Ethiopia’s central bank governor, Mamo Mihretu, said on Wednesday he was leaving government after a tenure that redefined the country’s financial sector through bold reforms, including floating the birr, opening the banking industry to foreign competition, and launching the first securities exchange in decades.
Mihretu, who was appointed in January 2023 by Prime Minister Abiy Ahmed, confirmed his departure in a farewell letter on Tuesday, saying the time had come to “pursue other passions and tackle other challenges.”
In his letter, Mihretu credited Abiy Ahmed’s leadership and said he was “grateful for the opportunity to serve as a longstanding member of Ethiopia’s macroeconomic team that helped design and lead the Home-Grown Economic Reform Program.”
Mihretu pointed to measurable progress under his watch, such as Foreign currency reserves tripled, reaching record highs; Inflation fell to its lowest in seven years, projected at ~10% in FY2025/26, the lowest in a decade; The financial sector’s assets surpassed 5 trillion birr, reflecting accelerated growth in banking activity.
“These and other historic achievements of the government are nothing short of remarkable,” he wrote, thanking NBE staff for their professionalism and dedication.
