“…The banking system needs deep reforms, and he needs to balance carefully how he handles that governance issue without coming across as overly centrally regulating,” he noted.

[contextly_sidebar id=”7IU8rWR66bdEXbPiNllfPULB3BEFTSDP”]Dr. Addison was appointed by the President last Thursday after the former governor, Dr. Abdul Nashiru Issahaku resigned, a year after he was elevated to the position.

A statement signed by the Director of Communications at the Presidency, Eugene Arhin, said Dr. Addison was appointed “in order not to have a vacuum at the top of such an important state institution.”

Speaking on Citi FM’s news analysis programme, The Big Issue on Saturday, Mr. Cudjoe commended Dr. Issahaku for stepping down and also welcomed the new BoG governor.

He further encouraged him to bring his expertise to bare in transforming the financial sector.

“I think that the decision accompanying his exit is a welcoming news and I think it sets the pace for Dr. Addison. We will be seeing a governor, in a very long while, who has an understanding of currency management. It’s a very crucial issue as we speak, and to think that he also understands the financial sector in a way it ought to work, regulation wise. The central bank ordinarily would have needed a strong competitor in that regard, but unfortunately the competitors are weak like SCC.”

“So you need a combination of skill, someone who understands governance issues within the banking system because the banking system needs deep reforms, and he needs to balance carefully how he handles that governance issue without coming across as overly centrally regulating. IMANI’s thinking is that, clearly, with Dr. Addison, we stand a greater chance of seeing a deep financial reforms and so kudos to him,” he added.

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By: Godwin A. Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post New BoG governor must implement ‘deep’ reforms – IMANI appeared first on Citi 97.3 FM - Relevant Radio. Always.

His appointment is however subject to consultation with the Council of State.

[contextly_sidebar id=”sDQetgK9htPwqdcj2ORPe769axyyQSEF”]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, 1^st 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, 27^th March, 2017.

About Dr. Addison

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’s former stint with the Central Bank should reflect in his inefficiencies as Governor.

“Dr. Addison would 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.”

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Dr. Ernest Addison is new BoG Governor appeared first on Citi 97.3 FM - Relevant Radio. Always.