National Bank of Ethiopia gets a new governor

Dr Yinager Dessie, who previously served as head of the National Planning Commission, has been appointed as governor of Ethiopia’s central bank, the National Bank of Ethiopia, on Monday, replacing Teklewold Atnafu who has been named finance advisor to the Prime Minister. Finance advisor? Isn’t it under his watch that the central bank went bankrupt?

The new governor’s biggest challenge will be finding solutions for the current hard currency shortage that is suffocating Ethiopia’s economy.

Despite recommendations by economists, Ethiopia’s government has so far resisted opening up the banking sector to foreign investors, which could have helped develop a competent capital market. Perhaps the new governor will give the idea a fresh look.