3 April 2017

Ghana: President Swears in New Governor

press release

The President Nana Addo Dankwa Akufo-Addo, yesterday swore in Dr Ernest Kwamina Yedu Addison as the new Governor of the Bank of Ghana (BoG). The President appointed Dr Addison in consultation with the Council of State.

He swore in the economist and former Head of Research at the BoG at a brief ceremony at the Flagstaff House, witnessed by high-ranking officials of the government, including the Vice-President, Alhaji Dr Mahamadu Bawumia; the Chief of Staff, Mrs Akosua Frema Osei-Opare; the Senior Minister, Mr Yaw Osafo-Maafo; the Minister of Monitoring and Evaluation, Dr Anthony Akoto Osei, as well as the Secretary to the President, Nana Bediatuo Asante.

The President noted that the new governor had joined the ship of state in very difficult circumstances.

"There is a big burden on us to revive the Ghanaian economy and put it on the path of growth and prosperity. I don't have to tell you the significance of your role in that process. It is absolutely vital and you, more than anybody else, will give confidence to the markets that Ghana is on the right path," he told Dr Addison.


He expressed confidence in the ability of Dr Addison, stressing: "I am grateful that I have the opportunity to appoint you to this office. I have no doubt that it is one you will discharge with credit to yourself and to the people of Ghana."

The President indicated that he was aware of the independence granted the central bank by the laws of the country, "but, nevertheless, if there is transparency and co-operation, we should be able to work together to achieve our main goal, which is to create the conditions for the growth of our economy."

Describing the role of the governor as "an arduous task", Nana Akufo-Addo wished Dr Addison "Godspeed and the very best of luck in your new role."

Dr Addison responds

For his part, Dr Addison thanked the President for the confidence reposed in him by appointing him to the high office of Governor of the BoG.

"I hope that I will be able to contribute my best to position the Bank of Ghana to play the role that it is required to play in terms of ensuring the stability of the macroeconomic and financial environment.

"The issue of stability is of great concern to Ghanaians -- stability not only in the exchange rate but in prices generally -- as well as creating the low interest regime which will support your private sector vision of creating jobs, ensuring high growth and reducing poverty," he said.

Surmountable challenges

He assured the President that notwithstanding the challenges that confronted the Ghanaian economy, "they are not unsurmountable and I know that with the leadership of the Vice-President in charge of the Economic Management Team, we will make an impact."

Dr Addison also reiterated his commitment to keep the President informed frequently on issues bordering on the economy, especially the monetary policy aspect, adding: "We shall not disappoint you."


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