Former Bank of Ghana (BoG) Governor Dr Ernest Addison has been appointed a Short-Term Senior Research Fellow at Harvard University’s Center for International Development (CID) and Center for African Studies (CAS).
As part of the fellowship, Dr Addison will lead four student seminar sessions in October, where he is expected to reflect on his eight-year tenure as Governor of the Bank of Ghana and his experience navigating some of Ghana’s major economic challenges.
The seminars will examine macroeconomic policies implemented during his tenure, including measures that contributed to periods of strong economic growth and the clean-up of Ghana’s financial sector.
Dr Addison will also discuss Ghana’s response to major economic shocks, including the COVID-19 pandemic and the economic impact of the Russia-Ukraine war.
He is expected to share insights into how the shocks affected Ghana’s economy and the policy measures adopted by the central bank in response.
Dr Addison retired from the Bank of Ghana in March 2025 after serving as Governor from 2017.
During his tenure, the central bank oversaw the resolution of nine banks and 347 other financial institutions, while introducing stronger capital and supervisory requirements aligned with Basel III standards.
The Harvard seminars will also examine the economic challenges Ghana faced during the latter part of Dr Addison’s tenure, particularly after the country lost access to international capital markets following a series of credit-rating downgrades, rising public debt and deteriorating fiscal conditions.
The resulting liquidity and debt crisis eventually led Ghana to seek another IMF-supported programme and undertake a major debt restructuring exercise.
Dr Addison is expected to provide his perspective on the role of the central bank during the crisis, including corrective measures implemented in 2023 and 2024 and efforts to strengthen Ghana’s foreign exchange reserves.
A key focus will be the Domestic Gold Purchase Programme, which contributed to an increase in foreign exchange reserves and supported the cedi while helping Ghana move closer to debt sustainability targets under its IMF programme.
Through the seminars, Dr Addison will offer students a first-hand account of the successes and challenges of his tenure, particularly the difficult policy choices involved in managing inflation, financial instability, debt pressures and external shocks.
His appointment also provides an opportunity to place Ghana’s recent economic experience within a broader international policy discussion on the role of central banks in navigating periods of economic uncertainty.
