(Recasts after new governor announced)
ACCRA, March 30 Ghana's President Nana
Akufo-Addo named senior monetary policy expert Ernest Addison as
central bank governor on Thursday, a day after his predecessor
resigned for personal reasons, a statement from the presidency
Addison, who in the early 2000s was a leading architect of
Ghana's monetary policy, worked as a lead economist at the
African Development Bank.
The announcement comes as Akufo-Addo's young government
seeks to stabilize national finances and review with the
International Monetary Fund the terms of a $918 million
financial aid deal aimed at reducing inflation, public debt and
the fiscal deficit.
The fiscal problems and a decline in global prices for
Ghana's exports of gold and oil have led to a sharp slowdown in
growth in a country that until 2014 had been one of Africa's
"In order not to have a vacuum at the top of such an
important state institution, the president ... has appointed Dr
Ernest Kwamina Yedu Addison as governor," the statement said.
The central bank cut the benchmark interest rate by 50 basis
points in January to 25.5 percent and by a further 200 basis
points on Monday in what economists say is the start of an
easing cycle as inflation falls.
Ghana's finance minister earlier issued a statement saying a
new governor would be named in the next few weeks to replace
Nashiru Issahaku, who had held the post since April 2016.
(Writing by Matthew Mpoke Bigg; Editing by Richard Lough)