Mamo Mihretu has left the position of National Bank of Ethiopia governor after two and a half years. In an announcement made on the 3rd of September, he informed the public that he was going away to the government to “pursue other passions and tackle other challenges.”
His resignation was a surprise to many in the financial and government sectors.
He was in power for 2½ years and during his time, a lot of changes had been made to revamp the country’s economy.
His administration led to a complete overhaul of Ethiopia’s financial sector through various reform measures such as floating the birr currency, allowing foreign banks to enter the local banking industry, and launching the first securities market.
The governor powerfully navigated the bank through all the economic reforms including the birr currency flotation.
The Harvard graduate was among the top executives responsible for the implementation of Prime Minister Abiy Ahmed’s economic plan since 2018.
Mihretu made it known that he was quitting public service after seven years of government offices. There are no indications of who will replace him at the National Bank of Ethiopia.
