Ethiopia's Central Bank Governor Mamo Mihretu Resigns After Major Reform Push
BaseLine Team
03 Sep, 2025
Ethiopia’s central bank governor, Mamo Mihretu, has resigned, ending a tenure marked by sweeping financial reforms and closer ties with global lenders.
Appointed in 2023 by Prime Minister Abiy Ahmed (PhD) to replace Yinager Dessie (PhD), Mamo steered the National Bank of Ethiopia through its most ambitious policy overhaul in decades. His tenure included introducing a market-based exchange rate system, opening the banking sector to foreign competition, advancing digital finance, and securing $10.5 billion in external financing from partners including the IMF and World Bank.
Foreign reserves more than tripled, inflation eased to its lowest in seven years, and digital payments grew more than tenfold, according to his farewell statement. Financial sector assets expanded past 5 trillion birr.
Mamo served in government roles for seven years as founding CEO of Ethiopian Investment Holdings, the country’s first sovereign wealth fund manager, and as a senior adviser to Prime Minister Abiy on economic reforms. He worked for the World Bank and led Ethiopia’s trade negotiations before joining the central bank.
Mamo studied leadership and economic development at Harvard Kennedy School and completed postgraduate law studies at the Universities of Pretoria and Amsterdam.
