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President Nana Addo Dankwa Akufo-Addo yesterday swore in Dr. Ernest Kwamina Yedu Addison as the new Governor of the Bank of Ghana (BoG) after consulting the Council of State.

At a brief ceremony at the Presidency – which had Vice President Dr. Mahamudu Bawumia, Chief of Staff Akosua Frema Osei Opare, Senior Minister Yaw Osafo Maafo, Minister for Monitoring and Evaluation Dr Anthony Akoto Osei and Secretary to the President, Nana Asante Bediatuo – 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 charged.

President Akufo-Addo expressed 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.”

President Akufo-Addo indicated further that he was very much aware of the independence granted to the Central Bank by the laws of the country, “but, nevertheless, if there is transparency and cooperation, 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 wished Dr. Addison “Godspeed and the very best of luck” in his new role.

On his part, Dr. Ernest Addison thanked the president for the confidence reposed in him by appointing him as Governor of the apex bank.

“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,” he underscored.

“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 noted.

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 issues bordering on the economy, especially on the monetary policy aspect, adding that “we shall not disappoint you.”