End of an Era: Elsie Addo Awadzi Says Goodbye to Bank of Ghana
- Second Deputy Governor Exits After Two Terms
The Second Deputy Governor of the Bank of Ghana (BoG), Madam Elsie Addo Awadzi, whose early retirement after serving two terms was announced by the office of the President, leaves the central bank effective today, Friday, February 28, 2025.
In a heartfelt address to staff at the Bank of Ghana, Mrs. Awadzi expressed her profound gratitude for the unwavering support she received during her seven-year tenure. Reflecting on her time in office, she acknowledged the resilience and dedication of the central bank’s team in navigating some of the country’s most turbulent economic periods.
Gratitude and Transition
As she steps down, Mrs. Awadzi expressed confidence in the continued success of the central bank, urging staff to extend the same support to the incoming management. “It has been a great honour and privilege to serve my country in this capacity. I am deeply grateful for the opportunity and the support I have received over the years. The Bank of Ghana remains in capable hands, and I have no doubt that it will continue to uphold its mandate with excellence,” she remarked.
Her A Legacy
Taking office in 2018, Mrs. Awadzi played a pivotal role in steering Ghana’s financial sector through critical reforms. Among the key milestones of her tenure were:
- The Banking Sector Cleanup (2017-2019): Spearheaded regulatory and supervisory enhancements to strengthen Ghana’s banking system after a period of severe instability.
- AML/CFT Reforms: Leading Ghana’s successful removal from the FATF Grey List and the EU Black List, strengthening anti-money laundering and financial security frameworks.
- Macroeconomic Crisis Management (2022): Overseeing negotiations with the International Monetary Fund (IMF) and guiding the financial sector through debt restructuring to stabilize Ghana’s economy.
- Monetary Policy and Digital Innovation: Championing advancements in supervisory technology (suptech), financial inclusion, and the introduction of climate and ESG risk management frameworks in banking.
- Gold-Backed Financial Initiatives: Implementing the Domestic Gold Purchase Programme and launching the Ghana Gold Coins, reinforcing the nation’s economic resilience.
- Modernizing the Central Bank: Playing an instrumental role in the completion and commissioning of the Bank Square – BoG’s new ultra-modern headquarters.
Her tenure leaves behind a legacy of economic resilience, policy innovation, and financial sector stability, positioning Ghana’s financial system for sustainable growth.
With her departure, attention now turns to the appointment of a successor, as stakeholders watch keenly to see how the new leadership will continue the trajectory of reforms and policy advancements within the country’s financial sector.
