Central Bank Governor Mamo Mihretu Steps Down After Two Years

Mamo Mihretu, Governor of the National Bank of Ethiopia (NBE), has resigned after nearly three years at the helm of the central bank.

In a farewell message released today, Mamo cited a desire to “pursue other passions and tackle other challenges” following seven years in government. He described his tenure as a period of “the country’s most significant economic reforms in over 50 years,” highlighting the introduction of a market-based exchange rate, a modern monetary policy framework, new central bank legislation, and the opening of Ethiopia’s financial sector to foreign banks.

Appointed in January 2023, Mamo was one of a group of technocrats brought into Prime Minister Abiy Ahmed’s administration to steer Ethiopia’s transition from a state-led economy toward private-sector growth. Before leading the central bank, he served as the founding CEO of Ethiopian Investment Holdings, the sovereign wealth fund, and as senior policy advisor and chief trade negotiator in the Prime Minister’s Office.

Under his leadership, the central bank reported foreign currency reserves tripling within a year, inflation falling to a seven-year low, and digital payments expanding more than tenfold. He also pointed to $10.5 billion in external financing secured from the IMF, World Bank, and other partners.

Observers note the challenges that accompanied these changes: elevated inflationary pressures, high public debt, and persistent inequality amid global and regional economic instability.

Mamo, who began his career in law and international trade policy before joining the World Bank and later Abiy’s reform team, leaves office describing the vision of “a modern central bank fit for purpose” as within reach. His educational credentials combine legal and economic training: an LLB from Addis Ababa University, postgraduate studies in law at the Universities of Pretoria and Amsterdam, and an MPA in Leadership, Public Administration, and Economic Development from Harvard Kennedy School.

No immediate successor has been announced.

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