President Akufo-Addo has re-appointed Dr. Ernest Addison as Governor of the Bank of Ghana for another four-year term, JoyBusiness has gathered.

His appointment is subject to confirmation by the Council of State.

Based on what Joy Business sources say, Dr Addison's second term is expected to commence on March 30, 2021.

Background

Dr. Ernest Addison was first appointed by President Akufo Addo in April 2017, following the resignation of  Dr. Abdul- Nashiru Issahaku. 

Until his appointment, Dr Addison was 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.

The Economics graduate of the University of Ghana, Legon, holds an M.Phil in Economics and Politics from the University of Cambridge, England, and PhD in Economics from McGill University, Canada

Dr. Addison’s first four-year term 

For some, Dr. Adison’s first term has been credited to some reforms that have led to the stability of the banking sector.

These include the recent -clean-up of the banking industry, which the Bank of Ghana claims has put the sector in a strong position to withstand the COVID-19 shocks and recent challenges that have hit the economy. 

He has also championed several reforms that have improved payments in the country, enhancing credit extension by commercial banks to businesses in Ghana. 

Some analysts have argued that Dr. Addison's real test will be how to insulate the Bank of Ghana from any political pressures, in regulating the banking sector and ensuring there is fiscal discipline.