Mamo Mihretu, Governor of the National Bank of Ethiopia (NBE), announced his resignation on Wednesday after seven years of dedicated public service, signaling a desire to “pursue other passions and tackle other challenges.”
In a farewell message posted on X platform, Mihretu reflected on his tenure, which he described as an “honor and source of satisfaction.” He highlighted his role in leading the central bank through what he called “the country’s most significant economic reforms in over 50 years” under the guidance of Prime Minister Abiy Ahmed.
Mihretu’s career in government began in 2018 when he joined Prime Minister Abiy Ahmed’s administration. He later served as the founding CEO of Ethiopian Investments Holdings before being appointed Governor of the NBE.
He expressed immense pride in the achievements of the NBE team, stating, “Thanks to the unparalleled professionalism and selfless work ethic of the NBE team and colleagues in the rest of government, we introduced a modern monetary policy framework, transitioned to a market-based exchange rate system, and helped establish the Bank’s autonomy through new legislation.”
The outgoing Governor pointed to a number of positive economic outcomes from these reforms, including a more than threefold increase in foreign currency holdings over a one-year period and a seven-year low in inflation.
He also noted a tenfold expansion in digital payments and a strengthened financial sector with assets reaching over 5 trillion birr.
However, it is unclear if his being pushed out of office or a voluntary retirement as the prime minister is yet to make any official statements.
