shifts. His leadership has helped position the Bank of Ghana as a pillar of strength in the face of economic uncertainties, earning him respect both within the country and on the international stage.

As he embarks on his well-deserved retirement, the Bank of Ghana wished Dr. Opoku-Afari all the best in his future endeavors. His service to the bank and to the Republic has been commendable, and the institution expressed its appreciation for the dedication and professionalism he exhibited throughout his career. His legacy will undoubtedly remain a benchmark for future leaders at the Bank of Ghana.