Mamo Mihretu, Governor of the National Bank of Ethiopia (NBE), announced his resignation on Wednesday after seven years in government service, marking the end of a tenure in which he oversaw some of the country’s most ambitious economic reforms in decades.

In a farewell message, Mamo said he was leaving public service “to pursue other passions and tackle other challenges,” describing his time in government as an “honour and source of satisfaction.”

Appointed as NBE governor in January 2023, Mamo played a central role in Ethiopia’s economic policymaking under Prime Minister Abiy Ahmed. He was previously the founding chief executive of Ethiopian Investment Holdings, the sovereign wealth fund created to manage state assets, and served as a senior member of the macroeconomic team behind the Home-Grown Economic Reform Programme.

During his governorship, Mamo introduced a modern monetary policy framework, initiated a transition to a market-based exchange rate system, and helped push through legislation that enhanced the central bank’s autonomy. He also oversaw the opening of Ethiopia’s financial sector to foreign banks, expanded digital financial inclusion, and secured 10.5 billion US dollars in external financing from multilateral partners including the International Monetary Fund and the World Bank.

According to his statement, foreign currency reserves tripled in a year to reach record levels, while inflation fell to its lowest point in seven years. The value of financial sector assets surpassed 5 trillion Ethiopian birr, and digital payments expanded more than tenfold.

But some of his most decisive measures were not without controversy. The move to gradually float the birr — aimed at easing chronic foreign exchange shortages and improving competitiveness — also fuelled sharp increases in the cost of living. Economists and opposition figures criticised the policy for exacerbating price pressures on households already strained by high food and fuel costs.

Mamo expressed particular gratitude to Prime Minister Abiy, whose “invitation, leadership and guidance” he said made his public service possible.