Prime Minister Abiy Ahmed has named Eyob Tekalign governor of the National Bank of Ethiopia. He succeeds Mamo Mihretu, who resigned after almost two years in the position.
Eyob Tekalign’s portfolio
Eyob brings over twenty years of experience in international organisations, the private sector, and government. In addition to chairing oversight and regulatory organisations like the Public Procurement Agency, the Accounting and Audit Board, and the Ethiopian Roads Authority, he has served on the boards of the NBE, Ethiopian Investment Holdings, Ethio Telecom, and Ethiopian Electric Power.
Eyob was a major player in Ethiopia’s economic reform agenda while he was the State Minister of Finance.
He was instrumental in directing debt restructuring, forming the Home-Grown Economic Reform program, and negotiating with the World Bank and the International Monetary Fund. He also played a significant role in luring foreign exchange inflows and mobilising outside funding.
He advised Ethiopia’s representatives at the IMF and World Bank, worked as a consultant to multinational corporations, and held the position of Minister Counsellor at Ethiopia’s embassy in Washington, D.C.
His career has also connected diplomacy and international finance. He served as director of SGI Frontier Capital, a frontier markets-focused private equity firm based in the United States, for three years before returning to the government in 2018. He graduated from George Washington University with a master’s degree and from the University of Maryland with a doctorate in political economy.
Mamo Mihretu’s portfolio
After serving as governor for almost two years, Mamo resigned, citing the chance “to pursue other passions and tackle other challenges.”
During his seven years in government, he was a senior member of the macroeconomic team that supported the reform program and the founding CEO of Ethiopian Investment Holdings.
While governor, Mamo oversaw legislation increasing the central bank’s independence, implementing a modern monetary policy framework, and starting the shift to a market-based exchange rate. He also increased digital financial inclusion, welcomed foreign banks into the financial industry, and assisted in obtaining $10.5 billion in outside funding.
His farewell statement claimed that the financial sector’s assets had surpassed five trillion birr, inflation had dropped to a seven-year low, and foreign exchange reserves had tripled in a single year. Over the same time frame, digital payments increased by more than ten times.
Challenges before Eyob Tekalign as NBE’s governor
As head of NBE, Eyob will face formidable obstacles. Ethiopia is dealing with double-digit inflation, high debt levels, shortages of foreign exchange, and a financial sector that is still in the early phases of liberalisation.
His immediate priorities will include regaining creditors’ trust, stabilising the macroeconomy, combating the black market for foreign exchange, accelerating the adoption of digital payments, and fulfilling Ethiopia’s commitments under the IMF program.
As Eyob resumes office, he faces the daunting task of stabilising the country’s currency while continuing with his predecessor’s financial sector liberalisation reforms.