By Edzorna Francis Mensah
Bank of Ghana has announced for the general public that, Mrs. Elsie Addo Awadzi, the Second Deputy Governor of the bank, has served notice of her decision to take early retirement from the Bank with effect from 28th February 2025.
Statement issued by the communications department of the Bank dated 10 FEBRUARY 2025 said, Mrs. Addo Awadzi was appointed on 12th February 2018 for her first four-year term and re-appointed for a second term in February 2022, ending in February 2026, in line with the Bank of Ghana Act, 2002 (Act 612), as amended. H.E President John Mahama has accepted Mrs. Addo Awadzi’s decision to take early retirement from the Bank with effect from 28th February 2025 and has thanked her for her service to the Bank and the Republic.
The Bank of Ghana also thanked Mrs. Addo Awadzi for her distinguished service to the Bank and the Republic and wished her well in her future endeavours.
Elsie Addo graduated from the University of Ghana Business School and University of Ghana Faculty of Law with degrees in L.L.B (1993) and an M.B.A. in Finance (2000). She then furthered her education at the Georgetown University Law Center, where she acquired a master of law degree in international business and economic law (2012).
She later proceeded to the Ghana School of Law and obtained her post-graduate Qualifying Certificate to practice Law in 1995. Elsie Addo worked as a commissioner of Ghana’s Securities and Exchange Commission for six years and then as a Senior Counsel of the IMF’s Legal Department (Financial and Fiscal Law Unit), where she advised on financial sector reforms in the context of the IMF’s surveillance, lending and technical assistance activities.
She had over 25 years of experience working in various capacities in Ghana, Japan, South Africa, and the United Kingdom when she was the second female to be 2nd Deputy Governor of the Bank of Ghana. She was appointed in February 2018 by Nana Addo Dankwa Akufo-Addo
As Deputy Governor of the Central Bank of Ghana
She became the second woman to occupy the position after 29 years when the first woman Vice-Governor, Nana Oye Mansa Yeboaa was appointed.
President Nana Addo Dankwa Akufo-Addo’s appointment was made after thorough consultations with the Council of State. She replaced Dr. Johnson Asiama who resigned from the position in January 2018.
Prior to her appointment, there were multiple sources tipping Mrs. Josephine Anan-Ankomah, then Managing Director of Ecobank Gambia and now, Managing Director of Ecobank Kenya and Group Executive for the CESA region as a possible replacement for Dr. Johnson Asiama when he resigned.
In February 2022, President Nana Addo Dankwa Akufo-Addo re-appointed Elsie Addo for another 4-year term. Elsie Addo has oversight of the Bank of Ghana’s regulation and supervision of banks and other financial institutions, the macro-prudential function, and other key operational functions.
In March 2022, she gave a speech at the UNCDF International Women’s Day.
In April 2022, she also gave a speech at the Ghana Employers’ Association’s first annual leadership conference.
Banking Sector Clean-up
Elsie Addo came onto the scene in February 2018 after the Central Bank of Ghana initiated measures in 2017 to clean up the banking sector. This led to the closure of two banks and the resolution of several other banks. She has reiterated that the Bank of Ghana does not collapse banks but its owner does and its responsibility is to license and supervise financial institutions and when they fail, take them out in a manner that does not affect the system.
The second deputy Governor of the Bank of Ghana has indicated that the banking sector remains robust, solvent and liquid after the clean-up exercise and recapitalization of banks.
In the midst of declining inflation, she has appealed to banks especially Commercial Banks to cut down on lending rates to reflect inflation rate.
According to the Second Deputy Governor of the Bank of Ghana, the banking sector clean-up exercise saved over 3,500 jobs.
