Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), will commence his terminal leave on February 3, 2025, ahead of his official retirement from the central bank on March 28, 2025.
His departure marks the end of an eventful tenure spanning eight years, during which he spearheaded significant economic and financial sector reforms.
Dr. Addison was first appointed as Governor on April 3, 2017, at a time when Ghana’s banking sector was facing severe liquidity and solvency challenges. His leadership saw the implementation of a comprehensive financial sector clean-up, which resulted in the revocation of licenses of several struggling banks, microfinance institutions, and savings and loans companies.
This reform aimed to restore stability and confidence in Ghana’s financial system, leading to the creation of the Consolidated Bank Ghana (CBG) to absorb the assets of collapsed institutions.
In March 2021, Dr. Addison was reappointed for a second term, during which he steered the economy through the turbulence of the COVID-19 pandemic. The central bank introduced key monetary policy measures, including liquidity support for banks, a reduction in the monetary policy rate, and regulatory reliefs to cushion businesses and households affected by the global crisis.
One of the most defining moments of his tenure was Ghana’s return to the International Monetary Fund (IMF) for an Extended Credit Facility program in 2022, following a period of macroeconomic instability characterized by high inflation, currency depreciation, and rising debt levels.
The Bank of Ghana played a central role in negotiations, implementing monetary tightening policies to stabilize inflation and manage the cedi’s depreciation.
In recent years, the BoG under Dr. Addison introduced a domestic gold purchase program to strengthen Ghana’s foreign exchange reserves, leading to the launch of a gold-backed currency initiative aimed at stabilizing the cedi. His leadership also saw the rise of digital financial services, with increased adoption of mobile money and the piloting of the eCedi, Ghana’s central bank digital currency.
The Bank of Ghana, in a statement, acknowledged Dr. Addison’s dedicated service and contributions to financial stability and economic growth. His retirement has received the approval of President John Mahama, signaling the end of an era in Ghana’s central banking leadership.
