Harvard appoints former BoG Governor Ernest Addison as senior research fellow

Former Bank of Ghana Governor Dr Ernest Addison has been appointed as a Short-Term Senior Research Fellow at Harvard University’s Center for International Development and Center for African Studies. In this role, Dr Addison will lead seminars in October, focusing on his eight years as Governor and the economic challenges faced in Ghana.

The seminars will delve into macroeconomic policies implemented during his tenure, including those that drove strong growth and addressed financial sector issues. He will also discuss Ghana's response to major shocks, such as the COVID-19 pandemic and the Russia-Ukraine war, as well as the impact on the economy and the policy measures adopted by the central bank.

During his tenure from 2017, Dr Addison oversaw the resolution of multiple banks and financial institutions, and introduced tighter capital and supervisory requirements. The Harvard seminars will also cover the economic difficulties Ghana faced after losing access to international capital markets, leading to a liquidity and debt crisis that culminated in another IMF-supported program and a significant debt restructuring.

Dr Addison is expected to provide insights into the central bank's role during the crisis, including the measures taken in 2023 and 2024. A key focus will be the Domestic Gold Purchase Programme, which helped boost foreign exchange reserves and support the cedi, bringing Ghana closer to debt sustainability targets under the IMF program.

Through these seminars, Dr Addison will share his firsthand experience of the successes and challenges of his tenure, particularly in managing inflation, financial instability, debt pressures, and external shocks. His appointment offers students a unique perspective on Ghana's recent economic situation within the context of broader international policy discussions on the role of central banks during periods of economic uncertainty.