Mr Kwaku announced this at a press conference in Accra at the International Press Centre, saying his decision is not for his own personal interests but for the common good of the people in the constituency.
He said the people of the constituency needed change in leadership and a true representative in Parliament and it was only Dr Zanetor Rawlings who could effect that change.
"I have a lot of respect for Nii Armah Ashietey but I think he has done his bit and, therefore, it is time for him to step down for someone else to step in."
Mr Kwaku stated that he had listened to her on some television stations and other platforms when she granted interviews and what he heard her talk about meant that both of them shared the same values and vision, hence his decision.
He denied the notion that he had been coerced by Dr Zanetor Rawlings’s camp to step down.
This brings to two the number of contestants in the constituency who have thrown their weight behind Dr Zanetor Rawlings.
Last week, Leeford Kpakpo Quarshie, who was disqualified for running as an independent candidate during the 2012 election, also threw his weight behind Dr Zanetor Rawlings.