Addison Chairs Bretton Woods Institutions Governors

Dr. Ernest Addison

Dr. Ernest Addison, Governor of the Bank of Ghana, and Ghana’s IMF Governor, was selected at the weekend to preside over the 2020 Annual Meetings Plenary of the Bretton Woods institutions.

Ghana was selected at the 2019 Annual Meetings Plenary of the International Monetary Fund (IMF) and the World Bank Group.

The chairmanship is selected on a regional rotation basis each year and 2020 rotates to Africa.

Dr. Addison was selected through a meticulous process of selection where candidate’s competences, country’s standing and membership of the World Bank Group and IMF are considered.

The selection of Ghana was done in recognition of the country’s impressive strides in macroeconomic stability achieved under the administration of President Akufo-Addo, and Governor Addison’s lead role in cleaning up the banking sector.

With this new responsibility, Governor Addison will, among other duties, chair other functional committees of the two institutions. In particular, he will chair the Joint Committee on Remuneration (JCR) of Executive Directors and their Alternates.

This work entails appointment of two other committee members (on the recommendation of the President of the Bank and the Managing Director of the Fund), reviewing briefing papers, and convening meetings of the committee.

He will also chair the Joint Procedures Committee (JPC)/MIGA Procedures Committee (MPC). The JPC/MPC is charged with reviewing the official business of the Fund- Bank and recommending its approval to the Board of Governors.

He is expected to also conduct the 2020 Annual Meetings Plenary (in the presence of delegations from the 189-member countries), and present a speech on the global economy.