President Nana Addo Dankwa Akufo-Addo has appointed Dr. Ernest Kwamina Yedu Addison, as Governor of the Bank of Ghana.
His appointment is however subject to consultation with the Council of State.
A statement signed by the Director of Communications at the Presidency, Eugene Arhin, said Dr. Addison’s appointment follows the resignation of Dr. Abdul Nashiru Issahaku effective Saturday, 1st April, 2017.
“In order not to have a vacuum at the top of such an important state institution, the President, in accordance with Article 183 (4) (a) of the constitution, has appointed Dr. Ernest Kwamina Yedu Addison as Governor of the Bank of Ghana, subject to consultation with the Council of State,” the statement said.
Dr. Issahaku on Monday indicated his resignation from office after almost a year in charge. Dr. Issahaku assumed office in April 2016 following his appointment by former President John Mahama, after the early retirement of Dr. Henry Kofi Wampah.
He has since embarked on a number of initiatives to improve the country’s monetary policy regime.
Under his administration, the Monetary Policy Committee of the Bank of Ghana reduced the policy rate twice; the latest being the 200 basis point reduction on Monday, 27th March, 2017.
Dr. Addison was until his appointment, the Lead Regional Economist of the African Development Bank, at its Southern African Resource Centre.
From 2003 to 2011, he served as the Director of Research at the Bank of Ghana and was the Chief Economist of the West African Monetary Institute from 2001 to 2002.
Dr. Addison, an Economics graduate of the University of Ghana, Legon, holds an M. Phil in Economics and Politics from the University of Cambridge, England.
He also holds a PhD in Economics from McGill University, Canada.
Speaking to Citi Business News on his expectations of the new Governor, Economist Dr. Lord Mensah, stressed the need to work to maintain economic stability.
“The indicators are good on the ground so for anybody who takes over, I expect him to maintain them as such. Also, all the indicators such as inflation and interest rates are showing a downwards trend and then also interest rate has started coming down,” he said.
“In addition, a governor that comes in should be able to maintain our foreign exchange and of course we expect that as a governor that is your mandate and through the Central Bank, there are actions,” Dr. Mensah added.
The Minister of Monitoring and Evaluation, Dr. Anthony Akoto Osei, also says he is confident Dr. Addison’s former stint with the Central Bank should reflect in his inefficiencies as Governor.
“Dr. Addison would have to come and examine the current monetary policy situation, and having been a director of research, I’m sure he can tell what new directions they might be taking but he is capable of doing that.”
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