[ 2017-03-31 ]

Prioritize cedi stability—New BoG Governor told
A former Deputy Governor of the Bank of
Ghana(BoG), Emmanuel Asiedu-Mantey has asked the
newly appointed Governor of the BoG, Dr. Ernest
Addison to prioritize the stabilization of  cedi
against the dollar, as well as address the issue
of high inflation in the country.

Dr. Ernest Addison is expected to assume office on
Monday April,3 2017 following the resignation of
Dr. Abdul Nashiru Issahaku earlier this week.

In an interview with Citi Business News, Mr.
Asiedu-Mantey said Dr. Addison is qualified for
the job, hence must hit the ground running.

“Currently the country is running on a high
level of inflation so if the mandate of the
Central Bank is to maintain value of the currency
then he should be addressing that,” he said.

He observed that Dr. Addison is coming into office
at a time when the exchange rate regime is
stable.

Pointing out key areas to look at, Mr.
Asiedu-Mantey stated that the new governor must
continue to work at bringing inflation pressures
down.

“The exchange rate fortunately has been stable
so he should try and maintain that and keep it
stable, so these should be the major things he
should face, tackling inflation and ensuring that
the currency is stable”

Linking it to other macroeconomic indicators, Mr.
Asiedu-Mantey explained that a successful control
of  inflation and the exchange rate will
positively impact the economy.

President appoints Dr. Addison

President Nana Addo Dankwa Akufo Addo 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 office.

Dr. Issahaku assumed office in April 2016
following 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 former stint with the Central Bank should
reflect in his efficiencies as Governor.

“Dr. Addison will 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.”

Source - citibsinessnews.com

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