President Nana Addo Dankwa Akufo-Addo has 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 charge. Dr. Issahaku assumed office in April 2016 following his appointment by former President John Mahama, after 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, and 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.