Mamo Mihretu reportedly told close friends that he was forced by Ethiopian Prime Minister Abiy Ahmed to accept International Monetary Fund (IMF) deal
Borkena
Toronto – Mamo Mihretu, governor of the National Bank of Ethiopia, announced that he is leaving the government position a little more than a year after the introduction of the macro-economic reform that brought about a mess for many and gains for others. He announced about it on his social media page.
“After seven years of dedicated public service in different capacities, the time has come for me to leave government to pursue other passions and other challenges,” he wrote. He has not specified as to what his next move is.
Under his watch, the Ethiopian birr saw unprecedented depreciation in history. When the macro-economic reform ( the regime calls it Homegrown economic growth plan) was introduced in July 2024, the U.S. dollar was exchanging to the U.S. dollar at a rate of about 57 birr in the official market. It is now exchanging at a rate of 142 and up. One of the core reforms is the introduction of a market based exchange forex regime. There have been speculations that the reforms were imposed by the IMF and World Bank.
Mamo feels differently about the reform he oversaw at the national bank of Ethiopia . ” I led this venerable institution through the country’s most significant economic reforms in over 50 years,” he said adding “I am incredibly proud of the work we did at the National Bank of Ethiopia.”
He asserts that inflation has reached the lowest point in seven years, currency reserves grew by about three folds since the introduction of the market-based exchange regime, and that the Bank’s autonomy is established through legislation. His claims are not verified indecently. It terms of autonomy the bank, its questionable given the courts in Ethiopia, otherwise supposed to be independent, are prone to interference from the executive branch of the government.
His resignation was not foreseen. However, social media sources are claiming knowledge about his inevitable resignation. Jawar Mohammed, an ethnic Oromo activist who is believed to have contacts at different levels of government, shared on his social media platform that he had suspicion that Mamo Mihretu would leave.
Jawar wrote : “I suspected this was coming when I heard he had been telling close friends that he opposed the IMF deal but was forced by Abiy to accept and implement it. That was his way of trying to wash his hands clean of the economic disaster he and his close clique inflicted on the country.”
Mamo’s statement rather seems to venerate Abiy Ahmed. “I know that this extraordinary opportunity for service was made possible because of the invitation, leadership and guidance of Prime Minister Abiy Ahmed. For that and a lot more, I remain immensely grateful to Prime Minister Abiy Ahmed,” Mamo stated.
Mamo Mihretu was appointed as governor of the National Bank of Ethiopia in January 2023 after Yinager Dessie, an experienced banker, was unceremoniously and mysteriously removed from his position. PM Abiy Ahmed has not explained why he removed him from the position, as has been the case with some other officials. There have been reports that Prime Minister Abiy Ahmed removes officials whenever his policies face stern challenges. Notably, Ethiopian President Sahle-Work Zewde was removed from power this year.
Before his role as governor of the national bank, Mamo has served as the CEO of Ethiopian Investment Holdings. Before his career in the public service, Mamo has connections with global institutions and has worked for the World Bank.
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This is a huge loss. I have been watching what this brilliant young man has been doing as the governor of that nation’s controlling bank and I can say he had played critical roles alongside the other over qualified finance guru H.E. Ahmed Shide in saving that country from going belly up financially. I’m sure many global corporations are now ferociously competing against each other to lure him into their payroll. It will be a huge gain for them but a loss to that gem of the colored. But I see his departure not because he is an Oromo or an Amhara rather it was because of a clash if differing opinions. I am sure he will leave the bank in good hands. Now, you bigots and connivers! We gonna hear you telling us that he was terminated because of the boogeyman Oromumma or Amhara-umma. Zip it and let people think you are a bunch of jackasses.
Meanwhile, how does the writer of this article know for sure that H.E. Mamo Mihretu resigned because he opposes the pressure from The World Bank and IMF? Who told you that? Pure speculation, right? Are you trying to blame him for Birr’s devaluation which was over valued for decades since the late Emperor? It was never pegged to the mighty Dollar. He kept it from further sliding into an abyss just like the Zimbabwe’s Dollar.
Mammo,
You are an unsung Ethiopian Hero! You served Ethiopia earnestly, diligently and with high professional integrity →against all odds! You helped Ethiopia navigate the most turbulent economic storm of our time! I am proud of you! I can’t thank you enough! Good Luck! [ Ref. youtu.be/oOli9z0EZ7w ]