Ethiopia has named Eyob Tekalign, a respected reformer and former Minister of State for Finance, as the new governor of the National Bank of Ethiopia. The Prime Minister’s Office confirmed the appointment over the weekend, marking a pivotal moment for the country’s monetary policy.
Tekalign succeeds Mamo Mihretu, who stepped down earlier this month after leading the central bank since January 2023. During his tenure, Mihretu oversaw major economic reforms, including the restructuring of Ethiopia’s exchange rate framework to establish a market-based monetary system.
Speaking at the Ethiopian Financial Forum in July, Mihretu highlighted the success of these policies, noting that they helped the country generate a record $32.1 billion in external revenue during the 2024/25 fiscal year, which ended on 7 July.
Despite these gains, the Ethiopian birr has faced severe depreciation over the past year, losing more than 120% of its value against major currencies including the US dollar, the British pound, and the euro. This sharp decline has intensified calls for strengthened monetary leadership and renewed economic stability.
Tekalign, a member of the ruling Prosperity Party, is widely regarded as a reform-minded technocrat capable of addressing the challenges facing the central bank. His previous experience as state finance minister and his reputation for economic prudence suggest he will focus on stabilizing the birr while sustaining Ethiopia’s ambitious reform agenda.
Analysts view the appointment as a strategic move by the Ethiopian government to reinforce investor confidence and maintain momentum in its economic transformation. “Tekalign brings both expertise and credibility at a time when the country needs decisive action to stabilise the currency and deepen financial reforms,” said one economist familiar with the central bank’s operations.
As Ethiopia navigates rising inflationary pressures and ongoing external market challenges, Tekalign’s leadership will be closely watched by domestic stakeholders and international partners alike. His tenure could prove critical in shaping the country’s financial future and restoring confidence in its monetary policy framework.
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