New BoG Governor: How It Went Down at Swearing-in of Ghana’s Central Bank Governor

The new BoG Governor, Dr. Addison said he would work towards maintaining stability in the markets.

President Nana Akufo-Addo has sworn in Dr. Ernest Kwamina Yedu Addison, as the new Governor of the Bank of Ghana. The President on Monday, April 3, 2017, swore in the new governor after consultation with the Council of State.

The ceremony, which took place in the official residence of the President, saw different political stakeholders who were present to witness ceremony. The new BoG head at the event, was urged to ensure that the right fiscal measures are put in place to restore Ghana’s fragile economy.

Speaking at the ceremony, Nana Addo noted that Dr. Addison’s appointment indeed came at a time when Ghana is in very difficult circumstances. Nana Addo was referring to the gross economic deficiency which has befallen the country.

“There is a big burden on us to revive the Ghanaian economy and put it on the path of growth and prosperity. I don’t have to tell you the significance of your role in that process,” Nana Addo pointed out to Dr. Addison.

President Nana Addo who described the role of Dr. Addison as an ‘arduous task’, urged the new BoG Governor to put in his best towards bringing back confidence to the markets, despite the economic challenges. Nana Addo expressed his confidence in the new BoG Governor as he looked forward to seeing positive changes in the country’s economy.

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Present at the ceremony were; Vice President of the Republic, Alhaji Dr. Mahamudu Bawumia; Chief of Staff, Akosua Frema Osei Opare; Senior Minister, Hon. Yaw Osafo Maafo; Minister for Monitoring and Evaluation, Hon. Anthony Akoto Osei; Secretary to the President, Nana Bediatuo Asante, and others.

Bearing in mind the absolute independence granted the Central Bank by the laws of the country, President Nana Addo still called for transparency on the part of the organization. According to him, that would only make room for better cooperation between stakeholders.

On his part, Dr. Addison thanked the President for believing in him. He expressed appreciation to the President for the confidence reposed in him through his appointment as Governor of the Bank of Ghana. He also called for support from stakeholders, in the course of carrying out his responsibilities.

Dr. Addison hoped to tackle the issue of instability in prices and exchange rate which is of great concern to Ghanaians. The BoG governor said he would work towards maintaining stability in the markets, as well as create the low-interest regime which will support the private sector vision of creating jobs, and reducing poverty.

The newly sworn in BoG Governor is expected to start work immediately according to reports.

Former Bank of Ghana Governor, Dr. Abdul Nashiru resigned on March 30 2017. Dr. Nashiru whose resignation took effect on March 31, 2017, said he resigned for personal reasons and not as a result of oppression from the ruling NPP government, as being speculated.

Akin to the rumored development, the resignation of the former BoG boss was said to have shocked former Vice President Amissah Arthur, who described the development as unexpected. However, the speculating public have become calm, having heard from the horse’s mouth.