Prime News Ghana

BoG boss Dr. Addison appointed IMF/World Bank Board Chair

By Justice Kofi Bimpeh
Dr. Ernest Addison
Dr. Ernest Addison
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The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has been selected to represent Ghana to Chair the Board of Governors of the Bretton Woods Institutions in 2020.

A statement from the central bank explained that the selection of Ghana was done in recognition of the country’s impressive strides in macroeconomic stability achieved under the administration of President Akufo Addo.

“Ghana was selected to chair the Board of Governors of the Bretton Woods Institution at the 2019 Annual Meetings Plenary of the International Monetary Fund (IMF) and the World Bank Group held on Friday, October 18, 2019”.

The Chairmanship is selected on a regional rotation basis each year and 2020 rotates to Africa.

READ ALSO : GHC5.5bn needed to complete financial sector cleanup - World Bank report

The statement from the Bank of Ghana also said the selection of Ghana was done in recognition of Dr. Addison’s lead role in cleaning up the banking sector.

It added that the Chairmanship position is prestigious and positively projects Ghana’s image within the international community.

“With this new responsibility, Governor Addison will among other duties, chair other functional Committees of the two institutions”.

In particular, he will chair the Joint Committee on Remuneration of Executive Directors and their Alternates. This work entails the appointment of two other Committee members which will be on the recommendation of the President of the Bank and the Managing Director of the Fund, reviewing briefing papers, and convening meetings of the Committee.

READ ALSO : IMF revises Ghana’s GDP growth rate downwards to 7.5% 

In addition, Dr. Addison will Chair the Joint Procedures Committee (JPC)/MIGA Procedures Committee (MPC). The JPC/MPC is charged with reviewing the official business of the FundBank and recommending its approval to the Board of Governors.

Also Dr. Addison will conduct the 2020 Annual Meetings Plenary in the presence of delegations from the 189-member countries, and presentation of a speech on the global economy