By Enyichukwu Enemanna
Ethiopia’s central bank chief has announced his departure from office after seven years of service in various high-profile economic roles, a move that came as a surprise to stakeholders in the government cycle and financial sector.
Mamo Mihretu, who has been the Governor of the National Bank of Ethiopia (NBE) since January 2023, said he is leaving government to pursue other professional opportunities.
He was appointed by Prime Minister Abiy Ahmed as senior policy advisor and Ethiopia’s chief trade negotiator at the World Trade Organization (WTO). In 2019, Financial Times named him among the young technocrats in Abiy’s administration driving the country’s reform agenda.
Prior to his appointment as governor, Mamo was Chief Executive Officer of Ethiopian Investment Holdings (EIH), the state-owned investment firm established in 2022.
In a statement on Wednesday, Mamo reflected on his tenure, highlighting his contributions under the leadership of Prime Minister Abiy Ahmed.
“It has been a great honor and source of satisfaction to serve our beloved nation,” he said, noting his role in Ethiopia’s macroeconomic policy design and the implementation of the Home-Grown Economic Reform Program.
As Governor, Mamo oversaw what he described as the country’s most significant economic reforms in over half a century.
These included transitioning to a market-based exchange rate system, establishing the Bank’s autonomy through new legislation, opening the financial sector to foreign banks, advancing digital financial inclusion, and securing $10.5 billion in external financing from partners such as the IMF and World Bank.
“These reforms contributed to a threefold increase in foreign currency holdings, the lowest inflation in seven years, a tenfold expansion in digital payments, and a strengthened financial sector with over 5 trillion birr in assets,” Mamo said.
