Former Bank of Ghana (BoG) Governor Dr Ernest Addison has been appointed a Short-Term Senior Research Fellow at Harvard University’s Centre for International Development (CID) and Centre for African Studies (CAS).

As part of the fellowship, Dr Addison will lead four CID student seminar sessions in October, drawing on his eight-year tenure as Governor and his experience managing major economic shocks that affected Ghana during his time at the central bank.

The sessions will examine the macroeconomic policies that supported periods of high economic growth, as well as the financial sector clean-up undertaken under his leadership.

Dr Addison is also expected to discuss Ghana’s response to the COVID-19 pandemic and the economic impact of the Russia-Ukraine war, including the policy measures adopted in response to both shocks.

He will further reflect on the challenges that emerged during the latter part of his tenure, when Ghana lost access to international capital markets following a series of credit-rating downgrades amid rising debt and deteriorating fiscal conditions.

The resulting liquidity and debt crisis eventually led to Ghana returning to an IMF-supported programme and undertaking a major debt restructuring exercise.

Focus on financial sector reforms and economic recovery

Dr Addison retired from the Bank of Ghana in March 2025, having served as Governor since 2017.

During his tenure, the central bank oversaw the resolution of nine banks and 347 other financial institutions while introducing stronger capital and supervisory requirements aligned with Basel III standards.

At Harvard, he is expected to discuss the role of the central bank during Ghana’s economic crisis, the corrective measures implemented in 2023 and 2024, and efforts to strengthen the country’s foreign exchange reserves.

A key area of discussion will be the Domestic Gold Purchase Programme, which helped increase foreign exchange reserves and contributed to a stronger cedi while supporting Ghana’s efforts to meet debt sustainability targets under the IMF programme.

The seminars will provide Dr Addison with an opportunity to offer students a first-hand account of the successes and challenges of his tenure and the policy choices made in response to repeated global and domestic economic shocks.

His fellowship will also place Ghana’s recent economic experience within a broader international policy discussion, particularly around the difficult trade-offs central banks face in responding to inflation, financial instability, debt pressures and external shocks.