Known for his firm but accommodating position on issues, Governor of the Bank of Ghana, Dr. Ernest Addison’s smart approach has turned around a bleeding banking industry and moved it to a more positive level, boosting confidence for the next generation.

The next level is where cost of credit or loans will be cheaper, whilst households and businesses can easily access credit in a very stable, pricing and exchange rate environment that will facilitate effective consumer and business planning, amongst many others. Ultimately, a more stable, robust and liquid financial sector is clearly the goal and Dr. Addison is poised to deepen it further.

Many market watchers and analysts believe Dr. Addison’s second term in office will lead to a transformational and incredible outing, which will compel critics to rewrite their notes and rather reference his achievements for strategic planning and decision-making. 

Credited for his outstanding management of the banking industry, culminating in a return to a resilient, sound and safe financial sector, Dr. Addison’s core values have been hinged on integrity, discipline, leadership, confidence, responsibility, versatility and innovation. Many would realize how important his personality is to the banking industry, the economy of Ghana and the team he inspires.

Integrity

Banking requires integrity and discipline and therefore Dr. Addison’s character has been of immense help to the changing face of the Ghanaian banking industry, which almost went into tatters after being characterized with weak corporate governance structures, misuse of depositors’ funds, excessive risk-taking, bad accounting practices, among others. All these were perpetuated by some indisciplined and dishonest individuals who run some of the failed businesses.

Like the saying goes, banking is characterized with risks and therefore thorough risk analysis and evaluation are done before decisions are made. It was therefore surprising to many that some experienced and astute bankers and directors failed the state by playing lead roles in the collapse of the financial institutions they had responsibility for.

Knowing the ramification that the troubling banking industry could pose to the Ghanaian economy, Dr. Addison’s administration moved in quickly to avert looming disaster, whilst restoring confidence among depositors and the Ghanaian banking industry.

The former Lead Economist at the African Development Bank’s African Resource Centre in Pretoria, South Africa, was applauded by many people – both Ghanaians and foreigners – describing him as a brave and decisive professional whose actions saved many depositors funds and investments.

Discipline

’The disciplinarian Addison never hides his concerns about the lack of adherence to banking rules, principles and ethics by financial sector players, which are very critical to the sustainability and preservation of the Ghanaian banking industry.

For instance, he and his team had to take quick actions to clear out those who mismanaged banks and other financial institutions, exhibited dishonesty and eroded confidence in the banking system.

Although one of the Managing Directors of the defunct banks was his roommate at the University of Ghana, Addison did his job and took action against the insolvent bank. Today, the banking industry is the better for this difficult but necessary action.

What many market watchers and the general public are awaiting is the ruling of the many cases ongoing in the courts.

Leadership

There is a school of thought that good leadership is essential to any business, to governments and to the groups and organisations to shape the way we live, work and play. Certainly, leadership plays a critical role in making an organisation successful.

His team work, tenacity and resolve to get the work done even under challenging circumstances is what sets Dr. Addison apart in the history of Ghana’s banking and financial industry.

Dr. Addison’s adroitness and strong leadership also speaks significant volumes in other key monetary economic indicators such as interest rate, exchange rate, money supply, inflation, amongst others which have witnessed outstanding performance in his almost four years of the administration of the central bank.

For example, the cedi has consistently performed better year-on-year, depreciating by only 3.9% to the US dollar in 2020.  It is also forecast by many renowned international organizations such as Moody’s, Fitch, Standard Bank South Africa and the International Monetary Fund to perform strongly this year.

So far, the monetary economy has been exhibiting good performance, a situation which bodes well for businesses as well as household consumers.

Confidence

His boldness and assertiveness ranks him tall among today’s global leaders. But more importantly, his ability to proceed with activities that many will dare not do also makes him an extraordinary leader.

Having the belief and can do spirit to execute a task with precision and tact. Dr. Addison is considered a technical and tactical coach who is always confident of winning matches even when the odds are  not in his favour.

Without a doubt, his administration has reposed confidence in the financial sector, which is now growing in leaps and bounds, based on the figures being churned out by banking sector players.

Responsibility

A very difficult core value, which any  great leader must naturally possess is responsibility – being responsible for one’s actions and inactions.

Dr. Addison has never hidden his intentions to succeed and create a stable and more robust banking industry and has stood firm and defended the rationale for the banking sector cleanup.

He has shown admirable responsibility in dealing with the legacy problems that confronted the banking sector and this fear has become a catalyst for case studies going forward. 

In all the attributes of responsibility, the Governor stands tall. He does not shy away from commenting on issues that borders on the wellness of the Ghanaian economy.

Versatility

He is a versatile team player who has shaped and re-shaped the banking industry.

Taking over in a difficult period on the back of the Boulders Advisors report where the financial sector was in a mess and tatters, Dr. Addison’s braveness and ability to adapt to many different functions have facilitated the remarkable growth of the Central Bank.

Innovation

Innovation is the hallmark of every great leader.

The banking sector reforms is a great innovation that has positioned the banking industry in Ghana as one of the shining stars on the African continent and globally.

It was not surprising Dr. Addison was named the Central Bank Governor of the Year for Sub-Saharan Africa in 2020 by the Global Markets, a newspaper published digitally to cover the Virtual IMF/World Bank Annual Meeting 2020. 

He was recognized for his exceptional leadership in managing the coronavirus pandemic, which has seen the Bank of Ghana introduce a raft of measures aimed at supporting the government’s transformational agenda and ensuring the safety and soundness of Ghana’s financial sector.

The several reforms such as Fit and Proper, Corporate Governance Directives, among other innovations, rank him among the best Central Bank Governors in the world.

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