Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) has raised concerns among experts and economists in the country. Mihretu, a former World Bank staffer and chief trade negotiator for Ethiopia at the World Trade Organization, has been appointed to replace Dr. Yinager Dessie. Despite his achievements in other fields, Mihretu’s lack of education and work experience in the field of economics and the banking sector is a major concern.
One of the main criticisms of Mihretu’s appointment is his lack of educational background in economics, as the Governor of the National Bank of Ethiopia is responsible for managing the country’s monetary policy, which is a complex and technical field that requires a deep understanding of economic principles and theories. Mihretu’s lack of formal education in economics raises concerns about his ability to effectively lead the NBE and make informed decisions about monetary policy. Additionally, Mihretu’s lack of prior experience in the banking sector is also a cause for concern. The banking sector is a highly regulated and technical field, and a governor of the NBE should have a deep understanding of the sector’s operations and regulations. Mihretu’s lack of experience in the banking sector raises questions about his ability to effectively lead the NBE and make informed decisions about the sector.
Another concern about Mihretu’s appointment is his attachment with the International Monetary Fund (IMF) and World Bank, which has led to criticism that he may not be independent enough to make decisions that are in the best interests of Ethiopia. Moreover, Mihretu’s tenure as the economic advisor to the Prime Minister has not resulted in any tangible achievements, except rising inflation and privatization, which may not be the best outcome for the country’s economy. Lastly, Mihretu’s young age is also a point of debate, as the governor of the National Bank of Ethiopia is in a position of great responsibility, and his appointment at a young age raises questions about his experience and ability to handle the complex and challenging role.
Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia (NBE) is not an isolated case of a person without proper educational background and work experience in the field of economics and the banking sector being appointed to lead a central bank. Similar appointments have been made in other countries, such as Kenya, Egypt, and Nigeria. In Kenya, for example, Patrick Njoroge, who was appointed as the Governor of the Central Bank of Kenya in 2015, had a background in economics and finance. Before his appointment, Njoroge had worked as an economist at the International Monetary Fund (IMF) and as a senior advisor at the Central Bank of Kenya.
His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. Similarly, in Egypt, Tarek Amer, who was appointed as the Governor of the Central Bank of Egypt in 2016, had a background in economics and finance. Before his appointment, Amer had worked as a senior executive at the National Bank of Egypt and as an economist at the Ministry of Finance. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. In Nigeria, Godwin Emefiele, the current Governor of the Central Bank of Nigeria, has a background in economics and finance. Before his appointment, Emefiele had worked as the Group Managing Director of Zenith Bank, one of the leading commercial banks in Nigeria. His educational background in economics and finance, as well as his prior experience in the banking sector, were considered to be key qualifications for the position of governor. In contrast, Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia raises concerns about his qualifications and experience in the field of economics and the banking sector.
Despite his achievements in other fields, Mihretu’s lack of education and work experience in the field of economics and the banking sector is a major concern. In conclusion, it is important for a National Bank Governor to have a background in economics and finance and prior experience in the banking sector, as these qualifications are essential for the role of leading a central bank and making informed decisions about monetary policy and banking regulation. Mamo Mihretu’s appointment as the Governor of the National Bank of Ethiopia raises concerns about his qualifications and experience in the field of economics and the banking sector, as well as his attachment with the IMF and World Bank and lack of tangible achievement as an economic advisor to the PM.
