Bank of Ghana governor Dr. Henry Kofi Wampah will retire March ending, Reuters reported on Tueday.

Pressure has been mounting on Wampah to resign following the arrest of his son-in-law, David McDermott, over his alleged involvement in drug trade.

David McDermott has been married to Dr. Wampah's step-daughter, Ramona Wampah for three years, but was arrested in Ghana at his home in Burma Hills on March 11, 2016.

At a meeting to announce the new Monetary Policy Rate on March 21, Wampah refused to resign over his son-in-law.

"My son in law is my son in law; it has nothing to do with me being Governor of the Central Bank. I have made a statement on that and that should be enough for you. My term will end this year and I will let you know when am going so thank you,” he told a news conference.

Wampah's term officially ends on August 5.

President Mahama in his State of the Nation address blamed the central bank for the microfinance crisis which monies of depositors were fraudulently used.