Dr Ernest Addison is new Governor of Central Bank

GNA – Dr Ernest Kwamina Yedu Addison has been appointed as the Governor of the Bank of Ghana by President Nana Addo Dankwa Akufo – Addo.

This follows the resignation of Dr Abdul-Nashiru Issahaku, which takes effect on the April 1, 2007.

A statement issued by the Office of the President, and signed by Mr Eugene Arhin, the Director of Communication, said: “In order not to have a vacuum at the top of such an important state institution, the President, in accordance with Article 183 (8)(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.”

Until his appointment, Dr Addison was the Lead Regional Economist of the African Development Bank, at its Southern African Resource Centre.

He served as Director of Research at the Bank of Ghana from 2003 to 2011, and was also the Chief Economist of the West African Monetary Institute from 2001 to 2002.

Dr Addison is an Economics Graduate of the University of Ghana, and holds a Master of Philosophy Degree in Economics from the University Of Cambridge, England, and a Doctorate of Philosophy in Economics from the McGill University, Canada.

The Minister of Finance, in a statement heralding the appointment, said the new Governor would work to facilitate the Government’s commitment to ensure macroeconomic stability and he would, therefore, build on the success of his predecessor.

Dr Issahaku, outgoing Governor, was appointed by Former President John Dramani Mahama on April 4, 2016, when he was a Deputy Governor of the Bank.

The Central Bank, established on March 4, 1957, is mandated to, among others, to formulate and implement monetary policy towards the stabilisation of the value of the currency within and outside Ghana.

According to information on the Bank’s website, it is also to: “Institute measures, which are likely to have a favourable effect on the balance of payments, the state of public finances and the general development of the national economy; and to regulate, supervise and direct the banking and credit system and ensure the smooth operation of the financial sector.”

GNA