President Akufo-Addo names new central bank governor

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Ghana’s President Nana Akufo-Addo has appointed Ernest Addison as the nation’s new central bank governor, just one day after the resignation of his predecessor Abdul Nashiru Issahaku who spent only a year in the post.

Issahaku tendered his resignation on Wednesday, citing personal reasons.

Addison, an economics graduate from the University of Ghana, was director of research at the central bank from 2003 until 2011, the Presidency said in an emailed statement on Thursday. Until his reappointment today, he was the lead regional economist of the African Development Bank at its Southern African Resources Centre, the Presidency said.

Akufo-Addo’s young government seeks to stabilize national finances and review with the IMF the terms of a $918 million financial aid deal aimed at reducing inflation, public debt and the fiscal deficit.

“He comes across as someone who has a very good and hands-on knowledge of the Ghanaian economy, from theory to practice,” Bloomberg reports Courage Martey, an Accra-based economist at Databank Group, to say.

The outgoing governor held his last Monetary Policy Committee press briefing on Monday, where he announced a 200 basis point reduction in the bank’s benchmark policy rate from 25.5 per cent to 23.5 per cent.

Issahaku was first appointed by former president John Mahama in April 2016 in an acting position when Henry Wampah tendered his resignation six months before the end of his tenure.

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