Economist lauds Ernest Addison’s re-appointment as BoG Governor

Economist and Financial Analyst, Daniel Amateye Anim, has welcomed President Akufo-Addo’s decision to re-appoint Dr. Ernest Addison as Governor of the Bank of Ghana.

His reappointment, which is subject to the Council of State’s approval, will see Dr Addison serve another four-year term as Governor of the Central Bank.

His second term is expected to commence on March 30, 2021.

Reacting to this, Economist and Financial analyst, Daniel Amateye Anim, was hopeful that Dr. Addison will keep up with his commendable feat since his first appointment in April 2017.

Mr. Anim also lauded him for some bold steps he took during his first tenure.

“Under his tenure when he took over, one of the remarkable achievements has to do with the clean-up in the financial sector, he took the bold step by increasing the minimum capital requirement and thereafter cleaning up the sector. It was not an easy job because we all saw the effect of such an exercise, job losses, and other political risks, however, he took that bold initiative to initiate the cleanup exercises today I think it was a very recommendable thing to do,” he said.

Meanwhile, Mr. Anim is urging Dr. Addison not to relent in implementing bold reforms that will ensure the long-term sustainability of the banking sector.

“The only innovation or initiative that I would have expected from him is to ensure that the banking sector which is the banking sector as a whole is very robust and vibrant with the capacity to extend loans to businesses. They must ensure that banks deviate from the traditional mode of banking, they have to ensure that they involve all businesses including those in the informal sector which is the only way we can grow this economy,” he indicated.