Your task is difficult - Akufo-Addo to new BoG Governor

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

At a brief ceremony at the Presidency, which had the 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; and Secretary to the President, Nana Bediatuo Asante; all in attendance, President Akufo-Addo noted that the new Governor had joined the ship of state in very difficult circumstances.

“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. It is absolutely vital, and you, more than anybody else, will give confidence to the markets that Ghana is on the right path,” the President said.

President Akufo-Addo expressed his confidence in the ability of Dr. Addison, stressing that “I am grateful that I have the opportunity to appoint you to this Office. I have no doubt that it is one you will discharge with credit to yourself and to the people of Ghana.”

The President indicated further that he is very much aware of the independence granted to the Central Bank by the laws of the country, “but, nevertheless, if there is transparency and co-operation, we should be able to work together to achieve our main goal, which is to create the conditions for the growth of our economy.”

Describing the role of the Governor as “an arduous task”, President Akufo-Addo reaffirmed his confidence in the abilities of Dr. Addison, wishing him “Godspeed and the very best of luck in your new role.”

For his part, Dr. Ernest Addison thanked the President for the confidence reposed in him, through his appointment as Governor of the Bank of Ghana.

“I am hoping that I will be able to contribute my best to position the Bank of Ghana to play that role that it is required to play, in terms of ensuring the stability of the macroeconomic and financial environment.

The issue of stability is of great concern to Ghanaians – stability, not only in the exchange rate, but stability in prices generally – as well as creating the low interest regime which will support your private sector vision of creating jobs, ensuring high growth and reducing poverty,” he said.

He assured the President that, notwithstanding the challenges that confront the Ghanaian economy, “they are not insurmountable, and I know that with the leadership of the Vice President, in charge of the Economic Management Team, we will make an impact.”

Dr. Addison reiterated his commitment to keeping the President informed frequently, regarding to issues bordering on the economy, especially on the monetary policy aspect, adding that “we shall not disappoint you”.