Ethiopia’s central bank governor, Mamo Esmelealem Mihretu, has resigned after two and a half years in office, multiple outlets reported. He was appointed in January 2023 and confirmed his departure on September 3, ending what he described as seven years in public service.

According to Reuters, Mihretu leaves after spearheading reforms including central bank independence, liberalisation of the financial sector, and securing $10.5bn in external financing. Bloomberg noted he resigned after “pulling off” a difficult reform agenda.

Domestic outlets stressed his achievements. Addis Insight cited the float of the birr, the launch of the Ethiopian Securities Exchange, the opening of the banking sector to foreign entrants, and a surge in digital payments. It credited his tenure with tripling FX reserves and bringing inflation to a seven-year low. The Reporter (Ethiopia) framed Mihretu’s resignation as voluntary and motivated by a desire to “pursue other passions and challenges.”

Borkena suggested he may have faced political pressure linked to IMF negotiations, pointing to tensions over the birr’s depreciation. Addis Standard described the departure as “unexpected,” given its timing during ongoing FX market reforms.

Mihretu previously served as senior policy adviser to Prime Minister Abiy Ahmed and as founding CEO of Ethiopian Investment Holdings.

His departure leaves uncertainty around Ethiopia’s monetary policy as the country confronts high debt, foreign exchange shortages, and sensitive talks with international lenders. While his reforms earned recognition abroad, they also provoked domestic controversy, underlining the challenges of balancing structural adjustment with political pressures.